For someone who no longer lives permanently in Sydney, Nicole Kidman likes to take a deep-pocketed interest in our local real estate.

Despite being based in the United States’ country music capital Nashville, Kidman and her husband Keith Urban now claim half a dozen apartments in harbourside Milsons Point.

The latest settled this week to take her tally in the one building to more than $27.5 million.

A three-bedroom spread on level 15 of the landmark Latitude building is Kidman’s latest purchase for $7.725 million, which like her other apartments are held in the name of corporate interests fronted by her childhood friend Annette Rechner.

 

The purchase – not far from her mother Janelle’s home on the lower north shore – is the most expensive in the building after one of the penthouses that had previously sold for $8 million was on-sold for a loss two years ago by billionaire pub magnate Chris Morris and his wife Sharron Sills at $7.65 million.

The Hollywood A-lister’s latest digs was sold privately by co-founder of North Shore Coaching College Andy Mak.

Kidman and Urban’s holding in the building now totals six apartments, of which their crowning glory is the penthouse they bought from Mark Bouris for $6 million in 2009.

 

It was consolidated with a $7 million pad next door in 2012 to create a super-spread for their Sydney visits.

That leaves three other apartments on the floors below, picked up for $2.68 million, $2.78 million and $1.35 million in more recent years.

Source: Nine.com

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Catcha Group chief and co-founder Patrick Grove was not on hand to inspect the Darling Point house he purchased in 2017 for $28 million, but bought it anyway knowing it was to be demolished and rebuilt as his forever home.

But no sooner have the finishing touches been added to the waterfront house than the internet entrepreneur is still not here to take up residence, and is instead still based in Singapore, where he recently added the role of company chairman to his bow.

If six years is a long time in the fortunes of our tech class, it’s even longer in Sydney’s trophy home market where an expensive site acquisition, no-expense-spared build and good dose of inflation have prompted a $70 million guide by exclusive listing agents Michael Pallier and Francis Egan, of Sotheby’s.

Grove’s purchase of the 669-square metre property in 2017 ended almost 40 years of ownership by the Meagher family, headed by the late hotelier, Alan Meagher.

The DA to demolish and rebuild it to a design by Polly Harbison architecture firm was approved two years later, with landscaping by Dangar Barin Smith and an excavated cellar approved more recently.

The parkside residence joins the trophy home shelf just as another is removed: the Point Piper  home of businessman Simon Ehrlich and Rebecca Lacey sold last week for $69 million.

Grove won’t be without a crash pad for his visits back to Sydney, however. In 2020, records show he purchased a sandstone cottage on the Balmain East waterfront for $6.8 million.

Bronte blue-blood

On such a significant weekend on the regal calendar thanks to the coronation of King Charles III, it is perhaps fitting to launch the sales campaign on the Bronte home of His Majesty’s family friend, Lady Marina Dawson-Damer.

PPD’s Alexander Phillips has been giving buyers a guide of $5.5 million for the three-bedroom apartment ahead of a May 27 auction.

The London-based Dawson-Damer is the daughter of the seventh Earl of Portarlington, George Dawson-Damer, and has owned the ground floor of the triplex opposite Bronte Park since 2008, paying $3.575 million for it new.

Oh Boy conversion

Renovation queen Cherie Barber is looking to well and truly cash in on the property boom of recent years, listing her designer converted warehouse in Lilyfield for $9 million.

This is the landmark residence for whom the designer credentials go-to architect Virginia Kerridge, who was commissioned to redesign what was once the Oh Boy Candy lolly factory by comedian and radio presenter Merrick Watts and his wife, Georgina.

While Barber’s investment prowess usually comes from her renovation skills, she has resisted the urge this time, instead capitalising on the property as a regular short-term holiday rental, and a capital gain on her $6.2 million purchase price of early 2020.

At the time Watts listed it — just weeks after COVID-19 touched down in Australia but before lockdowns and border closures became familiar events — he had a $7 million guide, understandably given the residence had won two RAIA Awards following its 2012 completion.

BresicWhitney’s Shannan Whitney and Chris Nunn have the listing.

Taxing motivations

Award-winning film and TV composer Antony Partos secured his hoped-for $6 million for his Potts Point terrace when it went to auction this week thanks to the efforts of three registered buyers.

Partos, who purchased it with his Supersonic music production house partners in 2007, sold it through Richardson & Wrench’s Jason Boon, given soaring land tax valuations locally.

Also coming out of the week richer are socialite and interior designer Sally Tilley and financier Adam Tilley, thanks to the sale of their Woollahra home for what a source says is about $8 million.

It was previously home to Dominique Ogilvie and prominent art dealer Tim Olsen, and still features a mosaic in the light well by Olsen’s late father, acclaimed artist John Olsen.

Ogilvie sold it to the Tilleys in 2014 for $4.11 million, and it was listed with Ray White’s Randall Kemp, who declined to reveal the result.

Towering results

Property magnate Jackie Waterhouse has purchased another apartment in the Quay West tower at The Rocks for $10 million.

The daughter of the late property tycoon, Ray Fitzpatrick, set a record for the building, which had long been the Sydney home of comic genius Barry Humphries, who died last month.

Modernist love

Netballer and co-founder of women’s outdoor training program The Squad Co, Emily Keenan, has listed her Killara home she shares with WINIM’s Josh Leahy for $12 million with Ray White Upper North Shore’s Ben Cohen.

This is the modernist house built in the 1970s by the late architect, Ken Woolley, for the Eastment family, who sold it to Keenan in 2019 for $4.1 million.

The New South Wales government placed an interim heritage order on it in 2020, and Keenan has modernised the interiors since thanks to designer Elissa Griffin.

Source: The Sydney Morning Herald

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In early April, the house price indices of PropTrack and CoreLogic both showed signs of growth, with small upticks in prices recorded across the nation. The latest data from both companies again showed rises in their respective house price indices.

The theme of recovery was also identified by Hotspotting, recently releasing its latest Top 10 National Best Buys report for the next six months.

Hotspotting Founder and Managing Director, Terry Ryder, said a number of factors are influencing markets around the nation with both big cities and smaller regional locations recording positive market metrics.

“Improving data on prices in the biggest cities recently has added to the ongoing strong performance in smaller cities and regional areas, the worsening shortage of rental properties, the significant increases in rents and more optimistic consumer sentiment,” Ryder said.

“It adds up to a scenario where prices will likely rise in most of the nation’s key markets in 2023 – which was our forecast before the year started.

“Even the big bank economists have turned more positive in their outlooks, although they continue to under-estimate the underlying strength in real estate markets in our assessment.”

There are some positive signs ahead. Although the April rate pause was followed by a 25 basis point rise this month, some banks and lenders have started to cut their own borrowing rates. The fundamentals for parts of Australia’s real estate market remain especially strong and the rate of construction is starting to pick up, albeit not at the necessary levels to meet demand.

Hotspotting’s report noted several factors are influencing the real estate market at present, with many of those mentions reflected in other expert observations.

Among the key influencers of the real estate market:

• A continued severe shortage of supply, relative to demand, for both the buyers and renters,
• Price growth off the back of the shortages,
• Additional demand from the return of ex-pats, overseas migrants, and international students,
• Increased migrant intake by the Federal Government,
• Continued low levels of unemployment, and
• The expectation that interest rates will stay put this year.

While Perth remains a stand-out performer, according to Ryder, regional Queensland is also whetting buyers’ appetites as the market offers “… the best combination of affordability, good yields, and growth prospects.”

One market that is ‘back in business’ is Sydney’s inner city apartment market, according to Hotspotting General Manager Tim Graham.

“People are buying apartments in inner-city areas where units are less than half the price of houses such as in Inner West of Sydney and Brisbane’s inner south Olympic Precinct,” Graham said.

“Our analysis also shows that Sydney is heading into recovery and the Melbourne and Victoria markets are expected to strengthen as the year unfolds.”

Top 10 National Best Buys

According to Hotspotting’s latest report, the top 10 buys (local government areas) for May to September 2023 are:

1. 1. Stirling, WA
   2. Toowoomba, QLD
   3. Inner West, NSW
   4. Townsville, QLD
   5. Hume, VIC
   6. Salisbury, SA
   7. Ballarat, VIC
   8. Olympic Precinct, QLD
   9. Canning, WA
   10. Greater Geraldton, WA

Stirling, WA

The City of Stirling was previously picked as Hotspotting’s National Growth Star, picked for its superb amenity.

Ryder noted in the latest report that the local government area (LGA) shows promise due to significant activity within Stirling.

“The LGA is rising thanks to several large infrastructure projects, some of which have been completed recently,” he said.

“The Stirling City Centre project, touted as being one of Australia’s biggest urban regeneration projects, finished in January 2021 – while $1.6 billion is being spent on upgrading two of the LGA’s major shopping centres.”

Over a billion in projects are either recently completed or under way, the report citing the Scarbrough Beach redevelopment, Karrinyup Shopping Centre expansion, and transport projects.

Toowoomba, QLD

The inland city is some one and a half hours west of Brisbane, and has a $12 billion economy, according to the report.

A strong and diverse economy are some of the factors playing in favour of Toowoomba, with Graham noting several major upcoming projects, including the Toowoomba Second Range Crossing, are set to ‘cement’ the city’s reputation as an intermodal transport hub.

“This will be further enhanced by the $15 billion Inland Rail Link, for which Toowoomba is a major pivot point,” Graham said.

“Other growth catalysts include the city’s proximity to Surat Basin’s resources as well as the region’s more traditional agricultural, tourism and manufacturing bases.”

Inner West, NSW

Inner western Sydney is set to benefit from major train station upgrades and other multi-billion dollar projects such as the Rozelle Interchange.

Ryder hailed the Inner West as one of Sydney’s ‘most resilient sectors’, noting in particular the relative affordability of apartments.

According to SQM Research data, units are less than half the price of a house, coming it at around $750,000.

Townsville, QLD

Another Queensland city is touted for its economy, which includes military, government admin, tourism, education, export, manufacturing, and resources, according to the report.

Graham noted the city is set to also see billions of dollars in investment, with unemployment also trending sharply downwards.

Hume, VIC

The City of Hume is some 40 minutes out of the Melbourne CBD, and according to Ryder, is home to the fourth-largest population in the State.

“Hume continues to remain an affordable option in 2023 and can expect further benefits from government spending and improved infrastructure in coming years,” said Ryder.

Salisbury, SA

The City of Salisbury may be turning into an aerospace hub, with the $1.9 billion Edinburgh Parks Industrial Precinct currently under construction adjacent to the Edinburgh Defence Precinct.

“The emerging 300-hectare precinct is attracting industries including aerospace and space technologies, cyber-security and defence, food and beverage manufacturing, logistics support and automotive industries.”

Ballarat, VIC

The locale is yet another pick that has shown significant resilience in the face of cooling markets. Ryder noted the locale saw median price growth above 20% over the past 12 months.

Olympic Precinct, QLD

With the major sporting event to take off in 2032, it almost comes as no surprise that there are billions of dollars being injected into the local economy.

Graham said that while the Inner South Precinct of Brisbane has performed sluggishly in the past, it is well positioned for growth.

Canning, WA

The LGA enjoys excellent access to several large-scale employment nodes in Perth, said Ryder.

Suburbs within the City of Canning are also affordable, with Ryder noting the LGA is a “community for young families.”

Greater Geraldton, WA

The key regional centre has seen significant growth in recent years, according to Graham, with growth running parallel to Perth:

“Geraldton is a key regional centre that has grown swiftly in recent years, in line with growth in Perth and the State overall,” said Graham.

“As the Perth property market rebounded strongly in 2020 and delivered notable growth in 2021 and 2022, so too did the municipality of Geraldton, four hours north of the capital city.”

Source: The Property Tribune

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The 850sqm of land and the small house on it last sold in 1969 for just $17,000 (which adjusted for inflation equates to $139,815 today) to the Walker family, who have lived at 9 Collingwood Avenue in the suburb of Cabarita ever since.

Bidders at the May 20 auction will have to be ready fork out because of the property’s waterside location, sitting on the Parramatta River’s Frances Bay.

‘Realise your waterfront dreams with this first class parcel of land showcasing a sunlit Easterly aspect and direct water frontage to France Bay,’ the property’s listing by real estate agent Horwood Nolan reads.

The listing goes on to claim the property ‘offers the perfect blank canvas for luxury duplex development or to create the luxurious waterfront haven you have always dreamed of enjoying with family and friends’.

It comes with a concrete boat ramp and a small private beach with 18 metres of frontage to the water.

Horwood Nolan boasts that the ‘prized waterfront playground’ in the ‘centre of Sydney’ is ‘located in one of Cabarita’s most prestigious neighbourhoods’.

The listing promises that there are ‘elite private schools, cafes, restaurants and direct transport to the CBD at your doorstep’.

Australian property prices are climbing again for the first time in a year despite 11 monthly interest rate rises over the past year.

National house and unit prices together in March rose by 0.6 per cent to an average $704,723, CoreLogic data showed.

This was the first increase since April 2022, back when the Reserve Bank of Australia cash rate was still at a record-low of 0.1 per cent.

Australia’s biggest cities Sydney and Melbourne had the biggest increases despite being the most sensitive to the RBA’s 11 consecutive monthly increases that have taken the cash rate to an 11-year high of 3.85 per cent.

CoreLogic research director Tim Lawless said Australia’s influx of migrants – with at least 650,000 expected over the next two financial years – would keep pushing up prices as demand outstripped supply.

‘With rental markets this tight, it’s likely we are seeing some spillover from renting into purchasing, although, with mortgage rates so high, not everyone who wants to buy will be able to qualify for a loan,’ he said.

‘Similarly, with net overseas migration at record levels and rising, there is a chance more permanent or long-term migrants who can afford to, will skip the rental phase and fast track a home purchase simply because they can’t find rental accommodation.’

Source: Daily Mail

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On just a 25 sqm block, antique restorer Sayman Ibraham’s “labour of love” behind a famous brothel is believed to be Sydney’s smallest house.

But it’s just achieved a record-breaking price.

Sold via BresicWhitney’s Brigitte Blackman and Darren Pearce, the one-bedroom terrace at 21 Little Riley St, Surry Hills fetched a whopping $1.5m — $300,000 above the price guide for the planned February 25 auction.

The stunning result sets a Surry Hills record for a one bedroom house with no parking on such a small block and equates to $60,000 per sqm.

Is this Sydney’s smallest home?

21 Little Riley St, Surry Hills sits directly behind one of Sydney’s best known brothels, A Touch of Class.

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The renovation was a labour of love for the vendor, antique restorer Sayman Ibraham.

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“Sayman’s over the moon,” Blackman says. “We had 75 groups through and got an unbelievable result — 25sqm is tiny.

“There were no comparables at all so it was a difficult one to put a price on, but there is absolutely no stock on the market.”

Its location behind one of Sydney’s most well known brothels, A Touch of Class, proved no obstacle to the sale.

The investor buyer can expect a decent rental income of between $750 to $800 per week, Blackman estimates.

There’s just one bedroom.

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But a very stylish bathroom.

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“It would also make an unbelievable Airbnb,” she says.

The tiny house had rising damp and was very basic when Ibraham bought it for $710,000 in 2013, but he threw his heart and soul and plenty of dollars into a renovation.

Now the interiors are far from plain: a mixture of industrial and modern with just a hint of an antique look — stone walls, solid brass trimmings, and black granite benchtops.

There’s a clever use of the compact space and it’s full of natural light.

Ibrahim built the stairs himself.

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There’s plenty of fresh air and natural light.

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Ibrahim is particularly proud of the steel floating stairs, which he built himself.

Having created his incredible space, prior to the sale, Ibrahim said he was a little sad to be moving on.

“But I’m also a bit excited,” he said.

No wonder — he’s off to the south of France, planning to buy and restore a chateau.

Source: real estate

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