This exclusive Sydney property with an unmatched architectural pedigree is up for sale
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This exclusive Sydney property with an unmatched architectural pedigree is up for sale

The house has hit the market for the first time in 50 years, but it comes with a caveat or two

By Robyn Willis
Thu, Nov 10, 2022 9:40amGrey Clock < 1 min

A rare architectural gem has hit the market for the first time in 50 years. Fishwick House, designed by legendary architect Walter Burley Griffin in 1929, is located in Castlecrag on Sydney’s lower north shore, the estate American-born Burley Griffin and his wife, fellow architect Marion Mahony developed in the 1920s.

The four-bedroom, two-bathroom home set within a well-maintained native garden – also originally designed by Burley Griffin – is so exclusive, the vendors have requested that the address not be made public.

The house is being offered through real estate agency Modern House, which specialises in the sale of mid century homes. Director Marcus Lloyd-Jones says Fishwick House represents many of the ideals Burley Griffin – who was also responsible for the urban design of Canberra –  and Mahony extolled about integrating the house into the landscape, maximising natural light and the functionality of the floorplan.

The fully restored two-storey home includes a spacious reception area, a dramatic sandstone fireplace and sunken study. Timber detailing and exposed sandstone have been beautifully maintained, while the master bedroom with curved window on the upper floor has a sense of living among the trees.

The house, which also enjoys extensive views of Middle Harbour, beyond its bushland setting, has been carefully restored and is included on the NSW State Heritage Register. It is the only house in Sydney built in the first half the of the 20th century and still a private residence to be listed at all three levels of government. It is considered one of the most important Burley Griffin buildings, not just in Australia, but the US.

 

Pictures: Tamara Graham

 

Address: On request

Price guide: $5.7m to $6.1m

Agent: Marcus Lloyd-Jones at Modern House 0424 005 531 

More information: https://www.fishwickhouse.org/



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Thousands of Australian companies on the brink of going into administration as EOFY nears

Along with high inflation and weak consumer spending, there’s another key factor pushing a record number of businesses to the edge

By Bronwyn Allen
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More than 10,000 companies are expected to have entered external administration by the end of the 2024 financial year, a level not seen for more than a decade. Data just released by the Australian Securities & Investments Commission (ASIC) shows 1,245 companies became insolvent in May, the highest monthly number this financial year. At present, a total of 9,988 businesses have gone bust in FY24 with data from June yet to be finalised.

Deloitte Access Economics Partner David Rumbens said the surge in business insolvencies this year was a “clear sign of economic distress”.

He commented: “[ASIC] predicts that by the end of the financial year, the number of companies entering external administration will likely exceed 10,000 – a level not seen since 2012-13, in the aftermath of the Global Financial Crisis (GFC).”

Mr Rumbens said the elements contributing to this year’s surge in insolvencies include high inflation and interest rates, weak consumer spending, and the commencement of more proactive tax debt collection activities by the Australian Taxation Office (ATO).

“One of the key factors contributing to this surge in insolvencies is the [ATO] pursuing debts that were previously put on hold during the COVID-19 pandemic,” he said.

Mr Rumbens cited ATO figures showing collectable debt rose 89 percent in the four years to June 2023. This has particularly impacted small businesses, which account for approximately 65 percent of the total debt owed at about $33 billion. “But more strictly enforced debt collection is coming at a time of tough economic conditions. High interest rates and cost-of-living pressures have weakened consumer spending, particularly in more discretionary components of spending.”

The construction sector has seen the highest number of insolvencies by far in FY24, mirroring the trend of FY23. Of the 9,988 insolvencies to date, 2,711 of them are in the building sector, which faces several challenges. These include a substantial lift in the cost of construction materials that is well above inflation and has made many fixed-price contracts signed within the past few years unprofitable. There is also a significant labour shortage that is delaying new home completions and new project starts, and also adding higher costs to projects.

“The construction sector has been hit particularly hard, with construction firms leading industry insolvencies in every quarter since mid-2021,” Mr Rumbens said. “They have accounted for approximately 25 percent of all insolvencies during this period. The residential construction sector is already facing a backlog of projects to complete as a result of skills and material shortages in recent years, and increased insolvencies in the sector may only exacerbate the problem of housing shortages.”

The ASIC data shows the next biggest industry affected is ‘other services’, which includes a broad range of personal care services such as hair, beauty, dietary, and death care services. The sector has seen 939 insolvencies in FY24. Retail trade is next with 687 insolvencies, followed by professional, scientific and technical services with 585 insolvencies.

“The food & accommodation sector has also experienced a wave of insolvencies. High input costs, worker shortages, and weak consumer sentiment have put pressure on businesses. Specifically, in March, cafés, restaurants, and takeaway businesses accounted for 5.5 percent of total business insolvencies, the highest proportion in the last three years.”

Mr Rumbens pointed out that while the number of insolvencies was high, it represents a lower share of the business sector at 0.33 percent than it did in FY13 when it was 0.53 percent. “This reflects the increase of registered companies in Australia, which has risen from just over two million to 3.3 million since 2012-13. Even so, the continued lift in insolvencies since 2021 highlights the difficult conditions many businesses face at present.”

 

 

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11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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