Sydney's hot Eastern Suburbs residential market
The property valuation firm says that although the east has been hot across the board.
It considers the $2 million to $3 million price bracket for houses and $1 million to $1.5 million price bracket for units to be the strongest price points in the current market.
Paddington has been a stand out suburb for houses with a 2016 median price of $2.125 million which is up 21.4% from 2015 (source: PriceFinder).
Paddington is a highly regarded suburb close to Sydney’s CBD and comprises mainly period style terrace homes.
"The high performing Paddington market has recently been driven by high quality renovations of terrace style housing which is popular with the owner-occupier market, mainly professional couples and small families.
An example of such a property is 2 Olive Street, Paddington (above) which sold in March 2017 for $2.46 million.
"This property is a typical Paddington terrace comprising 3-bedroom and 1-bathroom accommodation with no car accommodation and is situated on 101 square metres of land," the report stated.
The home at 2 Olive Street is classified as being architect-redesigned and features a high quality renovation, exactly what the market demands, resulting in a very strong sale price.
"With Paddington being such a highly desirable location and having a limited supply of stock, we expect to see recent strong sales prices sustained and predict continued strong growth in the short to medium term," the report commented.
Within the eastern suburbs unit market, the suburb of Coogee has been a stand out performer, especially in the $1 million to $1.5 million price bracket.
The 2016 median price for Coogee units was $1,037,500 which is up 17.9% from 2015 (source: PriceFinder).
"As an example of what this median unit price will get you, 7/3-7 Kidman Street, Coogee recently sold for $1.125 million.
"This property was a near original 1970s unit comprising 2-bedrooms and 1-bathroom with a 1-car lock-up garage and features restricted ocean views.
"This market is driven by both investors and owner-occupiers which comprise a mixture of singles, couples and down-sizers.
"The desirable beachside location has always been a main driver for the Coogee unit market and with limited new unit development in the area, we expect to see the trend of strong growth continue into the future," the report stated.
The prestige market in the eastern suburbs is continuing to see strong sale results.
"As expected, the main drivers of this prestige market are blue-ribbon suburbs close to the city within popular lifestyle neighbourhoods, close proximity to private schools and with view corridors of the ocean or Sydney Harbour.
"Demand is still extremely strong for high quality renovated homes and units with cashed up and time poor buyers ready to move on the right property, without wanting to do the hard work themselves," the report suggested.
A recent example is 84 Paddington Street, Paddington which recently sold in March 2017 for $7.1 million.
This property comprises a 5-bedroom, 3-bathroom Victorian terrace with parking for three vehicles and situated on 191 square metres of land.
The property was previously sold on 6 March 2013 for $2.8 million prior to renovation.
"This continued strong demand and limited supply of prestige property will keep prices strong in the short to medium term."
Originally sourced from The Property Observer
Justin Timberlake pays $20m for PH at 443 Greenwich
Pop singer Justin Timberlake picked up a penthouse at 443 Greenwich Street for $20.2 million — over $7 million down from the last asking price.
Sources told The Real Deal in March that the singer and his wife, actress Jessica Biel, inked a deal to buy in the celebrity-heavy building. It wasn’t exactly clear which apartment the famous duo had bought, but the most likely candidate was Penthouse G, a 5,375-square foot, four-bedroom pad last asking $27.5 million.
The sale of that apartment has now closed, according to records filed with the city last week, with buyer “JUST US I LLC,” paying just under $20.2 million.
Developer Nathan Berman of MetroLoft previously told TRD that 90 percent of the buyers in the building are “household names,” though he declined to identify them.
Buyers there include star couple Ryan Reynolds and Blake Lively. Austin Powers comedian Mike Meyers bought a unit at 443 Greenwich, although he quickly sold it at a loss. Jennifer Lawrence recently listed her 3,184-square-foot, three bedroom pad in the building for $27,500 a month.
Representatives for MetroLoft could not be immediately reached for comment.
Originally sourced from The MP Report
Foreign property investors in Sydney hit with higher stamp duty
Overseas investors will see taxes on purchases of Sydney property double as part of a state government package aimed at appeasing voter anger about sky-high housing costs.
The foreign investor stamp duty surcharge in New South Wales will rise to 8 percent from 4 percent, effective July 1, Premier Gladys Berejiklian said in a statement Thursday. The surcharge is in addition to normal New South Wales stamp duty, which can be as high as 7 percent for the most expensive properties.
Additionally, the annual land tax on foreign homeowners will rise to 2 percent from 0.75 percent. Stamp duty concessions for investors purchasing off-the-plan properties, popular with foreign buyers, will be abolished.
The crackdown on foreign investors is part of a wider package aimed at boosting housing affordability in Australia’s most-populous state.
As the mining boom tails off, New South Wales has taken over as Australia’s economic engine with central Sydney contributing almost a quarter of the nation’s economic growth last fiscal year. That success has come at a price. As workers flock to Sydney, an under-supply of housing, coupled with record-low interest rates, has made the city the world’s second-most expensive property market. Prices have risen 75 percent in the past five years.
The pace of price growth has cooled as some lending restrictions are starting to bite. Australian house prices fell in May for the first time in 17 months in May, according to CoreLogic Inc. data released Thursday.
Berejiklian, who took over the top job in late January, has made housing affordability her top priority. “I want to ensure that owning a home is not out of reach for people in NSW,” she said in the statement.
The package also includes stamp duty concessions for first-time homebuyers, a shakeup of the planning system and increased investment in infrastructure.
Originally sourced from The MP Report
Feature Properties
Sale Feature Property – 13 Small Street, Woollahra
Tucked away in an exclusive cul-de-sac bordering Cooper Park, this architecturally designed freestanding home is set on a private dual access block with an innovative dual level layout and a fluid layout from front to back. Beautifully proportioned interiors are bathed in natural light with expansive open living space incorporating a high-spec island kitchen and double-height living area anchored by a striking sandstone-framed fireplace.
For further information on this property, please contact Alan Fettes on 0437 471 291 or Calvin Stewart on 0433 100 125.
Rental Feature Property – 1601/227 Victoria Street, Potts Point
Designed for sophisticated entertaining and relaxed living, this magnificent whole-floor apartment has panoramic 360-degree views of Sydney taking in the harbour, Opera House, Harbour Bridge, Luna Park and city skyline. Set in one of Sydney’s most vibrant cosmopolitan precincts, the vast 450 square metre sub-penthouse crowns Top Of The Town, a landmark modernist security building designed by architects, Marchese Partners.
Rent per week: $3,500
For further information, please contact Helena Colnaric on 0418 808 778.
You can be the Queen’s new neighbour at Buckingham Palace for US$19 million
If you’ve ever dreamed of living like royalty, or at least living adjacent to royalty, the soon-to-be most-prestigious address in London—right next door to Buckingham Palace—may be your future dream home.
The new apartment building No. 1 Palace Street sits directly across the street from Buckingham Palace (which is, of course, where Queen Elizabeth II lives) and is the only residence in London to offer views of the 42-acre royal gardens.
The property was formerly The Palace Hotel, which was built in 1861 and has a rich history. In its earlier iteration, it hosted overflow guests of Queen Victoria’s. According to a statement from the project’s design firm, the property itself spans five architectural styles: 1860s Grade II Italianate Renaissance, 1880s French Renaissance, 1880s French Beaux Arts, 1890s Queen Anne, and 2018 Contemporary.
There are 72 apartments in the building, and 18 of them are still available for sale, with prices ranging from £2.5 million (about $3,229,300 USD) up to £30 million (about $38,757,000 USD). The units range from two to five bedrooms, with square footage from 2,620 square feet to 5,378 square feet.
Unlike most modern British developments, each one of the units is completely unique, and there are a range of different styles and configurations throughout the building. The apartments are sold furnished, and according to the design firm, “include original and restored period features, such as cornicing, skirting, and original fireplaces,” as well as “impressive ceiling heights (up to 4.7 meters), creating a magnificent sense of space.”
In addition to the apartments themselves, the building will feature 10,000 square feet of luxury living facilities, such as a 6,500-square-foot “haven of well-being” for residents’ personal use, which features an expansive gym, personal training suites, treatment rooms, and a 20-meter swimming pool.
"Encompassing the best of the old and the new, No. 1 Palace Street represents a tasteful blend of traditional and contemporary design. Interiors have been carefully selected to complement the different architectural styles of the building, while incorporating state-of-the-art technology," said Orlando Rodriguez, design director of No. 1 Palace Street, in a statement sent to Architectural Digest. "The 72 apartments at No. 1 Palace Street will offer an unparalleled ‘slice of London.’ The design of each apartment will embody a timeless contemporary elegance while remaining historically sympathetic to its architectural origins and its royal surroundings.”
And while the building is more than 75 percent sold, the project isn’t expected to be completed until December 2019. After that, though, you'll be able to hop across the street to borrow a cup of sugar from the Queen (and play with her corgis) whenever you’d like.
Original story sourced from The MP Report
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Vivid
Vivid Sydney is a unique annual event of light, music and ideas, featuring an outdoor 'gallery' of extraordinary lighting sculptures, a music program, some of the world's most important creative industry forums and, of course, the spectacular illumination of the Sydney Opera House sails.
Don’t miss this years Vivid Festival, concluding Saturday 17th June.
For further information, visit https://www.vividsydney.com/
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