This Queenslander Hits Market For +$1m More Than It Sold For In June
The stylish residence features a wraparound terrace, an outdoor kitchen and a pool.
2 min
Known as Trevallyn, the five-bedroom residence in Chelmer was built in 1905 in the Queenslander style and features a corrugated iron roof and a wraparound veranda, hallmarks of the style, and has been “skillfully restored,” listing agent Tyson Clarke of Queensland Sotheby’s International Realty said in an email.
The home is located on “one of the area’s most prestigious streets with a lot of recent big sales,” Mr. Clarke said.
“The owner’s price expectation is around [$5.5 million], however the market is already dictating it will likely be higher than that,” he said. “We are seeing sales circa 10% higher at the moment, so anywhere between that and possibly toward the $6 million mark.”
It last traded in June 2021 for $3.9 million, according to property records. If it sells for $6 million, it would be a 35% price jump in less than a year. The home is registered to a limited liability company, and Mansion Global could not determine who is behind the company.
The residence “has been fully renovated by one of Brisbane’s top architects, Joe Adsett, to be a completely modern prestige home while maintaining all the historical aspects and charm of the original,” Mr. Clarke said.
Period details include the hardwood floors, tongue-and-groove walls and tall ceilings, according to the listing. The front door is also original to the residence.
The open-floor plan includes a living and dining area and an updated kitchen with a butler’s pantry, island and Smeg appliances, with Calacatta marble throughout, according to the listing. It opens to the covered veranda, which has an outdoor kitchen and overlooks the lawn and 10-metre lap pool.
The main bedroom features a custom dressing room and an en-suite bathroom with Italian tiles and a brass bathtub imported from the U.K.
There’s also a library office with a wall of bookshelves and a ladder, a wine cellar and a lower level with a bedroom, bathroom and a kitchenette. Plus there’s covered parking for up to four cars.
Copyright 2020, Dow Jones & Company, Inc. All Rights Reserved Worldwide. LEARN MORE
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Philip Lowe’s comments come amid property industry concerns about pressures on mortgage holders and rising rents
2 min
Leaders in Australia’s property industry are calling on the RBA to hit the pause button on further interest rate rises following yesterday’s announcement to raise the cash rate to 4.1 percent.
CEO of the REINSW, Tim McKibbin, said it was time to let the 12 interest rate rises since May last year take effect.
“The REINSW would like to see the RBA hit pause and allow the 12 rate rises to date work their way through the economy. Property prices have rebounded because of supply and demand. I think that will continue with the rate rise,” said Mr McKibbin.
The Real Estate Institute of Australia today released its Housing Affordability Report for the March 2023 quarter which showed that in NSW, the proportion of family income required to meet the average loan repayments has risen to 55 percent, up from 44.5 percent a year ago.
Chief economist at Ray White, Nerida Conisbee, said while this latest increase would probably not push Australia into a recession, it had major implications for the housing market and the needs of ordinary Australians.
“As more countries head into recession, at this point, it does look like the RBA’s “narrow path” will get us through while taming inflation,” she said.
“In the meantime however, it is creating a headache for renters, buyers and new housing supply that is going to take many years to resolve.
“And every interest rate rise is extending that pain.”
In a speech to guests at Morgan Stanley’s Australia Summit released today, Governor Philip Lowe addressed the RBA board’s ‘narrow path’ approach, navigating continued economic growth while pushing inflation from its current level of 6.8 percent down to a more acceptable level of 2 to 3 percent.
“It is still possible to navigate this path and our ambition is to do so,” Mr Lowe said. “But it is a narrow path and likely to be a bumpy one, with risks on both sides.”
However, he said the alternative is persistent high inflation, which would do the national economy more damage in the longer term.
“If inflation stays high for too long, it will become ingrained in people’s expectations and high inflation will then be self-perpetuating,” he said. “As the historical experiences shows, the inevitable result of this would be even higher interest rates and, at some point, a larger increase in unemployment to get rid of the ingrained inflation.
“The Board’s priority is to do what it can to avoid this.”
While acknowledging that another rate rise would adversely affect many households, Mr Lowe said it was unavoidable if inflation was to be tamed.
“It is certainly true that if the Board had not lifted interest rates as it has done, some households would have avoided, for a short period, the financial pressures that come with higher mortgage rates,” he said.
“But this short-term gain would have been at a much higher medium-term cost. If we had not tightened monetary policy, the cost of living would be higher for longer. This would hurt all Australians and the functioning of our economy and would ultimately require even higher interest rates to bring inflation back down.
“So, as difficult as it is, the rise in interest rates is necessary to bring inflation back to target in a reasonable timeframe.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
