Holiday Home

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If you’re considering buying a holiday home right now, you’re not alone. With Australians currently forced to put their plans for international travel on hold and the cost of Australian holiday home rentals on the rise, it's no wonder more people are keen to invest in a holiday home to call their own. 

Like anything in life, buying a holiday home has its pros and cons. Here’s what you should consider. 

<h2>Pros of buying a holiday home right now</h2>

The pandemic has put the importance of lifestyle into the spotlight. Having a holiday home to escape to regularly can be an excellent way to improve your quality of life. If you would usually travel overseas regularly, this can also be a good alternative. 

With the costs of renting a holiday home soaring thanks to huge local demand, combined with record low interest rates, we’re experiencing a unique situation where it may actually be more cost effective to buy rather than regularly rent a holiday home. For those who have managed to save more during the pandemic - such as through forgoing the costs of international travel - the costs of a deposit may also already be covered.

If you already spend money on going on holiday in Australia each year, especially if it's to the same place, then spending that money on a mortgage on a holiday home may make sense. Not only are you spending what you would have spent anyway, if not less, but once you’ve paid off the mortgage you then own an asset which will grow over time. If you can’t afford 100% of the mortgage on your own, then you can always rent it out part of the year until you have paid down the mortgage.

For those getting into the market right now, there’s a window of time where prices will remain affordable. We’re already seeing prices in some areas such as Byron Bay rise significantly. Across the board regional home values rose by 0.4 per cent in September or 4.3 per cent year-on-year.

For those looking to rent out their holiday home for part of the year, there has been a sharp increase in rents, resulting in a better return than usual, at least in the short-term.

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<address>READ: <a href="https://www.urban.com.au/news/qld/5-apartments-for-the-professional-couple-in-queenslands-broadbeach" target="_blank">5 apartments for the professional couple in Queensland’s Broadbeach</a>
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<h2>What are the Cons?</h2>

If you’re looking to purchase a holiday home as an investment, it may not always be the best choice. The short-term surge in rental values might not last once the borders reopen and some people opt to head overseas for their holidays.

If you’re planning on renting out your holiday home when you’re not staying there, you need to be prepared to dedicate time and money to managing bookings, taking inquiries, cleaning and maintaining the property. This can prove burdensome for many people. If your holiday home is not your principal place of residence, then you may need to factor in taxes such as land tax which can impact the property’s affordability. 

If you opt to purchase a holiday home, you’re locked in to one holiday destination. For some people this may feel too limiting, especially once the borders open. 

Securing finance for a holiday home purchase can be more challenging. Lenders will look at the unpredictable rental income and may require a larger deposit, a shorter loan period or a higher interest rate. 

Ultimately, buying a holiday home is a personal choice. Talk to your financial adviser about whether it may be possible with your financial situation and consider your life and wealth goals. If you’ve always wanted to have your own holiday home and it’s an attainable and practical goal, then why not make it happen? 
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Ultimately, buying a holiday home is a personal choice. But, for those getting into the market right now, there’s a window of time where prices will remain affordable

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Is now the right time to buy a holiday home?

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The popular ARIA-award winner Tones and I has returned to her roots where she made her name as a singer.

The pop singer, whose real name is Toni Watson, has spent $3.3 million on two holiday rentals on the same block just out of town. The homes, known as Starr Cottage and Skye Lodge, share the 1010 sqm parcel.

She's understood to be honouring rental bookings for the properties, with Starr Cottage still available to book at $880 a night. However, despite bookings coming up, Skye Lodge is no longer available for further bookings.

Skye Lodge (pictured top and below) is the grander of the two homes, comprising six bedrooms and three bathrooms, a media room, games room and its own pool. 

<img alt="" height="796" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/skye_lodge_2.jpg" width="1200">

Starr Cottage has four bedrooms and two bathrooms, including a private parents retreat upstairs with ensuite. The lounge opens to private backyard with a swimming pool set in established gardens.

On the property is a separate self-contained one bedroom managers quarters with its own private courtyard and entry. 

Marketed as ticking all the boxes for an investor, owner occupier or holiday maker, both homes have been renovated in keeping with their heritage features including tongue and groove VJ walls, double hung timber windows, ceiling roses and hardwood timber floors.

Watson bought the property in a company name, Johnny Run Away, the name of her debut single released last year. The music video depicts her time busking in Byron, with her CD’s available at $10.

Last year Tones spent $5.1 million on a five bedroom mansion in Melbourne Mt Eliza, the suburb where she was born.
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The pop singer, whose real name is Toni Watson, has spent $3.3 million on two holiday rentals on the same block just out of town



Joel Robinson

Tones and I spends $3.3 million in Byron Bay

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<div>Karl Stefanovic and his wife, Jasmine have bought their first home together... and it's in Queensland.</div>
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<div>The expectant couple have spent $3.6 million at Sunshine Beach on the Sunshine Coast.</div>
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<div>Their purchase is just 200 metres from the water.</div>
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<div>It was on the market for 420 days before the couple made their whisper quiet purchase last month.</div>
It was the first time the house had been sold since built.
"Perched on an elevated block overlooking Sunshine Beach, it's hard to go past this luxurious abode," the marketing suggested.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/4/6/Karl%202.jpg" alt="">
<div>The television presenter last owned in Queensland 15 years ago when he sold his two bedroom home, to make the move south from Paddington, the trendy Brisbane suburb, to Sydney.</div>
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<div>Stefanovic and his then wife, Cassandra Thornburn pocketed $371,500, in 2005 around the time he took over on the Today Show from veteran presenter Steve Liebmann.</div>
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<div>The couple recently moved their Sydney abode, from inland Momsan to rent on Sydney Harbour.</div>
The 2009-built bedroom Sunshine Beach home is on the same street where the tennis champion Pat Rafter previously owned.
The Stefanovic's join the increasing gang of Sydneysiders who have seek the sun up north for their holidays.
The Vaucluse-based Real Housewife Krissy Marsh bought in Noosa recently paying $9.8 million for a luxury home on Noosa Waters (below).
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It is not far from the Dover Heights accountant Anthony Bell, who paid a record $10.31 million in 2017 for the waterfront with Kelly Landry as their retreat.
Hollywood start Dan MacPherson also owns at Sunshine Beach, where he has a two-level timber bolthole with ocean views that cost $2.15 million in 2010.
Sunshine Beach currently has $1.95 million median price for four bedroom homes, according to realestate.com.au, reflecting an annual rental yield of 2.3 percent for rental holiday homes.
It is one of the hottest property markets in the country, as based on five years of sales, Sunshine Beach has seen a stellar compound growth rate of 11 percent. 
This article was first published in the Daily Telegraph.
 
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Karl and Jasmine Stefanovic buy Sunshine Beach holiday home

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Angus Raine, the chairman at Raine &amp; Horne says it’s important to establish the rules of engagement from the beginning when it comes to a family-owned holiday home.
He says family members would do well to agree to an accommodation schedule for the holiday home from the outset, which diarises when the property is occupied and by whom.
"Some weeks are more valuable than others, such as Christmas and Easter, but by taking a common sense approach, it’s feasible to develop an accommodation schedule which is suitable to all parties."
He says cleaning is another issue that can cause disputes in a shared holiday home.
"From the outset, all parties should agree about how the property should be left after a vacation stint.
"Typically, to circumvent any concerns, all parties could agree to pay for a professional cleaner every time they exit the property.
"Dirty linen is a common bugbear of shared accommodation.
"I advise that occupants could take their own linen to the holiday home and remove it with them when they leave." 
He recommends a pact about how repairs and maintenance with one method is contributing to a sinking fund not unlike those used in strata arrangements.
"Breakages have the potential to cause familial schisms," he warns.
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Property 101: Shared holiday homes and family harmony 

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The Shadow Treasurer Chris Bowen has plans for a holiday home after his recent $295,000 purchase of a block of land at Bawley Point on the NSW south coast.
Bowen bought the 730 sq m building block with wife Rebecca Mifsud, an industrial relations executive at Toll Holdings.
It had been for sale since listed in 2013 at $375,000.
Located on the Bawley headland, the block is only minutes walk from both Bawley and Cormorant beaches.
"The headland area is complimented by luxurious homes in prime positions and vacant building blocks are now almost non existent," selling agent Darryl Leslight at Ray White Surfside Properties said.
Before the luxury set in, Bawley Point made its reputation as popular with the left-thinking Canberra set, highlighted in 1986 when journalists Gregory Hywood and Kate Legge, and Heather Ewart and Barry Cassidy paid $105,000 for their jointly owned coastal retreat, which is about three-and-a-half hours' drive from Sydney and two-and-a-half hours' drive from Canberra.
Only last summer the coastal New South Wales location was the setting of Bill Shorten’s family Christmas holiday - and where he crystallised the steps that almost saw the Opposition Leader take government six months later. It was where he decided he needed to start his days with an early morning run to loose weight.
The Bowen’s live in his McMahon electorate in Smithfield, in Sydney’s west, where they rebuilt after paying $470,000 in 2003.
This article was first published in the Sunday Telegraph.
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Shadow treasurer Chris Bowen buys land in Bawley Point

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Sydney property developer and former BRW Rich Lister Phillip Wolanski has yet to sell his hillside Wategos Beach holiday rental property.
It failed to sell at auction last weekend.
The 10 Palm Valley Drive property was bought in 2007 for $3.4 million from Byron Bay Golf Club director Brian Corrigan. 
It was co-owned with stockbroker and developer Lance Rosenberg, who sold out his stake late last year for $1.1 million.
The three-level, four bedroom holiday home rents out for more than $5500 a week during peak season. It last came up for sale in 2012 with a $4.5 million asking price
There's approval for a grand home with a swimming pool. 
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Developer Phillip Wolanski yet to sell Wategos Beach retreat

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Young tech startup richlister David Greiner and wife Renee have spent $2 million extending their Mollymook holiday home holding.
The Sutherland Shire based couple secured the <a href="https://www.realestate.com.au/property/86-mitchell-pde-mollymook-beach-nsw-2539" target="_blank">three bedroom home</a> on Mollymook beach in an off-market deal.
The pair have quickly gained approval to build a tennis court.
It now completes four adjoining properties down in Mollymook for the tech whizz, who has spent a combined $5,785,000.
Greiner and best friend Ben Richardson started a web consultancy business in 1999 while studying at the University of Wollongong.
Five years later it turned into Campaign Monitor, billed as the next Atlasssian when they shot to prominence in 2014 selling a $348 million stake to US venture capital firms.
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Tech startup guy David Greiner buys at Mollymook

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Alantiem, the Boomerang Beach house that has hosted vacationers Liev Schrieber and Naomi Watts, has been listed for sale. 
The <a href="https://www.realestate.com.au/property-house-nsw-boomerang+beach-124873770" target="_blank">beachside property</a> was home for six weeks for the then couple when she filmed Adore at nearby Seal Rocks.
With interiors by the late designer, Garth Barnett,the home nestles into the sand dunes on the north coast location.
The dual level floorplan focuses on easy family living and entertaining including a games pavilion boasting a fireplace.
There is expansive decking at the five bedroom home built from timber, stone and sandstone.
Glenn Curran has it listed with conjunction agent Dominique Vasers.
"The entry foyer is a scene stealer," Curran suggests.
He says Alantiem sleeps 12 in absolute Hollywood luxury for $10,000 a week — no matter what the month.
Naomi Watts recently spoke about her 11 year relationship with actor Liev Schreiber in the spring fashion issue of Los Angeles Confidential noting relationships are hard "whether you're famous or not.
"I don't know anyone who doesn't have to work on it.
"Being an actor doesn't change anything.
"I'm sure it's the same if you're a doctor or a couple of lawyers."
They starred in three films together, with the latest - The Bleeder - set to be released later this year.
Adore, aka Adoration, the Australian-French co-production adaptation of Doris Lessing’s 2003 novella The Grandmothers was a French film set in an Australian beach setting.
This article first appeared in the Sunday Telegraph.
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Boomerang Beach holiday home Alantiem listed

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Former Liberal Party treasurer and businessman Andrew Abercrombie and wife Shadda have sold their limestone Portsea holiday home.
Provenance is understood to have sold for around $5 million, having spent over 150 days on the market before its sale through Kay &amp; Burton agent Liz Jensen.
Abercrombie, reportedly brokered the lucrative float of his company FlexiGroup from the home, which is today worth over $1 billion.
He paid $668,000 in 1998 for the holding which now comes with a seven bedroom, five bathroom house along with a limestone guest cottage, barbecue pavilion, tennis court and inifinity edge swimming pool sit on the 3,750 sqm parcel.
The Toorak based Abercrombie couple have recently completed a new waterfront holiday home nearby.
Provenance has been bought by the property developer Jonathan Altson and his wife Elizabeth who are whispered to have recently sold their three level, four bedroom Brighton home.
This article first appeared in The Weekend Australian Mansion Australia section. 
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