Residential Sales

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Channel 9 sports commentator and former World Surfing Champion legend Mark Warren and his wife Helen have secured $2,435,000 for their northern beaches home.

Their renovated North Avalon home with vaulted bamboo ceilings sold through LJ Hooker Palm Beach’s David Edwards who was suggesting $2 million plus for the home in North Avalon's so-called golden triangle.

Set two minutes walk to the beach and rockpool, the home sits on a <a href="https://palmbeach.ljhooker.com.au/35AF6Z/15-harley-rd-avalon-beach" target="_blank">level 930-square-metre Harley Road block</a> with tropical gardens. Its kitchen was designed by Brian Boaler.

The empty nest couple, who will downsize locally, bought it for $365,000 in 1995.

This article was first published in the Saturday Daily Telegraph. 

<h2>NSW properties now selling:</h2>

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Surfing champion Mark Warren sells on northern beaches

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GUEST OBSERVER
Marketing to Chinese consumers is a hot topic for all businesses across different sectors.
 A common misperception for businesses is that they need to be in China to sell to Chinese consumers. This has prompted developers and agencies to invest in roadshows, exhibitions and seminars at China’s prime real estate and events, only to result in expensive failures.
With the growing Chinese population in Australia, sellers need not look too far in reaching out to their prospective Chinese buyers. At ACproperty.com.au we believe there are 3 reasons why you should begin your marketing locally before embarking on overseas marketing investments.
1. Chinese buyers rely on word of mouth recommendations from Australians
The most effective and efficient way of marketing to mainland Chinese buyers is to build a loyal following among the local Chinese communities, who can endorse your brand. Most prospective mainland Chinese buyers have friends and relatives living in Australia. This is one of the biggest reasons that influences their decision to migrate to Australia. The first thing most of them will do is to speak their relatives living in Australia, to understand which area is suitable for their lifestyle and to gain recommendations on property investments, developers or real estate agents.
Glen Waverly High and Balwyn High are classic examples on the success of word of mouth recommendations. None of the schools have advertised in China, yet every prospective mainland Chinese buyers would have heard of Glen Waverley and Balwyn School zones.
Speaking from experience, ACproperty.com.au has been enjoying tremendous success as evident from our 65 percent growth of inbound traffic from China for the past 3 years, while mainly concentrating our marketing efforts on the local Chinese communities and student associations.
2. Chinese migrants in Australia are buying properties too
A significant amount of our web traffic is from high quality leads in Australia. Agents and developers alike will find a group of high conversion Chinese customers right under their noses. The value in targeting this group grows exponentially once we realise that this is the same group that will be recommending your brand to their peers overseas.
3. Chinese buyers want authentic and unbiased local property information
A consistent piece of feedback we receive from our users is that when buying Australian property, they prefer to access an Australian site (vs. Chinese-based sites) so they can access vital local Australian market experience. Our Chinese Concierge Team are constantly receiving calls from buyers wanting to validate information they receive from Chinese sources, which they perceive as biased or incomplete.
To successfully capture the Chinese market, developers and agents should first market to the local Chinese communities, cultivating a loyal following before expanding into overseas marketing. Not only are they potential buyers, they are also huge influencers of their overseas peers. Chinese buyers also view Australian sites and sources as more trustworthy and knowledgeable. 
Australian agents and developers should leverage this inherent credibility to reach international customers and ensure their brand is top of mind among the Chinese community to successfully capture the Chinese market.
Esther Yong is director of <a href="https://www.acproperty.com.au" target="_blank">ACproperty.com.au</a>.
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 Market locally first to reach China: ACproperty's Esther Yong

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Over the last 25 years, home ownership rates have fallen sharply for young Australians.
Between 1982 and 2011, the home ownership rate for young adults aged 25 to 34 years dropped from 56 percent to 34 percent. Growing concerns about their home ownership prospects have prompted those in Generation Y (defined as 18-35 years for the purposes of this article) to become increasingly vocal about the difficulties of achieving home ownership.
This article draws on survey data from more than 4,300 respondents collected as part of the Bankwest Curtin Economics Centre Housing Affordability Report 2016. These findings highlight the housing affordability concerns of Generation Y.
The vast majority (86 percent) of Gen Y households living in the private rental sector or with their parents aspire to own a home, although not necessarily in the short term. Of these households, 30 percent believed they would be able to buy a home in the next two to five years. One-quarter believed home ownership was five to ten years away. Only 6% did not believe they would ever be able to buy a home.
Although many are choosing to delay home ownership as a lifestyle choice, others are forced to delay because of a lack of affordable housing options. Across all age groups, home owners were more likely to perceive their housing as affordable.
The survey reported that those living in unaffordable housing were making significant sacrifices to meet their housing costs. And 55 percent said sustaining high housing costs was leading to mental health issues, with those most affected in the private rental sector. This highlights the importance of affordable housing.
<h2>The ‘bank of mum and dad’</h2>
The deposit gap is the biggest barrier to home ownership. The survey calculated the average gap between the deposit currently available to an individual and the amount the individual expected to need for home purchase. This gap was around A$50,000.
Among Gen Ys already in home ownership, 38% reported they had received financial assistance from their parents or grandparents. For those yet to enter home ownership, only 17% expected to receive some assistance to buy. A further 24 percent indicated help might be offered.
Therefore, almost 60 percent of Gen Ys surveyed are unlikely to receive the benefit of intergenerational assistance. This may prevent them from ever entering home ownership.
Parental assistance to purchase
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<img src="/images/2016/07/01/image-20160617-30196-1oxeqf3.png" alt=""> 
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<h2>Housing opportunities for ‘Generation Rent’</h2>
Assistance for home purchase is becoming more and more important for Gen Ys. They are being dubbed “Generation Rent” as the Great Australian Dream of home ownership moves further out of their reach.
Among Gen Y survey respondents, three-quarters rated the First Home Owner Grant and stamp duty relief as being important in helping them into home ownership. Even the scrapped first home saver accountsscheme was viewed as important. The generation is becoming increasingly reliant on these volatile demand-side incentives.
Importance of government assistance
<h4><a href="/images/2016/07/01/image-20160617-30173-1q0l3ls.png" target="_blank">Click to enlarge</a></h4>
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So what can be done to help those who wish to enter home ownership but lack financial support? Government-backed low-deposit loans such as Keystart in Western Australia and Homestart in South Australia, which are designed for those on low to moderate incomes, have made a real difference to thousands of households. Although not without risk to government, these type of loans could be introduced in other states.
Shared ownership products enable the purchaser and a third party to share ownership of the dwelling, which reduces deposit requirements and monthly payments. These are successful in the UK, accounting for 18% of total housing stock, and are growing in popularity in Australia under the schemes noted above. There may be scope for community housing providers to step into this sector in partnership with private developers.
Discounted home ownership is another option. This option could be tied to developer contributions as part of inclusionary zoning requirements. However, it must be structured in a way that ensures any discount on the market price is retained in perpetuity.
The National Rental Affordability Scheme had its critics but at least provided a supply of affordable housing that reduced the rental burden for many households. That, in turn, increased their chances of saving for a deposit.
The rental sector is in dire need of a replacement scheme, which could possibly be enhanced using a model whereby investors offering new rental dwellings below market rents for a defined period are eligible for stamp duty relief. The argument will be raised that this will encourage demand from investors, raising prices.
Ultimately, the only long-term solution to improve the home ownership prospects of young Australians is to change the imbalance between incomes and house prices.
It is more critical than ever for government to implement meaningful structural reforms that improve home purchase affordability for Generation Y. Otherwise, growing numbers of Gen Ys all over Australia face a lifetime of renting without the financial and emotional security of home ownership.
Steven Rowley is director, Australian Housing and Urban Research Institute, Curtin Research Centre, Curtin University and can be contacted <a href="https://theconversation.com/profiles/steven-rowley-201914" target="_blank">here</a>.
Amity James is senior research officer, Curtin Business School, Curtin University and can be contacted <a href="https://theconversation.com/profiles/amity-james-272922" target="_blank">here</a>.
Rachel Ong is deputy director, Bankwest Curtin Economics Centre, Curtin University and can be contacted <a href="https://theconversation.com/profiles/rachel-ong-113482" target="_blank">here</a>.
All are authors for The Conversation.
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The key to home ownership for Gen Y

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With the end of the school holidays, Melbourne’s clearance rate sat at 77 percent, above 70 percent for the second consecutive time in five weeks, according to CoreLogic's preliminary result.
The busiest sub-region in Melbourne this week was the Inner sub-region with 103 auctions being held.
With a clearance rate of 76 percent from 450 offerings, Sydney sat above 75 percent for the third week in a row.
The Inner West recorded the highest preliminary rate of 91 percent across 35 reported auctions followed on by the City and Inner South sub-region at 88 percent.
The number of auctions held across the capitals has remained fairly steady this week, with 1,378 auctions held, compared to 1,399, but lower than the same time last year, when 1,827 auctions were held. 
It was the last weekend of the Sydney school holidays.
CoreLogic researched the influence of the mid-year June-July school holidays on the level of activity to conclude, based on the four years between 2012 to 2015, that Melbourne was more influenced than Sydney.
Melbourne auction volumes for the first weekend of the school holidays triggered on average a 12 percent decline on the previous week.
The clearance rate performance over the three weeks of school holidays, compared to the three weeks leading up to school holidays was typically not that different. 
"In Sydney, we don’t see the same trends that are seen in Melbourne, the school holidays don’t seem to have the same impact that they do in Melbourne and this isn’t too surprising as Melbourne is often influenced more when public holidays are held," the CoreLogic spokesperson advised.
The latest national clearance rate held above 70% across the combined capitals for the second week running, up from 70 percent to 71 percent.
It is the second time in 15 weeks where the combined capital city clearance rate surpassed 70 per cent, with the results being driven by Sydney and Melbourne, with all other capital city regions recording a preliminary clearance rate under 65 percent.
There were 117 Brisbane auctions with a clearance rate of 46 percent.
There were 61 auctions held in Adelaide with a 52 percent. CoreLogic has captured 16 auction results for Perth, with a preliminary clearance rate of 31 percent.
A total of 29 auctions were held in Canberra this week with a preliminary clearance rate of 64 percent.
The highest auction sale across the nation at auction was in Strathfield, for the second consecutive weekend.
It was a five bedroom at <a href="https://www.realestate.com.au/property-house-nsw-strathfield-122923002" target="_blank">35 Rickard Road</a> (above) which fetched $3.76 million.
The newly built home was built after the 627 sqm block cost $1.55 million in 2014.
There had been $3.3 million to $3.5 million price guidance.
Melbourne's top sale was a development site at Chatswood for $2.6 million. The <a href="https://www.realestate.com.au/property-house-vic-chadstone-122927478" target="_blank">7 Churchill Avenue</a> offering (below) was 1800 sqm with permission for six townhouses.
 <img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.37.20%20AM.png" alt="">
The dearest house sale across Melbourne was at Glen Waverley when a newly built five bedroom at <a href="https://www.realestate.com.au/property-house-vic-glen+waverley-122480470%20" target="_blank">30 Tobias Avenue</a> sold at $2,215,000 (below).
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The weekend's cheapest auction sale was at Thomastown when <a href="https://www.realestate.com.au/property-unit-vic-thomastown-122941870" target="_blank">1/17 Caroline Street</a> fetched $235,000 (below).
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The two bedroom, 60 sqm 1970s villa, 17kms north of Melbourne, had last sold at $100,000 in 2001. It was a $265 a week rental.
The biggest reported sale of the past week was at Surfers Paradise. It was the home of the entrepreneurial, former Rolls-Royce car dealer David Baird and his wife, Marion through Ray White agents Sam Guo and Julia Kuo.
The trophy home, Summer House, credited as the Gold Coast's biggest residence, fetched a reported $11 million, according to the Gold Coast Bulletin.
It was a six bedroom, six bathroom <a href="https://www.raywhite.com/qld/surfers-paradise/1468826/?lang=en" target="_blank">mansion on 2318 sqm on Cronin Island </a>with three kitchens, a gymnasium, numerous spas and saunas, a 25 metre, four-lane lap pool and a 10 car basement garage.
Designed by Main Beach architects Mobb Thompson and Payne, the home was built 26 years ago for the president of Daikyo Shoji Yokoyama - the Japanese company behind the QT.
<img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.42.41%20AM.png" alt="">
The video game designer Masafumi Miyamoto paid $6,553,136 in 1997 - a Gold Coast record which stood for eight years.
He sold it to the Bairds for $8 million in 2004 despite having $13 million hopes.
It was rented by Hollywood stars Sarah Michelle Gellar and Freddie Prinze Jr when they were making Scooby-Doo. 
The Gold Coast Bulletin reported it was bought by Celine Guan, wife of Junxiong Yang, owner of the Links Golf Course at Hope Island Resort.
It was the third highest sale on the Coast this year behind 159 Hedges Avenue which sold for $13.25 million and the $11 million sale of 107 Albatross Avenue. 
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Sydney and Melbourne auction markets further strengthen in 2016 mid-winter 

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Weekend auction clearance rates remained strong, sitting about 70 percent in both Sydney and Melbourne, underpinned by the past week's policy announcements.
The RBA board lowered the cost of borrowing - with most lending institutions passing it onto home buyers - and the Federal Budget put property investment firmly on the agenda as a byproduct to its mooted superannuation changes. 
Home loan rates are as low as 3.88 per cent for owner-occupiers and 4.04 percent for investors compared with a long-term average of about 7 percent.
Not that the money is free flowing as with stricter loan-to-value ratios (LVRs) being applied by lenders, the capacity of both local and offshore buyers for houses and apartments is being curtailed.
Dr Andrew Wilson, chief economist for Domain Group, says Sydney price growth this year was likely to be around three and four per cent and Melbourne slightly higher at between four and five per cent.
Toorak ought have secured the weekend's top two sales but the interest was not there, with the Chinese influence now just an undercurrent.
There were no bidders when <a href="https://www.realestate.com.au/property-house-vic-toorak-122376458" target="_blank">23 Montalto Avenue, Toorak was offered</a>. The vendor bid was $7.75 million for the Rodney Alsop designed family residence on 1146 sqm with pool and courtyard designed by gardening guru Edna Walling.
Another Toorak offering at 10 Cole Court was passed in on a $6.75 million vendor bid through RT Edgar after rejecting the only buyer bid of $5 million.
The home was converted in the 1950s by Sir Roy Grounds out of stables for the now razed Southdean estate.
It was offered by the Cecil family, the fourth generation owners of menswear retailer Henry Bucks.
Melbourne buyers agent Mal James said the market was missing the Chinese buying interest at prior levels.
He advised that any claims by agents that “we’ve got loads of Chinese interest from overseas” was now "drivel."
"It's not there like it was in most cases," he said.
So the top weekend sale price was instead $4.55 million at Henley in Sydney on the riverfront when <a href="https://www.realestate.com.au/property-house-nsw-henley-122395590" target="_blank">6 Sherwin Street</a> (above) sold through Ray White who suggested it needed renovation.
It narrowly exceeded the $4.5 million sale of <a href="https://www.realestate.com.au/property-house-sa-hackham+west-122429454" target="_blank">389 Barkly Street, Elwood</a>. There were five bidders for the investment opportunity of a block of four, three bedroom apartments.
The cheapest result was $250,000 in Adelaide, at just above the $239,000 price guidance.
It was a deceased estate on Beach Road which had been a recent $300 a week four bedroom rental with mechanic's garaging.
There was a $277,500 sale in <a href="https://www.realestate.com.au/property-unit-vic-tullamarine-122299634" target="_blank">Melbourne's Tullamarine</a>, but with little price growth over the five years since sold at $275,000.
It too sold at just above its $250,000 to $275,000 price range.
The single storey one bedroom 1980s villa with courtyard is rented at $265 a week, which also reflected little if any rental price growth over the five year ownership.
This week there were 1,135 auctions in Melbourne, which accounted for 52 percent of all capital city auctions.
CoreLogic RP Data advised the 71 percent Melbourne clearance rate compared to 73 percent last week and 79 per cent one year ago.
Sunshine cracked the $1 million club after a period-style family home sold under the hammer for a record-breaking $1.03 million.
It was the four-bedroom house at 1 Walter St, located on 810 sqm in the coveted Matthews Hill precinct that bettered the $935,000 record set in February this year.
<img src="/images/2016/05/09/main-2.jpg" alt="" width="675" height="506">
In Carlton the former AFL coach Denis Pagan's longtime family home sold with approval for <a href="https://www.realestate.com.au/property-house-vic-sunshine-122361326" target="_blank">three townhouses at $1.8 million</a>.
 
<a id="LPlnk683209" href="https://www.realestate.com.au/property-house-vic-carlton-122301798" target="_blank"></a><img src="/images/2016/05/09/main-3.jpg" alt="" width="568" height="426"> 
Co-owned with brother Larry, it had been mostly empty for the past decade.
Melbourne’s inner East was the softest clearance rate at 63 percent across 135 results collected.
By contrast Sydney's east was super strong. Sydney hosted 647 auctions this week with a preliminary clearance rate of 72 percent, sitting as the strongest of any capital city with three Sydney sub-regions recording success rates in the 80 percent range, including its Eastern suburbs at 89 percent.
Anyone doubting the strength can't view the latest celebrity listing as it sold withn six days of offering and weeks before its scheduled auction.
 
<img src="/images/2016/05/09/main-4.jpg" alt="" width="632" height="474">
It was a Bondi semi that performed poorly in The Block All Stars three years ago.
It has now been snapped up for sold for around $2.55 million, an 86 percent hike on the sale price under the television lights in 2013.
Sunnybrae at <a href="https://www.realestate.com.au/property-house-nsw-bondi-122539826" target="_blank">10 Tasman Street, Bondi</a>, had an initial price guide of $2.2 million having sold last at $1,375,000.
After two long weekends in a row, Brisbane auction volumes picked up this week, with 192 residential properties going under the hammer, with just 43 per cent selling.
Canberra had their mind on other matters with the 54 percent clearance rate down from 59 per cent last week and the 65 percent last year.
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Sydney and Melbourne still securing 70 percent plus auction clearance rates

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GUEST OBSERVER
The Foreign Investment Review Board (FIRB) annual report includes updated figures on approvals of foreign purchases of Australian residential real estate. 
The data is annual, dated and has been heavily criticised in the past as an inaccurate measure of the true level of foreign real estate purchases in Australia. 
However, it is essentially the only information on the topic with any sort of consistent back history and is therefore a rare clue as to the size, growth and composition of demand from this segment.
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For 2014-15, the aggregate figures show:
36.8k approvals for residential real estate purchases totalling $57.9bn, equivalent to 7.3% of total sales by number and 15.5% by value (note that the treatment of ‘developer off the plan’ approvals means this likely understates the number of properties purchased but overstates the value)
FIRB approvals are up 60-65% on 2013-14, very strong growth but slower than the 98% gain – i.e. doubling – in the previous year and the 150%+ surge in 2010-11. 
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The FIRB figures are lower but in the same ‘ballpark’ as the other main estimate of foreign buyer demand – the NAB property survey, respondents to which have put the proportion of foreign demand for residential real estate at around 5% for existing and 15% for newly built dwellings.
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The state breakdown of FIRB approvals shows:
Vic continues to be the dominant location for properties being purchased by foreign buyers – approvals imply foreign buyers accounted for around 14% of total sales by number and over 30% by value, the latter up 80%yr.
Qld saw particularly strong growth in 2014-15, the value of FIRB approvals jumping 180%yr, but is still a small share overall – 17% compared to NSW and Vic which combined accounted for 77% of FIRB approvals (by value).
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More recent market data shows a sharp slowdown in turnover since mid-2015. With the number of domestic owner-occupier finance approvals rising over this period, other segments are clearly driving the slowdown. While lower domestic investor activity may be the main factor, some slowing in foreign buyer activity may also be contributing. 
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Matthew Hassan is senior economist with <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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FIRB residential approvals: Westpac's Matthew Hassan

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GUEST OBSERVER
Auctioneer Damien Cooley has reported the highest winter statistics in the history of Cooley Auctions, with August showing a 26% increase in residential auctions booked year on year.
"Volume was consistently on the rise as we got closer to spring and there were a total of 552 residential auctions booked for last month, which represented a 26% increase year on year," he said.
"Sales remained strong with a clearance rate of 77% and the average number of bids and bidders recorded in the Cooley Index proves a very competitive market. We saw numerous suburb records broke across Sydney, which continues to drive the median house price over the $1 million mark.
"We're very excited about what the spring market has to offer with auction bookings flooding in, especially for the first Super Saturday of the spring selling season on the 26th of September."
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Damien Cooley is director of Cooley Auctions and can be contacted <a href="https://cooleyauctions.com.au" target="_blank">here</a>.
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Historic winter drives a positive start for spring: Damien Cooley

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One of reportedly only three apartments remaining in the Melbourne CBD Manchester Unity building fetched $770,000 at weekend auction.
Agent Meadow Partners had been offering a pre-auction price range as $730,000 plus.
The buyer was Dr Kia Pajouhesh, the managing director of Smile Solutions, who will expand his dental practice in the 1930s building.
<a href="https://www.meadowspartners.com.au/property/1005220-collins-street-melbourne/" target="_blank">The 1005/220 Collins Street offering</a> with 94 sqm space had windows overlooking Melbourne Town Hall from its Swanston Street aspect.
It last traded at $591,000 in 2009.
In 2012 Kia Pajouhesh, the Melbourne dentist who established Smile Solutions, bought the 39th whole-floor Royal Domain Tower sub-penthouse. With 557 square metres space it was sold by Joanne Cookes, the wife of former Venture Stores Group owner Colin Cookes.
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Smiles all around after Manchester Unity, Melbourne auction

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The marketing of an original 1950s Harry Seidler-designed Warrawee house as a "knock-down" opportunity has caused consternation on Sydney's upper north shore. 
Set on a 1,847 sqm Finlay Road block, it is an extraordinarily intact timewarp. Just look at those colourful kitchen cupboards, all very retro.
"The home has loads of character but is in need of a full renovation or knock down, rebuild and capitalise on this sought after location," the Savills Cordeau Marshall marketing suggests. It featured in the 1992 Harry Seidler: Four Decades of Architecture book with Exley House having been proudly photographed on its 1957 completion by Max Dupain. 
The late Harry Seidler, who arrived in Sydney in the late 1940s from Vienna via England, Canada America, was a student of Walter Gropius who pursued the industralisation of home building for mass housing. Seidler is considered to be one of the leading exponents of modernism's methodology in Australia, the first architect to fully express the principles of the Bauhaus in Australia.
The three bedroom home, with ensuite wing added later, has been listed by the Exley family for October 10 auction. <a href="https://www.realestate.com.au/property-house-nsw-warrawee-120753293" target="_blank">Agents Carl and Donna Ferris</a> are suggesting $1.8 million plus for the house built for Water Board engineer Cecil Exley.
Finlay Road is a special for architectural devotees as it also has the Evatt House, also known as Rickard House I, a seminal work in organic modern architecture, the first house designed by Bruce Rickard for his own family in Sydney. 
This article first appeared in The Sunday Telegraph.
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Concern over fate of Harry Seidler-designed 1950s Warrawee home

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Lend Lease lawyer Stephanie Rogers is looking for her next renovation project after listing her former whaler's cottage in North Sydney for sale with $3.2 million plus hopes.
The place has been through a two-year renovation. 
The property, <a href="https://www.realestate.com.au/property-house-nsw-north+sydney-120603289" target="_blank">41 Whaling Road</a> is on the market through Mark Jackson and Kellie McMillan at Belle Property.
The property has wide panelled Ironbark flooring and high-pitched ceilings, two original fireplaces and a kitchen which features Italian marble and granite.
The median house price for <a href="https://www.urban.com.au/property-observer" target="_blank">North Sydney</a> is $1,770,500, according to CoreLogic RP Data.
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