Rose Bay House: Sydney’s newest waterfront mansion
A $20 million rebuild is set to reshape Rose Bay’s dress circle, with Tribe Studio proposing a sustainable, sculptural mansion to replace the existing trophy home and reclaim its coveted harbour views.
2 min
What happens in one of Sydney’s most affluent suburbs when a neighbour’s trees block your panoramic views of the Harbour? You build a new $20 million house.
That’s the reality in Rose Bay, where there are plans for a knockdown rebuild of the trophy home Indah on the dress circle Bayview Hill Road. That last sold for just over $27 million in 2015 when it was bought by barrister Georgina Black.
Two years ago, Black sought to have four recently planted palm trees on her neighbour’s property removed because they obstructed her view of the Sydney Opera House.
Council rejected the application, so Black took the matter to the Land and Environment Court. They also sided with her neighbour.
Now a new four-level home is planned for the prime 888 sqm block. The documents suggest it will be more in keeping with its location than the existing five-bedroom, glass-swathed mansion.
In its Design Statement submitted to Woollahra Council, Tribe Studio Architects described Rose Bay House as an “ambitious project.” They said they aim to set a high watermark for sustainable and Country-centred design.
Ironically, the report notes that, in a traditional sense, they are “being a good neighbour to the surrounding sites.”
“We are honouring shared views, we are creating landscape buffers, and we have liaised closely with neighbours where possible to secure their support for the proposal,” the report states.
They also say they are driven by being a “good neighbour” to the Harbour.
“In this prominent location, the house is a shared foreshore for everyone using the Harbour. The design reinstates a sandstone, bushy foreshore and reduces the sense of highly reflective, large glass spans that dominate the existing dwelling.”
“We hope to inspire a new generation of luxury that is not reliant on imports and extraction, but rather is inventive, crafted and responsible.”
The elements of the home are categorised for longevity to manage maintenance, upgrades, and overall durability. Permanent elements are designed to last for hundreds of years.
The new home will span four levels. The entry level will feature an open-plan kitchen, living, and dining area opening to gun-barrel views of the Harbour.
Two levels will sit below ground. The lowest level includes a natural pool and a quarry-like, double-height outdoor dining area and undercroft pool zone. Tribe drew inspiration from the Ca’n Terra House by Ensamble Studio in Menorca, Spain, converted in 2020 from an abandoned limestone quarry.
The entire top level will be a dedicated master suite with a dressing room and ensuite. In total, six bedrooms are proposed, along with several home office spaces and lounge areas.
It would be realistic that given the purchase price of the home a decade ago, and a $20 million rebuild, the new trophy residence would become one of the priciest in Rose Bay.
The current Rose Bay record was set earlier this year when a harbourfront home on Tivoli Avenue, with three separate residences on the 1,138 sqm block, sold for a reported $82.5 million.
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Australia’s housing market defies forecasts as prices surge past pandemic-era benchmarks.
First-home incentives can still form part of a long-term investment plan if used strategically.
3 min
Australia’s home prices continue to grow, and while that makes them great investments, they are also some of the most unaffordable in the world.
That’s why first-home buyer schemes such as the First Home Owner Grant, the First Home Guarantee, and stamp duty concessions have become so valuable.
These programs are designed to reduce upfront costs and fast-track people into homeownership.
But the question many aspiring investors are now asking is can these schemes be used as part of an investment strategy? These government initiatives aren’t designed for investors, but they can still play a key role in your long-term investment journey if used strategically.
What the schemes actually allow
Every first-home buyer incentive in Australia is created to support owner-occupiers, not investors.
Whether it’s a cash grant, reduced deposit requirement, or a stamp duty discount, the catch is always the same in that you must live in the property for a set period of time. For example, the First Home Owner Grant often requires you to live in the property for at least six to twelve months, depending on the state.
The First Home Guarantee allows you to purchase with just a 5 per cent deposit without paying lenders’ mortgage insurance, but again, you’re required to live in the property for at least one year.
Likewise, state-based stamp duty concessions are only available for properties intended as a principal place of residence. If your intention from the outset is to buy a property solely for rental income, you won’t be eligible. However, if you’re open to living in the property initially, then transitioning it into an investment, there’s a path forward.
A strategy that works
Rentvesting has emerged as one of the most practical ways for first-time buyers to take advantage of these schemes while also laying the groundwork for a property portfolio.
The concept is simply, buying a property in an area you can afford (using the first-home buyer schemes to assist), live in it for the minimum required period, and then rent it out after fulfilling the occupancy condition.
This approach lets you legally access the benefits of first-home buyer schemes while building equity and entering the market sooner. Instead of waiting years to save a full 20 per cent deposit for an investment property, or getting priced out altogether, you get your foot in the door with reduced upfront costs.
Once you’ve satisfied the live-in requirement, the property can become an income-generating asset and even serve as collateral for your next purchase.
What to look for in a rentvestment property
If you plan to eventually convert the property into an investment, you need to think beyond your short-term living experience. It’s essential to buy a property that performs well both as a home and as a long-term asset.
That means looking at key fundamentals like location, rental demand, and growth potential. Suburbs with strong infrastructure, access to employment hubs, good transport links, and low vacancy rates should be high on your list.
A balanced price-to-rent ratio will help ensure manageable holding costs once the property transitions to an investment.
Established low-density areas often outperform high-rise apartment developments that flood the market with supply and limit capital growth. And ideally, your property should offer scope for future improvements, whether that’s a cosmetic renovation, granny flat addition, or potential to subdivide down the track.
Mistakes to avoid
There are a few common missteps that can undermine this strategy. The first is selling too soon. Some grants and stamp duty concessions include clawback provisions if you offload the property within a short period, which could see you lose the benefits or even owe money back.
It’s also a mistake to let the lure of a government handout sway your purchasing decision. A $10,000 grant doesn’t justify compromising on location, growth prospects, or property fundamentals.
Another pitfall is failing to consider the financial impact once the property becomes an investment. Repayments, tax treatment, and outgoings may change, so it’s important to stress-test your position from day one.
Lastly, beware of buying into oversupplied areas simply because they’re marketed to first-home buyers. Not all new builds are good investments. If hundreds of identical properties are being built nearby, your long-term growth could be seriously limited.
With the right approach, your first home can be the foundation for an entire property portfolio. It starts with using available government support to lower your entry cost.
From there, you occupy the property for the required time, convert it to an investment, and leverage the equity and rental income to fund your next purchase.
Many of the most successful investors today began with a single, strategically chosen property purchased using these exact schemes. By buying well, you can turn your first home into the launchpad for long-term wealth.
Abdullah Nouh is the Founder of Mecca Property Group (MPG), a buyers’ advisory firm specialising in investment opportunities in residential and commercial real estate. In recent years, his team has acquired over $300 million worth of assets for 250+ clients across Australia.
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