ADVERTISEMENT

Property Highlights: Australian Luxury Market Update

ADVERTISEMENT

Last week, Australia’s luxury real estate market saw 20 new luxury listings worth approximately A$160 million.

The biggest industry news of the week is that the Reserve Bank of Australia announced raising its cash rate target by 50 basis points to 0.85 percent. It is the largest rate increase in a single month in more than two decades.

RBA Governor Philip Lowe says the bank expects inflation to continue rising through the year before returning to the 2-3 percent target range in 2024. While it is not expected to have a major impact on buyers of high-level properties, it might slow down. reduce demand throughout the market in general.

ADVERTISEMENT

Of the nine new luxury homes for sale in New South Wales, a contemporary beach house at 29 Suffolk Avenue in Collaroy is the real gem. The three-level residence is the perfect seaside sanctuary in a suburb that has seen an incredible 73 per cent growth rate in five years, with a median home price of A$3.6 million.

Maintained by Brendan Pomponio and Joshua Perry of Belle Property, this modern home is an artist’s dream with a flowing design featuring coastal and bushland views on Long Reef Headland.

29 Suffolk Avenue, Collaroy | Source: Brendan Pomponio and Joshua Perry of Belle Property

In Victoria, five new listings are crowned by a spectacular Victorian Italianate mansion in Kew, owned by Anabelle Feng and Ted Jao of RT Edgar.

The large landmark residence at 896 Glenferrie Road has a guide price of between A$9.5 million and A$10.45 million and is located in the affluent suburb of Kew, where annual growth is 17 per cent. Formerly the home of noted architect Alfred White, the 130-year-old residence blends period grandeur with modern luxury in 1,152 square meters of prime Kew real estate.

896 Glenferrie Road, Kew
896 Glenferrie Road, Kew | Source: Anabelle Feng and Ted Jao of RT Edgar

In Queensland, a stunning modern masterpiece sits on the exclusive Sanctuary Cove estate, where the median home price is A$1.3 million. Managed by Matt Gates at Ray White Prestige Gold Coast, the sprawling luxury property at 1828 Pinehurst Drive enjoys 24 meters of pristine golf frontage, presenting a premium golf cart lifestyle.

Spread over 1,000 square meters, the contemporary retreat is close to beautiful resort amenities including Sanctuary Cove golf courses, stunning marina, designer shops and cafes.

1828 Pinehurst Drive, Sanctuary Cove
1828 Pinehurst Drive, Sanctuary Cove | Source: Domain

On the west coast, Michelle Kerr, founder of DUET Property Group, one of Western Australia’s best-selling agencies, says the recent rise in interest rates will start with a more psychological impact on buyers of luxury properties in Perth.

Interest rate hikes have more of a psychological effect than a financial one. We’re coming off a decade long, very low base, pretty cheap and easy money… And then if we end up having three, four or five interest rate increases, then it’s going to start biting into the back pocket and become more in a financial decision.

I think first and foremost what you’re going to see is that it’s going to force a lot of people to re-evaluate how much money they can borrow… So what’s going to happen is that people are now going to make purchasing decisions based on their pocket instead of where. would really like to buy.

He also mentions that the rising cost of construction and renovation is driving higher prices in the established residential market, saying most buyers are Perth locals looking to upgrade.

If you can buy something that’s ready to go and you’re happy to pay a premium to make it, you’ll do it. That has really been driving the luxury part of the market in Perth.

Going into the year, the strongest buying group was actually interstate and overseas. Now that the borders have opened up and people are getting back to their normal lives, we have seen a big drop in the number of interstate and foreign shoppers in Perth.

Two of Kerr’s most recent listings, a stunning 1940s house in Cottesloe and a charming house of character in Nedlands, are both in Perth real estate hotspots.

Both have been absolutely inundated with interest because they are at the sweet spot of the price curve in the areas.

22 Elizabeth Street Cottesloe
22 Elizabeth Street Cottesloe | Source: Domain

The first house in Cottesloe is a stunning 1940s residence displaying beautiful Art Deco features, high ceilings and polished floorboards. The 774 square meters of premium land offers incredible potential for a prosperous family, located just meters from the beach and surrounded by the best amenities of this renowned suburb.

Michelle Kerr says the house is a rare opportunity to secure land in a highly sought after location.

What we are selling here is the potential to create a family home. It’s on a really big block that’s highly sought after in a highly sought after pocket.

The person who is going to buy this is someone who wants to secure that very livable piece of land with the prospect that maybe three to five years from now, they will add on and create a more substantial home.

80 Webster Street Nedlands
80 Webster Street Nedlands | Source: Domain

Kerr’s Nedlands List is a beautiful home filled with incredible 1930s features like coffered ceilings and gleaming floorboards mixed with modern finishes.

Situated at the exclusive Nedlands Dressing Circle address, the home is within walking distance of the river, acres of open space and the Nedlands Golf Course, and Kerr says it’s perfect for a family who wants to add their own style to a charming setting.

It’s a beautiful 1930’s character house right at the top of the hill. A small piece of land between Princess Road and Mel Vista.

This one will really appeal to fans of the characters who want to get in there and just add their finishing touches.

sniloans