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15 11, 2023

Rugby Legends Sell Adjoining Sydney Cottages To Attract Developers

In a move that is garnering significant interest among property developers, two families with deep roots in the South Sydney Rabbitohs heritage have decided to sell their neighbouring cottages in Mascot, Sydney. The Piggins and Kennedy families, both of whom have left indelible marks on the Rabbitohs' honour board, have been neighbours for almost 70 years. Their decision to sell their properties as a single lot is expected to attract the attention of townhouse developers and potential investors looking to tap into the thriving property market in Sydney. The properties, located on Linden St, Mascot, span a generous 1400 sqm and are listed with The Agency. The auction is slated for October 14. For those seeking to get help buying in Sydney, this presents a unique opportunity. The Kennedys first moved to Linden St in 1955, when Clem Kennedy, a former halfback for the Rabbitohs, and his wife Mary purchased their home. Kennedy, who had begun his rugby career with South Sydney in 1939, paid £3400 for the property. His rugby career was briefly interrupted when he was called up for active [...]

15 11, 2023

Melrose Park North: A New $5 Billion Haven for First Home Buyers

Sekisui House Australia's ambitious Melrose Park North development has been a magnet for first home buyers, with over 1,000 apartments already sold in this expansive 30-hectare community. The $5 billion project is set to transform into its own mini suburb, housing approximately 5,000 homes, a bustling town centre filled with retail and commercial spaces, and vast parklands. The project, which is nestled in Sydney's northwest, has been particularly appealing to Northern Beaches Buyers Agent. Rhys Morgan, a representative from Boston Project, has been involved in the project since its inception and has shared his excitement about the attraction of Melrose Park North for first home buyers. Remarkably, about 60% of the 1,000 sales have been made by first home buyers. The latest stage of the development, Melrose Park Village, is designed to cater to the changing needs of young professionals. It boasts business workspaces, wellness facilities, and a sizable internal private park. "Melrose Park Village is a dream come true for young buyers who are planning to work from home more in the future," Morgan said. Morgan also highlighted the strength of [...]

2 11, 2023

Unique One-Bedroom Northcote Home Sells for $670,000 Despite Single Door Feature

In a unique event in the Australian real estate market, a one-bedroom house, with only one door inside, nestled in a former factory in Northcote, recently sold. This three-level property demonstrated the strength and appeal of an unconditional offer in a competitive market. The property, located at 8/26-36 High St, attracted attention from all over the country. However, despite multiple interested buyers, only one party was eligible to bid without a 'subject to finance' clause from their bank.   The auction kicked off with an initial vendor bid of $600,000. This was followed by a bid of $620,000 from a couple planning to move back to Melbourne after residing in Canberra. However, due to the lack of further eligible bidders, the property was passed in for negotiation, falling slightly short of its $630,000-$680,000 price guide. Eventually, the property was sold for $670,000.  The irony of a single bidder for a one-bedroom home was not lost on the vendor, Kate Van Der Lit. Despite its compact size, she stated that she never felt confined while living there, even during Melbourne's extended Covid-19 lockdowns. She [...]

2 11, 2023

Western Sydney Resident Faces Soaring Home Insurance After Floods

The escalating cost of home insurance premiums is causing distress among homeowners in flood-prone areas of Sydney, as insurance companies grapple with the increased risk of natural disasters. The situation has reached a crisis point for many, including Scott Hinks, a resident of Windsor in Western Sydney, whose home narrowly escaped damage during the last major flood in July 2022. Hinks was left in shock when his insurance provider informed him that his home and contents cover would not be renewed. The news triggered a physical reaction akin to the stress of an Ironman competition. "Your mind races to your family, your livelihood. But above all, you worry about your home – the castle that shelters everything you hold dear," Hinks said. In 2020, Hinks paid $1,216 for his home and contents cover. However, following the floods, his premium soared to $3,953 per year last October. Now, his insurance company has withdrawn their coverage altogether. In his search for a new provider, Hinks received a quote from NRMA for an astounding $31,969 per year – a figure far beyond the reach of [...]

25 10, 2023

Australia’s Major Cities Among World’s Least Affordable Housing Markets

Australia's largest cities are home to some of the world's most unattainable property markets, posing significant hurdles for prospective homeowners in Sydney and Melbourne. According to Demographia's 2023 housing affordability report, five of Australia's most significant housing markets were classified as unaffordable in 2022, with Sydney ranking second only to Hong Kong in terms of unaffordability. The report uses a ratio to evaluate affordability, comparing median property prices with median incomes. In Sydney, the median house price divided by the median before-tax income resulted in a score of 13.3, while Hong Kong topped the chart at 18.8. Melbourne also featured in the top ten least affordable markets with a score of 9.9, and Adelaide was among the top 20 with a score of 8.2. The survey encompassed 94 global housing markets, with Pittsburgh in the United States emerging as the most affordable market with a score of just 3.1. Australia's performance was notably poor, with all five of its largest capital city property markets being categorised as "severely unaffordable" due to scoring over 5.1. "Australian markets have seen their median multiple rise [...]

25 10, 2023

Iconic Australian Properties Change Hands in Multi-Million Dollar Deals

In a dynamic display of the Australian property market's diversity, a myriad of properties have recently been sold, listed, or leased. This flurry of activity spans the entire country, with properties ranging from a Perth-based car yard to a unique amalgamated industrial site on the outskirts of Sydney. Melbourne's real estate scene has not been left out, with several notable listings, including the iconic St Kilda establishment, The Prince of Wales Hotel. A private investment company has acquired a leased car yard at 380-384 Scarborough Beach Road in Osborne Park off the market. The property, which covers an area of 12,182 square metres, was sold for $14.5 million. Colliers' Director of Industrial, Sam Hammond, hailed the sale as a significant milestone in a tightly contested market like Osborne Park. "This deal is a market game-changer, with few transactions of this magnitude in recent years," Hammond said. He added that the property's sale was particularly noteworthy to investors since it had not changed hands in over three decades. In a thrilling auction that saw seven bidders engage in over 150 rounds of bidding, [...]

20 10, 2023

Australia’s Low-Income Households Struggle with ‘Poverty Premium’

A new report by Anglicare Australia reveals that low-income households in Australia are facing a "poverty premium" due to the higher cost of living. According to the report, these households are financially penalized for their inability to buy groceries in bulk, pay costs annually instead of monthly, or upgrade to more fuel-efficient vehicles. This poverty premium is a punitive measure for Australians who are already earning less, pushing them further behind as these additional costs accumulate over time.   The report, titled "Poverty Premium: The high cost of Poverty in Australia," identifies six key areas where low-income households are essentially paying a poverty tax. These areas include food and groceries, transport, energy, credit and finance, data and communications, and home and car insurance.   Anglicare's research suggests that low-income individuals often pay more for basic goods and essential services than those with higher incomes. For instance, people on low incomes spend 93% more on groceries, 20% more on energy, 23% more on public transport, 45% more on credit and loans, 10% more on fuel for less efficient cars, 61% more on insurance, and a [...]

20 10, 2023

Dan Family’s $85M Beachfront Estate: Fourth Most Expensive in Australia

In the ultra-luxurious real estate market, the options for trophy homes can sometimes appear limited on mainstream property websites. However, those in the know are privy to some exclusive listings that are not readily available to the general public. One such listing that has recently emerged is the magnificent beachfront estate belonging to the esteemed Dan family, located in the illustrious Rose Bay. Informed industry insiders have estimated an asking price of approximately $85 million for this grand property. If the estate sells at this price, it will secure its place as the fourth most expensive house in Australia, a testament to its grandeur and exclusivity.   The Dan family's beachfront estate has been a symbol of luxury and prestige for the past 40 years. The property is owned by Adrienne Dan, wife of the internationally recognised neurosurgeon, Professor Noel Dan. Professor Dan is renowned for his pioneering epidemiological study on head injuries, which significantly contributed to the implementation of random breath testing in New South Wales in 1982.   This spectacular estate offers an unbeatable beachfront location, making it a dream property for [...]

12 10, 2023

Australia’s Help to Buy Scheme: A Boost for Eligible Homebuyers

In a groundbreaking move, all Australian states and territories have concurred to enact legislation this year for the implementation of the Help to Buy Scheme, as decided at Wednesday's national cabinet meeting. This scheme, generously backed by the federal government, will provide financial support to eligible homebuyers, covering up to 40% of the cost of a new property.   The scheme was initially unveiled during last year's federal election campaign and was scheduled to be operational this year. It aims to provide an equity contribution to homebuyers from low and middle-income brackets. The government will offer up to 30% of the purchase price for existing homes and up to 40% for new properties.   Eligibility for the scheme is determined by income levels. Single applicants must have an annual income not exceeding $90,000, while couples should have a combined income of no more than $120,000. Additionally, there are price caps on the properties that the government will support, which vary depending on the state and city.   This four-year plan, estimated at a cost of $329 million over four years, is projected to assist up [...]

12 10, 2023

Sydney’s Population Growth Spurs Shift to Medium Density Living

In a significant shift in housing trends, Sydney residents are increasingly embracing medium density living as the new norm. The traditional trajectory of moving from a two-bedroom apartment to a detached house is being replaced with a move to larger apartments, a trend that reflects the rising population and the need for more diverse and affordable housing options.   As Sydney's population continues to rise, medium-density living, including apartments, is becoming more prevalent. This shift is aligning Sydney with global housing trends and is essential for ensuring a diverse range of housing options. These options cater to various needs, including affordability and the opportunity to upsize or downsize.   The transition from a smaller apartment to a larger one or a townhouse is becoming the norm for many Sydney residents. This trend is particularly evident among those who lack family support when looking to upsize. Without such assistance, many find they cannot afford to stay in their current area and upgrade to a house. Instead, they often have to consider moving further west or north of Sydney.   Suburbs like Lindfield are highly sought after [...]