Residential November 2020 - Herron Todd White
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Residential November 2020
National Property Clock: Houses
Month in Review
November 2020
Entries coloured orange indicate positional change from last month.
Albury Burnie/Devenport Hobart
Barossa Valley Canberra Launceston
Bathurst Dubbo Tamworth
PEAK OF
MARKET
Geelong
Sunshine Coast
Approaching Starting to Wodonga
Peak of Market Decline
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Adelaide Karratha
Adelaide Hills Lismore
Ballina/Byron Bay Mackay
Coffs Harbour Mildura
Emerald Mount Gambier RISING DECLINING Melbourne
Gladstone Port Hedland MARKET MARKET Sydney
Gold Coast Rockhampton
Hervey Bay Shepparton
Illawarra Southern Highlands
Brisbane Perth Start of Approaching Geraldton
Cairns South West WA Recovery Bottom of Market Kalgoorlie
Central Coast Toowoomba Sydney
Darwin Townsville
BOTTOM OF
Ipswich Whitsunday
Newcastle
MARKET
Albany Broome
Alice Springs Bundaberg
Liability limited by a scheme approved under Professional Standards Legislation.
This report is not intended to be comprehensive or render advice and neither
Herron Todd White nor any persons involved in the preparation of this report
accept any form of liability for its contents.
27
National Property Clock: Units
Month in Review
November 2020
Entries coloured blue indicate positional change from last month.
Adelaide Hills Bathurst Launceston
Albury Burnie/Devenport Tamworth
Barossa Valley Hobart
PEAK OF
MARKET
Geelong
Sunshine Coast Approaching Starting to Wodonga
Peak of Market Decline
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Adelaide Lismore
Ballina/Byron Bay Mackay
Coffs Harbour Mt Gambier Canberra Perth
Dubbo Port Hedland RISING DECLINING Melbourne Sydney
Gladstone Rockhampton MARKET MARKET Newcastle
Hervey Bay Shepparton
Karratha
Brisbane Illawarra Start of Approaching
Cairns Mildura Central Coast
Recovery Bottom of Market
Darwin South West WA Geraldton
Emerald Southern Highlands Kalgoorlie
BOTTOM OF
Gold Coast Townsville
MARKET
Albany Ipswich
Alice Springs Toowoomba
Broome Whitsunday
Liability limited by a scheme approved under Professional Standards Legislation. Bundaberg
This report is not intended to be comprehensive or render advice and neither
Herron Todd White nor any persons involved in the preparation of this report
accept any form of liability for its contents.
28
New South Wales
Month in Review
November 2020
CEO’S ADDRESS
It’s been an eventful few weeks globally, nationally relief. There are still many milestones to come, but ◗ Sydney–Prestige property shows resilience in the
and here at Herron Todd White. Australia’s handling of the pandemic continues to face of the pandemic;
Firstly, congratulations to the team at our national be envied around the world. ◗ Melbourne–The upper price sector has been
office on winning the Australian Property Institute’s Other significant events in October and November adversely impacted by the state’s lockdowns;
2020 Innovation in Property award for the were election based. ◗ Brisbane–Interest from interstate buyers is
development of our Contactless Inspection Tool. Queensland’s Labour Party comfortably retained surging in the capital and nearby lifestyle
It’s significant recognition of this game-changing government – an outcome predicted by many – and localities.
innovation, and we couldn’t be prouder. will be at the helm for four more years. ◗ In the commercial section this month, our valuers
I’m also delighted to welcome previous And, of course, the US election has delivered a have discussed the performance of the industrial
Queensland Valuer-General, Neil Bray, to Herron result with President-Elect Joe Biden receiving sector during 2020. Some key findings include:
RESIDENTIAL
Todd White. Neil has joined us as Queensland widespread congratulations for his win. The world ◗ Sydney, Melbourne and Brisbane–The industrial
Head of Government and Corporate Relations. will undoubtedly continue to focus on his response property sector proves to be one of the country’s
Neil’s experience, reputation and networks are to the challenges facing America in the coming most resilient commercial markets under
unparalleled, and his appointment heightens months and years. COVID-19;
Herron Todd White’s already formidable leadership
And now, on to this month’s residential section of ◗ Adelaide–It was the year of “accelerated agility”,
role in the industry.
the report. particularly in logistics and warehousing.
Since our last issue of Month In Review, Australia
Each November, our residential teams provide an Please enjoy the residential
has remained on the path to recovery, with
annual review of their prestige property markets, section of our November
falling infection rates in Victoria and successful
including a comprehensive list of significant sales edition of Month In Review.
control measures in New South Wales heralding
and rentals. It’s an important discussion given this
a reopening of borders and freeing up of trade.
sector often telegraphs important shifts in the
In fact, Victoria’s lifting of restrictions in the Gary Brinkworth
wider market.
past 48hours allowing metro residents to travel CEO
unfettered through the state and businesses to Some notable stories from this month’s residential
increase capacities has brought a huge sense of section include:
Since our last issue of Month In Review, Australia has remained on the path to recovery, with falling
infection rates in Victoria and successful control measures in New South Wales heralding a reopening
of borders and freeing up of trade.
29
Month in Review
Overview
November 2020
Despite 2020’s extraordinary events, many
sectors within of the nation’s residential markets
have performed well... and it surprised plenty of
stakeholders.
One segment that proved incredibly resilient in
many locations was prestige real estate.
As we do each November, our teams around
Australia present a rundown of their prestige
markets, delivering an assessment of performance
as well as a summary of their area’s most
significant sales, listings and rentals.
Sydney
Traditionally in Sydney, prestige properties
have been seen as those with a value of over $3 28 Ruby Street, Mosman Source: CoreLogic
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million. With market movement over the past
decade however, we now generally consider to sell properties and many of those adopted a six-car basement garage including turntable.
prestige properties to be those with a value of at were already well established in the prestige Site improvements include expansive established
least $5 million. market. Off-market transactions, inspections by grounds, full sized tennis court and swimming pool.
appointment rather than open homes, enlisting a
During the market downturn from mid-2017 to On the back of this stellar start to 2020 we also
buyer’s agent, and conducting video inspections
mid-2019, the top quartile of properties in Sydney saw the proposed listing of 8 Burran Avenue,
with an agent for overseas and expat buyers
saw the largest declines in value. However, the Mosman with expectations of around $23 million.
have all been utilised in the prestige space for
small sub-section that properties above $5 million This property is positioned on a waterfront
some time.
represents actually held up well during that period escarpment allotment with expansive and
with minimal to no declines. North Shore uninterrupted views over Middle Harbour towards
On the Lower North Shore, 28 Ruby Street, North Head.
Similarly, the prestige market this year has so far,
Mosman sold at the start of February this year
in the main, managed to withstand any impact on As COVID-19 started to become a serious issue
for $22 million. This sale was an exciting start
prices due to COVID-19. While transactions slowed and the potential economic impacts were
to the year and was expected to set the tone
substantially in the months following the March becoming clear, the owner reportedly decided
for the surrounding prestige market which had
lockdown, the past three months have seen sales it was best to withdraw the property from the
been rather subdued throughout 2019. The
activity increasing with some strong results also market. The property was subsequently re-
property is positioned on a 1792 square metre
being achieved. listed at the end of July and is currently for sale
allotment with distant Harbour Bridge and
marketed as price upon request. This will be a
The wider property market saw a significant Opera House views.
good litmus test of current confidence in the high-
impact from the March and April restrictions on
The grand four-level residence comprises six- end prestige market compared to the start of the
open for inspections and on-site auctions. This
bedroom, six-bathroom accommodation with 2020 when it was first listed.
impact meant finding different ways of trying
30
As an example of the changing environment the and incorporating views of the Sydney Harbour Month in Review
market has experienced this year, we saw the Upper Bridge, Opera House and city skyline. In addition November 2020
North Shore sale of 23 Elva Avenue, Killara for $6.3 to having access to the common swimming pool
million. This sale occurred on 15 April 2020 in the and gymnasium, the unit has exclusive access to a
midst of the New South Wales COVID-19 lock-down marina berth.
period. The property was scheduled to be sold
through an online auction on 16 May with a price
guide of $5.8 million to $6.3 million, however it
sold prior to the auction date, in just over a week.
It was reported that the ex-pat purchaser viewed
8 Burran Avenue, Mosman Source: CoreLogic
the property via a 30-minute FaceTime inspection,
a true representation of the environment we were
experiencing at the time.
For those of our readers interested in the celebrity
aspect of prestige property, in 2018 we saw Posh
and Becks rent a contemporary property at 26
Plunket Road, Mosman. This high-profile lease was A waterfront apartment at Lavender Bay Source: CoreLogic
not confidential for long after the couple and their
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family were spotted at local eateries and shops in
Northern Beaches
the surrounding area.
The Northern Beaches saw a new record set at
Interestingly, this property recently sold in August the start of the year with a $24 million transaction
for a reported price of between $20 and $21 taking place in Palm Beach. This record only
million. The sale was listed with Belle Property lasted six months when Jennifer Hawkins sold her
Mosman and was reportedly on the market Newport residence for $24.5 million in August this
for just 72 hours before being sold, a strong 23 Elva Avenue, Killara Source: CoreLogic year, again showing the resilience of the high-end
indication of the continued confidence in the high- prestige market during a supposedly volatile year
end prestige level. Just over the Sydney Harbour Bridge from the due to the on-going COVID-19 pandemic.
CBD, in the suburb of Lavender Bay, the high-end
The property features a newly constructed, four-
prestige unit market proved its popularity with the
level residence positioned on 3360 square metres
sale of a waterfront apartment in the Maritima
of beachfront land. The original adjoining blocks
complex for $10.75 million.
were purchased in 2014 for $4 million before
The whole floor, three-bedroom, three-bathroom large scale site works were undertaken, followed
unit features a high-end stone kitchen, floor- by the construction of an architecturally designed
to-ceiling glass doors, grand foyer and a large five-bedroom home with expansive views over
renovated terrace area overlooking Lavender Bay Pittwater.
26 Plunkett Road, Mosman Source: CoreLogic
. It was reported that the ex-pat purchaser viewed the property
via a 30-minute FaceTime inspection.
31
result. After the 2018 sale of Fairwater to Mike Month in Review
Cannon-Brookes set the new benchmark for November 2020
Australian house prices at $100 million, second
place has now gone to a Point Piper property
as well, which sold for a reported $95 million in
September. The harbourside property, sold through
Sotheby’s International Realty, sits on 1800 square
metres of land and is configured as two, two-level
apartments with shared indoor pool, harbour-
front tennis court, deepwater jetty and expansive
Record Newport sale Source: Domain A Whale Beach prestige holiday rental Source: Domain
harbour views back towards the Opera House and
Harbour Bridge.
In terms of the prestige rental market, we have Eastern Suburbs
seen a significant shift since the onset of the Prices for prestige properties were increasing
current COVID-19 pandemic. Corporate leases until March prior to COVID-19. The lockdowns in
which often dominated the high-end rental late March and early April initially saw a slight
market have been severely impacted due to travel lowering of prices. Agents of properties marketed
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restrictions and reduced movements. We have throughout that period advised that offers after
however seen a resurgence in the past few weeks the lockdowns began were slightly lower than those
of short-term rental demand. This appears to have they were receiving prior. Since then however,
been fueled by the international and state border prices have held up quite well compared to pre-
restrictions, forcing people to holiday within New COVID prices.
South Wales.
Volumes of prestige sale transactions were 92 Wolseley Road, Point Piper Source: Wentworth Courier
Whale Beach and Palm Beach on Sydney’s Northern subdued throughout autumn however we have seen
Beaches have always been popular getaway an increase in activity over the past three months,
destinations and are expected to be in high demand slightly earlier than the usual early spring increase
over the coming summer holiday period. A in activity.
property in Whale Beach is currently listed for rent
The September quarter this year was significantly
through Belle Property Avalon with an advertised
more active in prestige property transactions
peak period price of $25,000 per week.
than the same period in 2019. Across the four
suburbs and localities we generally see the most
In terms of the prestige transactions of houses above $5 million (Bellevue
Hill, Vaucluse, Woollahra and Bronte/Tamarama),
rental market, we have seen sales volumes increased by about 75 per cent
a significant shift since compared to last year. 92 Wolseley Road, Point Piper Source: CoreLogic
the onset of the current The harbour side of the eastern suburbs is where
Around the peninsular on Wunulla Road, another
COVID-19 pandemic. the $20 million plus sales occur, with Point Piper
Point Piper waterfront property sold for $51 million
not disappointing again with the year’s biggest
32
in April. Vaucluse has also seen two large results in water, providing three bedrooms, all with ensuite Inner West Month in Review
September of $24.6 million and around $30 million, bathrooms, a large terrace and car accommodation Not necessarily a high-end prestige sale, but a new November 2020
along the prestigious Vaucluse Road. for two cars. Whilst in fairly dated condition, the record sale price was set for the inner west suburb
main drawcard is the spectacular harbour views of Newtown last month, transacting for $5.8 million.
On the ocean side of the eastern suburbs, there
encompassing all the major landmarks. The property is a two-level factory conversion with
have been some strong sale results over the past
a combined internal and external space of 900
few months. Bronte and Tamarama saw two $15 Other popular harbourside suburbs for prestige
square metres. Configured with six-bedroom, four-
million plus sales in September, following on from units, including Darling Point, Elizabeth Bay and
bathroom accommodation and multiple living areas,
the new record Bronte sale in July of $17.9 million, Potts Point, have all seen good sales activity in
there is the possibility of a separate self-contained
topping the 2019 previous record sale of $16.8 the $7 million to $10 million price range this year.
area already featuring a second kitchen. A central
million. The property at 57 Gardyne Street sold off- There have also been some strong CBD sales, with
courtyard with swimming pool is the focal point of
market through Phillips Pantzer Donnelley. three sales since late May of units with a $13 million
the design and car parking consists of two separate
plus price tag, including Cate Blanchett’s two level,
Nearby to the south, Clovelly set a new price record garage entrances, with the ability to accommodate
400 square metre, five-bedroom unit in the Astor
in June with the $9.9 million sale of 24 Ocean up to four vehicles, extremely rare for the high-
building at 123 Macquarie Street.
Street. The property, a two-year-old home opposite density suburb of Newtown.
an oceanfront reserve and around the corner from Asking rents for prestige properties have generally
The property has been ustilised for many purposes
Clovelly Beach, was listed through Phillips Pantzer come back during 2020, likely as a result of
over the years, predominantly as a clothing
Donnelley and comprises five bedrooms, three reduced demand for corporate style rentals for
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factory from 1921 until the late 1980s, when it
bathrooms, double garage and inground pool on a executives from overseas and interstate who have
was converted into a residential home. Although
455 square metre allotment. been unable to travel due to COVID-19. An example
currently in mostly dated condition throughout,
of a prestige property recently listed for rent also
there is potential to create a showpiece property in
happens to be on Wolseley Road, Point Piper. The
the heart of Newtown.
modern, two-level penthouse style unit comprising
three bedrooms plus study, three bathrooms,
double car space, two terraces and internal lift, is
currently advertised as being under offer with an
asking rental of $6000 per week.
24 Ocean Street, Clovelly Source: realestate.com.au
The prestige unit market in the east has also seen A factory conversion in Newtown Source: CoreLogic
some very strong recent sale results in the past
few months. One such property was 2/124 Wolseley
In Balmain, 1 Campbell Lane, a large harbour front
Road, Point Piper which sold in early October
property on 1752 square metres of land, sold at
through Sotheby’s International Realty for $13.025
the start of October. The property, comprising a
million. The apartment comprises the whole middle Point Piper penthouse Source: realestate.com.au
near original, heritage listed, Victorian sandstone
floor of a block of three units set one back from the
33
home, was listed through Cobden & Hayson in late Month in Review
September with expectations of around $11 million, In the Sutherland Shire, Burraneer has been particularly active November 2020
well above the previous suburb record of $7.5 with five $5 million plus waterfront sales since June, four of
million set in 2019.
those occurring from late August.
In the Sutherland Shire, Burraneer has been with three sales over $5 million and another six
particularly active with five $5 million plus currently listed for sale with an asking price over
waterfront sales since June, four of those occurring this mark. One of the properties listed for sale, 14-18
from late August. Hemers Road, Dural, has an asking price of $13.8
million however has been on and off the market
The Cronulla prestige unit market has hit new
since 2015.
heights again this year with two developments
achieving several $7 million plus off the plan As noted in a previous edition, Middle Dural saw
1 Campbell Lane, Balmain Source: CoreLogic
results. A sub-penthouse unit, an amalgamation a record-breaking sale in April at 52A Cranstons
of two units, in the new Ozone building achieved Road. This sale occurred during the early stages
a staggering $10.25 million in May through of the COVID pandemic when there were high
Southern Sydney
Highland Property Group. The unit, with expected levels of uncertainty in the market. The property
The prestige market in the Sutherland Shire and St
completion in 2022, has over 300 square metres is a large, executive style, five-bedroom, four-
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George regions was fairly subdued over the first
of combined living and outdoor areas with bathroom dwelling with a high level of inclusions,
six months of the year before activity increased in
expansive ocean views. These results show just resort style inground pool, alfresco area and full-
late winter.
how strong this market is, with local downsizers in sized tennis court improved upon 1.44 hectares
One early 2020 sale was the record Blakehurst particular fueling demand. of arable landscaped grounds. The property was
and St George region sale in February of 4 sold by William Brush of LJ Hooker Dural for $8.4
Townson Street for $10.65 million through Black million which is a significant result for a sub two-
Diamondz Property. The property comprised a hectare block.
large six-bedroom, eight-bathroom home with 15
car garage, indoor and outdoor pools, tennis court
and waterfront facilities on a massive 3,598 square
metre waterfront lot.
Artist’s impression of Ozone, Cronulla Source: The Daily Telegraph
52A Cranstons Road, Middle Dural Source: LJ Hooker
Dural
The Dural and Middle Dural prestige market has
Matthew Halse
4 Townson Street, Blakehurst Source: CoreLogic been reasonably active since COVID-19 lockdowns
Director
34
sold for in excess of $4.75 million dollars each after with one prospective purchaser and an additional Month in Review
Southern Highlands languishing on the market for the best part of 12 two families waiting in line to snap up the property November 2020
Quarter 1 of 2020 saw an atypical level of
months. in the event the sales agreement failed to close.
transactions (compared to the 2019 calendar
year) within the prestige sector of the Southern
Highlands, with sale prices remaining relatively
static and no signs of major change in the high end
residential and rural lifestyle segment.
Quarter 2 of 2020 saw the ripple effects of
COVID-19! The start of the lockdown in late March
brought with it an unexpectedly positive impact on
the prestige market for the Southern Highlands as
the area was discovered predominantly by Sydney
purchasers seeking a family home, secondary
residence or weekender style of accommodation Burradoo prestige Source: realestate.com.au Berrima prestige Source: realestate.com.au
and lifestyle buyers seeking relief from the urban
and inner city living environment. We speculate that a large reason for the surge The question for our prestige market as we move
in activity in the $3 million plus sector is due to into Quarter 4 of 2020 and beyond is about
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We had reasonably foreseen this upward trend
families in Sydney seeing extremely good value continued demand and buyer depth and whether
over the medium term (six months) for the region
for money in the Southern Highlands. Typically, $3 the current move to regional hubs will be sustained,
as working from home became more common
million wouldn’t be considered the prestige end thereby driving continued price growth.
due to technological advancements and many
of the market in Sydney, so when home owners
employees being unable to attend their normal For now, we can certainly see it continuing and it
from the Lower North Shore and eastern suburbs
Sydney offices. What we didn’t foresee, but makes could well be that this push has been a long time
sell up and realise the scale of improvements and
sense, is buyers flocking to the Southern Highlands coming, with recent events being the final straw
land size they can obtain for relatively similar
region to take advantage of the lifestyle NOW given for a number of urban dwellers to discover or
money, it becomes a compelling proposition due to
that overseas travel and family holidays are off the rediscover the Southern Highlands and the benefits
excellent geographical positioning to Sydney and
agenda for most of 2021 at this point. The impact of accruing from a rural and regional lifestyle.
Canberra as well as the region being home to some
this upward trend became very evident early on in Tim Stevens
of the best schools in the state, not to mention
the COVID-19 pandemic and is showing no signs of Property valuer
the predominantly rural landscape, natural beauty
abatement up to the present time.
and reasonable proximity to the South Coast the
Quarter 2 and Quarter 3 of 2020 have seen region has to offer. As a result, it is not uncommon
Lismore/Casino/Kyogle
Residential properties that fit the prestige
multiple sales above $3 million and days on market practice now to have several bidders from Sydney
description in the Kyogle and Casino regions are
for this segment have continued to contract to a on the same proeprty, with the underbidders
relatively rare. For these rural towns, any detached
matter of weeks now for well-located properties. proactively scouring the region for a home in good
house within the residential zoned area achieving a
This has been clearly evidenced by a number of central or prestige suburb locations.
sales figure above $500,000 certainly raises a few
older listings which had been on the market for
Another recent example was a $4 million plus eyebrows. A case in point is the sale recorded at 17
over six months gaining traction and finally selling
rural residential purchase in Berrima by an eastern Rous Street, Kyogle for $580,000 in July 2020. A
during this period. By way of example, notable sales
suburbs family which saw an agreed contract price turn of the century, Federation style, single level,
included two prestige properties in Burradoo which
35For larger rural lifestyle properties near Lismore Month in Review
A single residential dwelling in the popular heritage suburb of City, Casino and Kyogle, the $1 million-plus price November 2020
Girards Hill has just breached the magic $1 million mark. bracket listing is becoming more common for well-
presented rural lifestyle properties with a plethora
five-bedroom, two-bathroom house with two-car million mark. Up to this point, the most expensive of features such as creek or river frontage, elevated
accommodation stands out from the rest having single residential dwelling sale within the suburbs rural or mountain views and good quality and range
been updated inside with heritage features such of Lismore City was in Girards Hill, in June 2019 for of improvements.
as French doors, high ceilings, coloured window $880,000, however, the single residential dwelling
Rental accommodation within Lismore, Casino and
panes and wrap around verandahs. It is in a handy at 39 James Street, Girards Hill went for $1.005
Kyogle has continued to tighten with the bulk of the
position to the CBD, schools and shopping. million. The property is an attractive, timber clad
rental stock being listed and quickly occupied. At
Federation homestead which was fully renovated
On the eastern fringe of Casino, the most expensive a rental range of $250 to $600 per week, there is
to retain the old character charm with a hint of
residential house sale within the town boundaries a real sense of competition for the limited supply
decadence and has a massive, attached rear patio
for 2020 thus far is 20 Country Lane which sold throughout the region.
with easy access to enjoy the established gardens.
for $615,000 in August 2020. The property is a Vaughan Bell
In addition, there is a very useful studio situated
modern, timber clad, extremely well maintained Property Valuer
above the two-car detached garage.
and spacious five-bedroom, two-bathroom home
with two-car accommodation located on the banks Whilst a bit of poetic licence in advertising helps, Ballina
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of the Richmond River in a quiet lane. the prestige property at 136 Pearson Road, Eltham The COVID-19 pandemic continues to have an
is NOT in the Byron or Ballina Hinterland but is interesting impact on the local housing market
Rural residential properties within close proximity
still within the boundaries of Lismore City Shire, around the coastal area of Lennox Head to Evans
to Casino and Kyogle usually command the upper
although the price of $1.65 million achieved in Head. There is very strong demand for properties
price levels, as they benefit from rural views and
May 2020 would suggest otherwise! Situated high which in turn has left agents with an ongoing
having the space and opportunity to go nuts on
and elevated on a ridgeline, the executive style, limited supply of properties for sale. Our market
landscaping and ancillary improvements. A very
rendered brick, four-bedroom, three-bathroom seems to be mainly influenced by the movement
tidy and well-presented rural residential property
home embodies the epitome of a rural lifestyle of people from the major cities and in particular
located on a 6949 square metre site is 7 Tullarook
with views towards the Nightcap Ranges and Sydney. This movement has kept property prices at
Grove at Spring Grove which sold for $675,000 in
surrounding hinterland. The generously scaled a premium and in some areas has also resulted in a
July 2020. Contemporary in its design with only
home is well complemented by a large four-bay, slight increase in values. The building industry has
three bedrooms, two bathrooms and a detached
Colorbond clad shed with three phase power, also been given some relief though as the North
three-car garage, the house site affords rural
additional studio with bathroom, kitchen and deck, Coast is now in the bubble which allows travel into
residential views to the north-east and is only nine
established landscaping and an inground, saltwater and out of Queensland.
kilometres north-east of Casino.
pool to boot.
Whilst demand resulting from these capital
Meanwhile, something special has recently
The reality of the COVID-19 pandemic has actually city markets has typically been concentrated
happened within the established suburbs of
been a boost for residential and rural residential in the more desirable areas of Byron Bay and
Lismore City. As the sound of a shattered glass
property, particularly within Lismore City, where the surrounding localities, in more recent years
ceiling permeated throughout the suburbs, we all
prices and demand have strengthened whilst the potential purchasers have expanded their searches
just marvelled at the event of the year. A single
availability of stock is struggling to keep up. It into the desirable areas of the Ballina Shire, most
residential dwelling in the popular heritage suburb
seems the market is being dominated by out of notably Lennox Head, Skennars Head and East
of Girards Hill has just breached the magic $1
town buyers. Ballina, as well as the rural localities of Newrybar,
36Brooklet, Fernleigh and Tintenbar.
It is interesting to note that the majority of the properties Month in Review
November 2020
Property prices may be impacted once the mentioned above have been marketed for in excess of 12 months
mortgage relief and JobKeeper payment have
been lifted. Potential future impacts of COVID and in some cases three years.
have left people with uncertainty as to jobs and
incomes looking forward, which we may continue since 2007 and we recently cracked the $3 million It is interesting to note that the majority of the
to experience in following years. mark for 147 Edinburgh Street, Coffs Harbour at properties mentioned above have been marketed
Bernard Walter $3.25 million (multi level, architectual dwelling for in excess of 12 months and in some cases three
Property Valuer with ocean and harbour views located within years which is also an indicator of the traditional
the sought-after Jetty precinct). This figure thinness of this market and the recent increase in
Coffs Harbour indicates the thinness of the Coffs Harbour demand as a result of the COVID pandemic. The
Being a regional area, the Coffs Coast realistically residential prestige market priced greater than question one must ask is whether these values are
sees the prestige market as starting at the $1 $2 million. Notwithstanding this figure, we are sustainable or is this a bubble created by a false
million mark which is predominantly driven by out now experiencing a spike in the prestige market market driven by the pandemic. The answer to
of town buyers. The largely discretionary type which has been fuelled by the COVID pandemic. that is not simple and without a crystal ball, no one
buyer to whom prestige property greater than $1 The changing face of the way we live and work really knows, other than to comment that this is not
million appeals can be greatly impacted by changed plus the willingness of city dwellers to relocate a normal property cycle.
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economic conditions. This market is also heavily to regional areas to escape COVID restrictions
As a result of the market primarily being driven
influenced by the performance of the capital city has created a definite increase in demand. The
by out of town buyers, personal preferences,
markets as these areas traditionally provide the majority of this prestige activity has been in the
presentation and motivation of both the purchasers
majority of buyers for prestige housing on the Coffs rural residential sector with notable sales including
and vendors will impact the ultimate sale price and
Coast. 1-9 Tidal Crescent, Moonee Beach for $2.4 million
can result in wider market parameters than those
(five dwellings set on 1.22 hectares with extensive
Market conditions have continued to firm for experienced for lower priced properties. At this
estuary views), 123-125 Featherstones Road,
properties over $1 million in recent years which is point in time, we can only hang on and enjoy the
Sherwood for $2.4 million (five dwellings on 70
confirmed by the increased sales numbers for both ride; great if you are a seller, not so good for the
hectares with extensive infrastructure), 606 Valery
beachside and rural residential properties over $1 buyers.
Road, Valery for $2.1 million (two dwellings on 51
million, however the majority of sales occur within Grant Oxenford
hectares, fully renovated and landscaped) plus
the $1 million to $1.5 million price bracket. Property Valuer
the most recent transaction which has broken
The higher the value, the thinner the market and all records for rural residential property at $3.3
historically there have been very limited sales over million for 110 North Island Loop Road, Upper
Mid North Coast
As we reported last month, recent months have
$2 million. Orara (prestige architectural dwelling with second
seen an unexpected recovery in the region’s real
original cottage set on 42 hectares).
Sale volumes for prestige beachside property estate markets with local agents reporting a
in the Coffs Harbour region (encompassing the The rural township of Bellingen (35 kilometres lack of stock and high interest from buyers. This
beachside suburbs and townships including Coffs south-west of Coffs Harbour) is always a strong appears to be driven by low interest rates and
Harbour, Korora, Sapphire Beach, Emerald Beach, performer with the out of town market and has buyers from major capital cities looking to relocate.
Sawtell, Woolgoolga, Safety Beach, Arrawarra seen four rural residential sales in excess of $1.5 With increased working from home capabilities
Headland, Moonee Beach, Boambee and Mullaway) million within the past four months. for a number or professions, we expect this trend
show a total of 11 sales recorded over $2 million to continue in the short to medium term. With
37this influx of cashed up, non-local purchasers, we topic and many buyers have their eyes firmly on the Month in Review
have seen the high-end brackets in town together prize to upgrade to a bigger, better property and November 2020
with inland rural residential localities continue by the looks of the record-breaking properties we
to perform well, with the more sought after and showcase this month, we can safely say we have
prestige properties achieving prices rarely seen. house envy.
The increased activity in the higher end appears
First and most notably, a John Parade beachfront
to be across the market, from riverfront, rural
residence in Merewether recently sold for $7.25
residential properties, established houses to
million prior to auction. This sale not only broke
units. One recent sale is 479 Rawdon Island Road,
records for the local area but for the entire LGA.
Rawdon Island, sold for $2 million.
Only weeks earlier, the record was set at 10 Ocean
Street, Merewether, reportedly selling for upwards 38 John Parade, Merewether Source: domain.com.au
of $6 million. The selling agent advised there was
plenty of interest from Sydney buyers, however
upgrading locals who had been holding out for
a John Parade residence were lucky enough to
secure this one.
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479 Rawdon Island Road, Rawdon Island Source: CoreLogic
We anticipate this uppermost bracket to continue
to perform well given the expectation of low
interest rates into the future and the continued
exodus from the capital cities.
Adam Lipscombe
Property Valuer
38 John Parade, Merewether Source: domain.com.au
Newcastle
What a year for the prestige market in the
A record unit sale was also achieved for Newcastle
Newcastle region! Despite the COVID-19 tribulations 38 John Parade, Merewether Source: domain.com.au this year, with one of the penthouses in the York
that have hit the world hard this year, the prestige
apartment building selling for a staggering $5.45
market in our region has held up surprisingly well
with strong interest in some spectacular high-
end properties. We’ve seen record prices being
smashed across the board and agents indicating
Despite the COVID-19 tribulations that have hit the world hard this
they have buyers ready and impatiently waiting year, the prestige market in our region has held up surprisingly
for more to hit the market. Upgrading is now a hot well with strong interest in some spectacular high-end properties.
38million in July. Located on Newcastle Beach, the for easy boat access and is the highest waterfront Month in Review
views from the penthouse are endless with wrap- sale on the eastern side of the lake. November 2020
around views of Nobbys headland, the harbour,
multiple beaches and the Wattagan Mountains.
191 Soldiers Point Road, Salamander Bay Source: realestate.com.au
148 Ross Street, Belmont Source: realestate.com.au
1201/61 Shortland Esplanade, Newcastle Source: domain.com.au
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191 Soldiers Point Road, Salamander Bay Source: realestate.com.au
In the Lake Macquarie area, a number of suburbs 148 Ross Street, Belmont Source: realestate.com.au
performed well above expectations this year. As
mentioned in the August edition, a waterfront
1201/61 Shortland Esplanade, Newcastle Source: domain.com.au In the Hunter Valley, one of the most esteemed
property in Eraring sold for $6 million which was
properties sold this year for $6.9 million. Known as
well over the previous Lake Macquarie record of
In Port Stephens, north of Newcastle, a record was Loggerheads, the property is set on 40 hectares
$4.25 million set in January 2020.
set in Salamander Bay in January this year. Located and is rumoured to have been purchased fully
on the crystal clear waters of Port Stephens, the The record set in January was the sale of the furnished by a well-known Australian model.
views are breathtaking from this prestige property former Newcastle Lord Mayor’s lakefront property
The selling agent advised that this property has
which sold for $4.775 million. The highest sale in in Belmont. The unique property, set on half an acre
always been highly pursued for its privacy and
2019 was $3.5 million just ten months earlier. of land, has a private jetty, boat shed and slipway
provenance, being rich in wine history as the
former home of the late winemaker Len Evans
The record set in January was the sale of the former Newcastle and before that, the Tyrrell family. The extensive
Lord Mayor’s lakefront property in Belmont. landscaping was designed by Paul Bangay who is a
well-regarded garden designer in Australia, adding
39to the prestige of the property. The homestead this trend in the prestige market continues. Close, Terrigal selling for $4.162 million on 11 May Month in Review
consists of three adjoining pavilions surrounded by Liz McAllister and 65 Forresters Beach Road, Forresters Beach November 2020
a collection of outbuildings, established vineyard Property Valuer selling for $5.2 million on 10 July as reported by
and elevated 360 degree views over the valley. CoreLogic RPData. These homes are located along
Central Coast Region the coastline and exude architectural brilliance with
The Central Coast has a diverse supply of prestige endless ocean views to match.
properties, ranging from beachfront homes
hugging the sandy shores from Pearl Beach in
the south stretching to Norah Head in the north
to rural lifestyle properties hidden away in the
natural valleys of Matcham and Holgate. Our rural
region to the west of the M1 motorway, located
in Mount White, Mangrove Mountain, Kulnura
and Yarramalong, should not be forgotten with
property owners of large rural holdings and horse
97 Palmers Lane, Pokolbin Source: realestate.com.au stud farms calling this area home.
The year so far has been one of uncertainty and 21 John Gray Close, Terrigal Source: RPData
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unfamiliarity with the emergence of COVID-19,
however by looking through the wise lens of
hindsight, the prestige market on the Central
Coast has shown resilience to date with sustained
confidence throughout these uncertain times.
Local agents have been rather buoyed by the level
of demand and are reporting increased buyer
enquiry from Sydneysiders mixed in with stable
local buyer interest. One reason for the increased
interest from potential Sydney buyers is the change
97 Palmers Lane, Pokolbin Source: realestate.com.au in workplace environments with the working from
home movement in some professions widening the
These record sales have shown that there is strong pool of buyers for the region. 65 Forresters Beach Road, Forresters Beach Source: RPData
demand for properties in the Newcastle and Hunter
Over the course of the year, we’ve seen some of
regions in this prestige category. Newcastle is the For the astute buyers out there who are looking
the most impeccably presented homes the region
second largest city in New South Wales and with to potentially purchase a prestige property on the
has to offer transact, with the likes of 21 John Gray
strong population growth rates predicted, we hope Central Coast, look no further than 30 South Pacific
The Central Coast has a diverse supply of prestige properties, ranging from beachfront homes hugging
the sandy shores from Pearl Beach in the south stretching to Norah Head in the north to rural lifestyle
properties hidden away in the natural valleys of Matcham and Holgate.
40Drive, Macmasters Beach. According to CoreLogic listings in Wollongong’s northern suburbs over $3.5 Month in Review
Illawarra
RPData, local agent Cathy Baker from Belle million. If an exquisite beachside pad is of interest, November 2020
Despite the pandemic, the prestige market in the
Property Killcare is currently listing this property you can head south to Gerroa where a property on
Illawarra has performed well throughout 2020.
for sale at a price it commands (guide $5.5 million). Stafford Street has just been listed in the $4 million
As property prices have risen over the years, so
The property is located on the Macmasters Beach range. In Barrengarry, a supreme six-bedroom,
has the prestige price point. When we talk about
headland, spread over a little over one hectare, four-bathroom home on two and a half acres
beachside homes, the Illawarra appears to have
boasting an architecturally designed single level is listed for approximately $5 million. Superbly
a price ceiling of around $4 million, however this
residence with its own heated pool, games room, presented, the property includes a tennis court,
price point has recently been breached with a sale
bocce court and putting and pitching greens for the pool and spa.
in Woodland Avenue, Thirroul for $4.125 million,
keen golfers.
the house having been listed for sale for over a
year and finally finding the right buyer, indicating
the strength of this market in our region at the
moment. We have seen the following number
of sales of coastal properties over $3 million in
2020: Stanwell Park – 1; Clifton – 1; Thirroul – 2;
Minnamurra – 1; Kiama – 2; Gerroa – 1.
For those looking for a bit more land, the rural
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residential prestige market has also been active in
30 South Pacific Drive, Macmasters Beach Source: RPData
2020. The year kicked off with a $3.84 million sale
in Russell Vale of a four-bedroom, three-bathroom Barrengarry on the market Source: realestate.com.au
homestead on 8.9 hectares with great district
Our region is home to some of the most successful
and distant ocean views. The $4 million mark was
and influential business entrepreneurs who make
breached for a 20-hectare Calderwood property
up a percentage of buyers of high-end property on
comprising three houses and significant ancillary
the Central Coast. Celebrities look to our market
improvements including stables, which sold in
to escape the hustle and bustle of the capital city
April for $4.6 million. The Kiama and Berry and
lifestyle. It has been publicised that Sophie Monk
Kangaroo Valley regions traditionally provide the
purchased a rural lifestyle property in Matcham
greatest number of prestige rural residential sales
for around $2.25 million; Trevor Hamilton from
and 2020 has been no different with a 75-hectare
McGrath Real Estate secured the sale.
property in Kangaroo Valley comprising three
Although turnover of prestige properties on the dwellings fetching $5,362,500 and Rose Valley
Central Coast is typically low, reflective of limited recording two separate sales of $5.665 million and Thirroul $4,125,000 sale Source: realestate.com.au
supply levels, the sale prices recorded in our most $6.05 million.
expensive market in 2020 have equally matched if
Agents are reporting a shortage of stock across Chris McKenna
not exceeded some record sale prices achieved in
the board and the prestige market is no different. Residential Team Leader
2019, indicating that confidence will remain in this
Despite recent activity and buyer interest, there
market segment throughout the remainder of 2020.
are a very limited number of prestige properties
Todd Beckman currently on the market with no current beachside
Property Valuer
41lifestyle-nsw-tamworth-700106202) Month in Review
Tamworth
November 2020
Tamworth, Australia’s country music capital, is ◗ 51 Raglan Street, East Tamworth (under
known for its world famous music festival and contract for $1.2 million) (https://www.
being the major regional centre for northern realestate.com.au/property-house-nsw-
inland New South Wales, however compared east+tamworth-134011846)
to its city and coastal cousins, Tamworth is not Will Gell/Nick Humphries
necessarily known for its prestige property, but Valuers
there are options for buyers seeking a luxurious
place to call home.
Unlike large city and many large coastal 56 White Street, East Tamworth Source: realestate.com.au
communities, the price tag on Tamworth’s
prestige market is largely considered to be
There have been a number of East Tamworth
anything over $1 million in close proximity to the
prestige sales in recent years over the $1 million
CBD, namely located in East Tamworth, or high
price point in close proximity to Tamworth’s
value smaller rural lifestyle holdings on the city’s
CBD. More recently there have been fewer high
fringes.
value properties listed on the market and selling
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The prestige property in Tamworth is relatively periods have increased throughout the COVID
thinly traded and subject to a degree of short pandemic. However regional economies have
volatility, however given Tamworth’s growing been very resilient throughout this period and
population and importance as a major economic anecdotal evidence is showing a rejuvenation of
centre in northern New South Wales, we view these major regional hubs. Many areas are experiencing
assets as being a sound long term investment and outstanding seasonal conditions for farmers and
the option for a growing family. rural economies continue to help drive Australia
out of recession. Interest from city buyers has
Many of Tamworth’s prestige properties feature
increased according to many agents across the
large renovated double block homes in leafy East
region with regional prestige property providing
Tamworth where shopping and schools are within
value for money and an appealing proposition for
a five-minute drive. A recent example was the sale
those seeking a lifestyle change.
of 56 White Street, East Tamworth also known
as Kimeree which sold on 18 December 2019 for Current prestige listings advertised in Tamworth
$1.229 million. This is not far above the average include the following:
Sydney house price!
◗ Gracemare, 584 Nundle Road, Tamworth.
(https://www.realestate.com.au/property-
Tamworth is not necessarily known for its prestige property,
but there are options for buyers seeking a luxurious place to
call home.
42Victoria
Month in Review
November 2020
Melbourne pinch. According to the latest market report, the three bedrooms, two bathrooms and parking for
Introduction volume of prime sales has declined by 25 per cent two cars and is located in the heart of Melbourne’s
Melbourne auction volumes remain low and compared to the first quarter and average days on CBD within a short distance of Melbourne Central,
although have slightly increased recently, current market for prime property in Melbourne increased Emporium, RMIT University and Queen Victoria
volumes are only approximately six per cent from 86 days to 90 days in the June quarter. Market. This four-level residence offers three
of the activity experienced this time last year – Moreover, COVID restrictions have redirected bedrooms, two bathrooms and a private double
around 974 auctions during this period in 2019 buyers’ minds on their priorities and lifestyle. Along garage. This property spent only 39 days on the
(source: Corelogic, 2020). During the last week with the decline in international migration, we market and is currently leased for $1000 per week.
of September, there were a total of 60 auctions expect the housing market in the Melbourne CBD
held across Melbourne, 13 of which were sold prior to remain stalled in the near future. Compared to
to auction and only one sold on the auction date. last year, the volume of prime property sales has
The remaining properties were either withdrawn dropped significantly. Highlighted below are the
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or passed in, highlighting the reluctance to city centre’s highest priced transactions to date and
trade property during the city’s Stage 4 COVID highest current listings on the market.
restrictions.
With the all-around market activity decreasing, it
doesn’t come as a surprise that prestige properties
showcasing envy-inducing features and hefty price
tags are also facing a slowed market movement. 23 Guildford Lane, Melbourne Source: realestate.com.au
The inability of agents to perform physical
inspections for prospective buyers throughout
The highest selling apartment was 12/181 Franklin
August and September would obviously deter sales,
Street, Melbourne. This property was sold in August
as such a large amount of faith has been placed in
through an online auction for $1.68 million, which
virtual walk-throughs and auctions for multi-million
was $330,000 above the reserve price. The
dollar purchases. 23 Guildford Lane, Melbourne Source: realestate.com.au apartment offers over 170 square metres of internal
Melbourne CBD area with two oversized double bedrooms, two
Amid the economic uncertainty and lockdown 23 Guildford Lane, Melbourne was the highest bathrooms, an upper mezzanine work-from-home
environment, the property market in the priced house sale in 2020, selling for $2.815 million space, large laundry and wine store.
Melbourne CBD continues to feel the pandemic in February. This luxurious townhouse features
With the all-around market activity decreasing, it doesn’t come as a surprise that prestige properties
showcasing envy-inducing features and hefty price tags are also facing a slowed market movement.
43located at 21 Margarita Street, Hampton sold for Month in Review
$5.95 million in June 2020. November 2020
12/181 Franklin Street, Melbourne Source: realestate.com.au 292/299 Queen Street, Melbourne Source: realestate.com.au
21 Margarita Street, Hampto Source: realestate.com.au
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12/181 Franklin Street, Melbourne Source: realestate.com.au 292/299 Queen Street, Melbourne Source: realestate.com.au
Currently, the highest priced listing is an apartment South East 21 Margarita Street, Hampto Source: realestate.com.au
located at 292/299 Queen Street, Melbourne, Amid the COVID crisis, the prestige property
with an asking price of $3.75 million. The vendor market in the south-eastern suburbs, particularly
The vendor purchased the property for $5.5 million
purchased this property for $4.25 million in May in the bayside suburbs, is more resilient compared
in October 2018 and sold for $5.95 million in June
2019. Located in Republic Tower, the apartment was to Melbourne CBD. Due to the current COVID
2020 after 42 days on the market. This exceptional
personally designed by Nonda Katsalidis and offers restrictions and remote working environment,
architect-designed, three-level residence on 769
350 square metres of unsurpassed living with two purchasers are focusing on the lifestyle features
square metres of land offers four bedrooms plus
bedrooms, two bathrooms and two car parking the area and the property have to offer. We have
home office and 5.5 bathrooms with an
spaces. The property has been listed on the market seen some evidence of increases in the value of
underground six-car garage and an auto-clean 25
since May 2020. prestige property in bayside suburbs. A house
metre lap pool. This property is located in the heart
of Hampton with close proximity to the Brighton
Amid the COVID crisis, the prestige property market in the south- Beach precinct, beachfront, Hampton Street shops,
eastern suburbs, particularly in the bayside suburbs, is more restaurants and transport and prestigious South
Road schools.
resilient compared to Melbourne CBD.
44The highest priced sale for a unit or apartment an asking price of $7 million to $7.7 million. for four-bedroom houses in Quarter 2 of 2020 Month in Review
was 13/786 Esplanade, Mornington with three This property is an award-winning, architect- (Propertydata, 2020). Despite the unprecedented November 2020
bedrooms, two bathrooms and two car spaces. designed residence sitting on an exclusive cliff-top year, there have been some notable prestige sales
The property sold for $2.55 million in July 2020 location with direct access to Daveys Bay beach in the inner east of the city.
after five months on the market. This designer and spectacular views of Port Phillip Bay and
13 Wimba Avenue, Kew sold for an eye-watering
penthouse apartment is situated in a landmark coastline. The property features seven bedrooms,
$7.9 million in March 2020, boasting six bedrooms
location of seaside Mornington, just a short stroll to six bathrooms and three-car parking across a
and six bathrooms across three lift-accessible
the beachfront and Mornington’s boutique shops, substantial 2,806 square metres of land.
levels on 918 square metres of land. The property
restaurants and cafes.
features northern sunlight and range views and a
Hampton’s inspired summer room that opens to a
large pool and alfresco area. To add to the marble
and oak textures used, the property includes a
basement-level theatre, billiards room, gym and
cellar, along with a six-car garage.
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5 Denistoun Avenue, Mount Eliza Source: realestate.com.au
13/786 Esplanade, Mornington Source: realestate.com.au
13 Wimba Avenue, Kew Source: Corelogic, 2020
5 Denistoun Avenue, Mount Eliza Source: realestate.com.au
13/786 Esplanade, Mornington Source: realestate.com.au
Inner and Outer East
5 Denistoun Avenue, Mount Eliza is currently Prices remain resilient and on an upward trend
the highest priced listing in the south-east area. in Melbourne’s eastern suburbs, with LGA areas
Brought to the market as Mount Eliza’s most including Boroondara, Manningham, Whitehorse,
expensive listing to date, the property has been Knox, Banyule and Maroondah showing median 13 Wimba Avenue, Kew Source: Corelogic, 2020
listed on the market since October 2019 with prices ranging from $991,250 to $2.3 million
45The substantial property sales aren’t only limited on 15 June. This house has four bedrooms, two Month in Review
to houses on large sites in some of Melbourne’s bathrooms and one car space. The front of the November 2020
most affluent neighbourhoods. Luxurious units, house has been restored with period fixtures and
townhouses and apartments built with well- features moving into a rear extension which ties in
appointed finishes, highly desirable features and modern and state of the art designs.
clever design also fetch prices much higher than
The sale occurred between the first and second
the median prices seen in the eastern corridor.
lockdowns with a high number of potential buyers
A city-facing, ground level unit at G02/8 Main Drive, resulting in a sale in 21 days. The sale showed
Kew sold off-the-plan in August 2020 for $2.15 that the market was still achieving good results in
million (subject to confirmation). The residence uncertain times mainly due to the lack of stock and
will comprise three bedrooms and two bathrooms G02/8 Main Drive, Kew Source: Corelogic, 2020 the number of willing and able buyers remaining
and feature natural stone and timber surfaces active in the market.
throughout its kitchen, bathroom and ensuite as Inner and Outer North
well as an abundance of brushed chrome finishes. It It seems a distant memory, but the property market
also features a study nook, outdoor entertainment entered 2020 with much anticipation and optimism
area and space to park two cars. The property is coming off a strong end to 2019. The auction
one of 17 residences in the Oakwood development results at the start of the year are in complete
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in Kew, located on a tree-lined boulevard, contrast to the past few months in Victoria. There
approximately 15 minutes drive from the CBD. were 1123 auctions on 22 February compared to just
33 on 12 October, highlighting the change in market
conditions since the start of the year (source:
Corelogic,2020).
That being said, properties have still been selling 16 Rushall Crescent, Fitzroy North Source: realestate.com.au
albeit not in the numbers recorded prior to the
Coronavirus pandemic. The decrease in number
of listings has resulted in less prestige properties
hitting the market but that lack of stock has also
helped to keep prices steady with buyers fighting
over the limited number of properties.
G02/8 Main Drive, Kew Source: Corelogic, 2020
Homes in the inner northern suburbs of Melbourne
are well known for their timeless Victorian period
architecture. 16 Rushall Crescent, Fitzroy North is
no exception. This property sold for $3.675 million
It seems a distant memory, but the property market entered 16 Rushall Crescent, Fitzroy North Source: realestate.com.au
2020 with much anticipation and optimism coming off a
One of the more unique sales in the inner northern
strong end to 2019. suburbs was 69 Fitzgibbon Street, Parkville. This
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