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It was quite affronting when the property blogger Prue Miller suggested last year that Chinese buyers should not buy Ballarat's Bishops Palace.
The <a href="https://www.prdballarat.com.au/displayproperty?c=26610&amp;t=R&amp;o=80" target="_blank">home of the first bishop of Ballarat Diocese at 1444 Sturt Street</a> in Ballarat is a heritage-listed property, set on a 14,500 square metre holding.
It was built in 1873 as the headquarters for the Ballarat Diocese and its first bishop, Dr Michael O’Connor to a design by Melbourne architect Joseph Reed of Reed and Barnes at a cost of £6,000.
Its most recent price guidance was $5.5 million plus through PRDnationwide agent Neil Jens with 1444 Sturt Street having been initially listed at <a href="https://www.propertyobserver.com.au/news/bishop-s-palace-ballarat-trophy-home-listing-ballarat-trophyhome/2013052360371" target="_blank">$6.5 million</a>. But this week ads have appeared for its February 21, 2014 expressions of interest marketing campaign suggesting $4.5 million plus buyer interest. Jens tells Property Observer all the buying interest had come from intending home buyers. Prestige sales have tended to be on Lake Wendouree where $2,825,000 was paid in late 2007 for a house with 53 square metres of living space, an indoor pool and a tennis court on a large block.
The median house price in <a href="/news">Ballarat</a> is $315,000. It was last sold for around $700,000 in 1996 by the Catholic Church, and remains in mint condition.
"Isn’t she beautiful,” Miller <a href="https://real-estate-writer.com/2013/05/22/1444-sturt-st-ballarat-the-bishops-palace-thank-god-its-still-there-writes-prue-miller/" target="_blank">wrote on her personal blog</a>, real-estate-writer.com. 
Prue advised she has strong family connections to Ballarat and had been visiting the town her whole life.
She says it breaks her heart to see the heritage of the town slip away, “wilfully destroyed by a series of inept, thoughtless, gutless councillors”.
<img src="/images/stories/2014/01/28/bishops-palace-jan-28-one.jpg" alt="bishops-palace-jan-28-one" width="470" height="380">
Photo: Screenshot of real-estate-writer.com.
There was a similiar undercurrent in the community when Fortuna Villa at Bendigo was sold mid-last year for $3 million reputedly to Chinese interests.
On this Australia Day weekend let us not forget that these regional cities rose to prominence during the Victorian gold-rush when thousands of fortune-seekers descended on goldfield towns - with a strong Chinese contingent.
By 1855 nearly 19,000 Chinese people had landed in Ballarat and by 1857 that had risen to 26,000. In 1858, the peak of the gold-rush period, 25% of men in Ballarat were Chinese.
The heavily taxed migrants were forced to live in Chinese-only camps and were the subject of unfair regulations. Despite this they raised funds for a number of public institutions such as Ballarat’s public library, orphanage and hospital.
Little remains of Ballarat’s rich Chinese heritage. One of the last vestiges, the Chinese temple, was destroyed in the 1960s after being derelict for a number of years. Visitors can, however, still take a tour of the Chinese section of the local cemetery.
There's a need for a catholic outlook among the commentariat when it comes to Ballarat's Bishops Palace buyers.
Our historical properties should be living reminders of all our pasts - with ownership for anyone who wishes to make them vibrant.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
 
 
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jchancellor-FAypfDUnLy

Need for catholic outlook when it comes to Ballarat's Bishops Palace buyers

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It's a bit like a five setter that's long into the night.
But tennis star Lleyton Hewitt seems determined to hold out for his asking price.
His long-vacated $3 million West Lakes house in Adelaide returned to the market last October.
The home in Adelaide’s west remains listed through <a href="https://www.harcourts.com.au/Property/534402/SSM081008/29-Martin-Court" target="_blank">Harcourts Aqua agent Steve von der Borch</a> who also had it for sale in 2011.
The hometown Adelaide property was first listed in November 2008 with a $2.95 million to $3.24 million price range.
Mr von der Borch said the original asking price had not changed.
The home with 700 square metres of living space has five bedrooms, four bathrooms, an indoor lap pool, spa, and sauna area with mural, rock wall water feature.
The 29 Martin Court property with its 801 square metre block was bought in 2003 for $3.2 million.
It has been vacant for most of the time since with Hewitt and his wife Bec having no plans to return to the luxury home.
They live in Nassau, in the Bahamas, with their three children — Ava, Cruz and Mia. They retain homes at Kenthurst and Palm Beach in Sydney. Their St Kilda Road, Melbourne apartment on the 19th floor of Yve is also quietly for sale.
<a href="/news">RP Data puts the West Lakes median house price at $610,000.</a>
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Lleyton Hewitt yet to sell long vacated West Lakes, Adelaide former home

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The Commonwealth Bank of Australia chief economist Michael Blythe is right in saying that house price growth expectation is the obvious current sign of housing bubble-like behaviour.
"One area where you can see perhaps a little bit of bubble-like behaviour is house price expectations," he noted this week.
"The momentum is driving the view that prices have a lot further to run.
"So that's the bit we are watching most closely, but in broad terms it doesn't look like a bubble," he said. 
There's now an index that actually monitors asking prices.
It shows Sydney vendors increased their asking price by 14% over the past 12 months, according to SQM Research’s Asking Prices Index.
The only city to record a decline was Canberra, where asking prices fell by 1.5% over the year.
Across all the capital cities, there was a 7.2% increase, managing director of SQM Research, Louis Christopher noted.
Interestingly the 14% vendor asking price increase neatly aligns with RP Data's annual Sydney 14.8% price growth. As an aside I certainly didn't see that actual increase in all markets across Sydney, so vendors would be ill-advised to move their individual asking prices matching with the medium.
But back to the bubble, for it to be a real bubble, Michael Blythe affirms there needs to be several tandem factors at work.
"You need to see more than just rising prices. I think you need to see firstly the increase in pricing fuelled by rapidly increasing housing debt.
"You need to see banks ease their lending standards. You need to see an expectation that house prices are going to rise forever," he said.
“Concerns about a housing bubble have lifted in tandem with dwelling prices,” Michael Blythe acknowledged in <a target="_blank" href="https://www.youtube.com/watch?v=Tqh2OpRGtac">a recent commentary to CBA clients</a>.
“The risk of a speculative price overlay highlights the concerns about rising investor interest in the housing market.
"But investor interest is a rational response to the environment created by central banks.
"Demand, which has been driven by rapid population growth and limited housing supply, is set to intensify as record low interest rates, courtesy of central bank policies, make buying more affordable but, in turn, fuel even higher house prices."
“Their (RBA) actions have encouraged a search for yield, lifted risk appetite and created an environment where asset prices rise,” he said.
But he concluded Reserve Bank of Australia macroprudential policies to limit financial system stress, another way of dealing with any potential housing price bubble, was a long way off. 
<a href="mailto:news@propertyobserver.com.au" target="_blank"></a><a href="mailto:news@propertyobserver.com.au" target="_blank"> news@propertyobserver.com.au</a>
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House price growth expectation the only Australian housing bubble sign

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Cities that were left out of last year’s property boom - Canberra, Darwin, Brisbane - could take over and produce another 10 percent national average price growth year, business commentator Alan Kohler has suggested.
"Despite all the complaints that Australian house prices are too high for first home buyers, or just too high full stop, the potential is clearly there for more rises in 2014," he wrote on the News Ltd website, <a target="_blank" href="https://www.businessspectator.com.au/article/2014/1/15/economy/will-dollar-fall-and-property-rise-yes-yes?utm_source=exact&amp;utm_medium=email&amp;utm_content=553386&amp;utm_campaign=kgb&amp;modapt=">Business Spectator</a>.
"Interest rates are going nowhere (neither up nor down, probably for 12 months), incomes and wealth are rising and the emergence of strong investment buying from self-managed super funds and Chinese cash exporters looks to have only just begun."
He noted 2013 was the first year of solid gains after three years of flat prices.
"In fact prices have only been rising for nine months, and mainly in Sydney, which saw an extraordinary 15 per cent rise in the median house price between March and December.
"That sort of pace in Sydney probably won’t continue (it slowed to an annual rate of 9.6 percent in December) but other cities that were left out of last year’s boom (Canberra, Darwin, Brisbane) could take over and produce another 10 percent year for the national average," he anticipated.
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Across the combined capital cities, home values increased by 9.8 percent over the 2013 calendar year, according to RP Data.
Rp Data noted this was the fastest annual rate of value growth since August 2010, and the largest calendar year increase in values since 2009 when home values were up by 13.7 percent.
House value growth at 9.9 percent slightly outpaced the overall increase in unit values at 9.0 percent.
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Each capital city housing market recorded positive home value growth in 2013, however, the city driving the capital growth was Sydney (14.5 percent), then Perth (9.9 percent) and Melbourne (8.5 percent).
Brisbane's growth was 5.1 percent. There was 3.5 percent price growth in Canberra; 3.3 percent growth in Darwin; 2.8 percent growth in Adelaide with Hobart the weakest at 2.2 percent annual price growth during 2013.
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“Despite the strongest annual value growth since 2009, the rate of growth was not that startling given the low interest rate environment and the previous successive years in which home values fell," according to RP Data analyst Cameron Kusher.
“Although home values increased by 9.8 percent in 2013 the growth follows a -3.8 percent annual fall in values in 2011 and a further -0.4 percent annual fall in 2012. Cumulatively, from peak to trough, capital city dwelling values were down 7.7 percent prior to this current growth cycle,” Mr Kusher said.
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Alan Kohler tips strongest 2014 property price growth for Canberra, Darwin and Brisbane

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BIS Shrapnel’s Angie Zigomanis recently put the current absence of first home buyers in capital city property markets squarely at the feet of state governments.
But he could have also pointed the finger at the Federal Government, past and present.
The BIS Shrapnel economist noted the first home buyer absence was due to successive state budgetary changes allocating first time housing incentives to new homes, not established homes, rather than the recent rising house prices.
The removal of the generous grants stamp duty concessions to buy existing homes has reduced the borrowing power of first home buyers.
Forcing them to save longer for a deposit is the immediate enduring outcome, but the question in the back of many industry observer minds is possibly could these potential buyers actually stick to renting well into the future?
Put bluntly a NSW first home buyer now needs an additional $20,490 to buy an established house costing $400,000, assuming a loan-to-valuation ratio of 85 per cent.
“These losses in buying power have reduced the capacity for first home buyers to enter the market immediately after incentives have been reduced,” BIS Shrapnel’s Angie Zigomanis recently told the Australian Financial Review.
Angie Zigomanis suggests some first home buyers are ­sitting out and building up a bigger deposit to compensate for the lost incentives "while others are saying it’s just too hard and are choosing to continue to rent instead.”
His comments came before the latest ABS housing finance loans approvals for November were released earlier this week. 
The first home buyer market remained subdued, with their share of total loans to owner-occupiers moderating a little to 12.3 percent in November, from 12.6 percent in October and 15.8 percent a year ago.
Most notably in Victoria lending to FHBs slumped 37% between June and November in response to their July 1 change in available government incentives. According to the data, 12.2 percent of loans were to first home buyers in November 2013 in Victoria. It's worse in NSW, first-home buyer activity remained at 7.4 percent, just above the record 6.8 percent low in September.
Governments - especially the Napthine Government - can't say the outcome wasn't foreshadowed.
In April I wrote that the decision by the Victorian Napthine Government to scrap its first-home owner grant for established house and apartment purchases from July 1 was "simply extraordinary."
They only had to look north to NSW and Queensland to see the folly of their new scheme but the Victorian treasurer Michael O'Brien suggested ending the first home grant for established houses was smart as it brought Victoria into line with other states.
The decision by first home buyers not to buy in NSW has actually assisted the O'Farrell Government with a budget savings windfall given the dramatically reduced take-up of new home acquistion by first time buyers since the NSW $7000 first home owner grant for established properties ended on 30 September 2012. The scheme established to assist first home owners instead to purchase or build a new home with a $15 000 grant has operated from 1 October 2012.
NSW first home grants recipients remain low.
The same experience in Queensland which ended its $7000 basic grant scheme in October 2012, replacing it with a $15,000 grant for new homes. Latest Queensland figures show a severe drop.
Ray White chairman Brian White was quick to sense the new fhos grants were distorting the market “and not in a healthy way".
“It’s no longer a first-home buyer’s grant but a builder’s incentive,” said White who labelled it deceitful to describe it as a first-home buyer’s grant.
Technically the Federal Labor Treasurer Wayne Swan abdicated his responsibility when it came to bringing the states into line <a href="/news">appearing happy to allow the state governments to break their commitment to offer “universal” first-home owner grants</a>.
But don't think the Federal Liberal Treasurer Joe Hockey will call in the state treasurers and knock heads.
You'd like to think Joe Hockey would actually be among the property industry observers, who like me, think any first home buyer's grant as mostly mis-directed - creating unnecessary market distortions - and creating a gift for vendors.
But he's on record as saying the rejigging of their assistance packages for housing are an effective way in boosting the supply of new stock. Joe Hockey reckons the problem in the housing market is not a lack of demand but rather a lack of supply.
"I particularly like what the NSW government is doing in this area although it is not the only one," Joe Hockey said in the lead-up to the recent election. "I also believe the Victorian government is going down the right track," he said.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Saving that extra $20,000 is the drag causing first home buyer slump

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NSW investors - including SMSFs - with business premises will be the hardest hit when it comes to fresh 2014 land tax bills following the latest NSW land valuations.
Land values are up typically 3.93% for the 82,000 business zoned properties across NSW. The total land value of business premises is $85 billion equating to around $1,040,000 per property.
Interestingly the state's 38,000 industrial holdings fell 0.44% along with the 288,0000 non-urban category properties which were down 0.63%. There are 38,600 industrial properties with a combined $35.8 billion land value.
The bulk of NSW's 2.47 million properties are residential where there was a 3.21% increase. There was a typical $378,000 land value for residential property.
The value of 2.47 million properties around the state exceded a record $1.003 trillion.
“This is the first time that the state’s total land values for rating and taxing has exceeded a trillion dollars,” Mr Western said.
Every year approximately one third of Local Government Areas (LGA) receive new valuations to assist with their rates modelling. Some 774,000 notices of valuations will be sent to ratepayers in 57 LGAs this month, showing the value of properties based on market conditions as at 1 July 2013. 
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For 2007 and subsequent tax years, the value used to determine land tax liability is the average of the land value for the current tax year and the land values for the previous two years.
Land used as both principal place of residence and for non-residential purposes (e.g. as a retail plant nursery business, a horse stud or tennis court hire), are eligible for a reduction in land tax for the proportion used as the residence.
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The Real Estate Institute of New South Wales says land tax forces up rents, directly for commercial property and indirectly for housing.
The state government uses the valuations to assess land tax and for the compulsory acquisition of land. Councils use them to determine rates.
<a href="https://www.apps08.osr.nsw.gov.au/erevenue/calculators/landtax.php#anc_calc" target="_blank">Land tax is $100 plus 1.6 per cent of the land value of investment properties above the $412,000 threshold.</a> The premium rate threshold occurs at $2,519,000 at $33,812 for the first $2,519,000 then 2 percent thereafter.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Commercial property investors face higher land tax bills with NSW values up 3.93%

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The former entrepreneurial medico Geoffrey Edelsten, who's filing for chapter 11 bankruptcy in the US, is selling his opulent Palazzo Versace, Main Beach apartment.
{yoogallery src=[images/stories/2014/01/14/edelsten]}
The Gold Coast apartment was bought in late 2011 before its $1.5 million refurbishment will be auctioned this weekend through <a href="https://www.lucycole.com.au/buyingdetail?id=6075079&amp;category=residential" target="_blank">Lucy Cole of Lucy Cole Prestige</a>. It reportedly cost around $3 million, although the transfer documents suggest it was around $600,000 for the property, which was mortgaged with a $650,000 loan in mid-2013 at 9.25%.
Geoffrey Edelsten's estate agent told the Gold Coast Bulletin's Quentin Tod that the penthouse was surplus to his needs. It comes as his wife, Brynne's publicist John Scott confirmed the Melbourne-based couple had split six weeks ago and were negotiating their settlement.
The two-level property, which overlooks the Broadwater, comes with a large rooftop garden with spa.
It comes with genuine Versace furniture imported from Milan comprising the finest leathers and brocades, exclusive Italian bed linen and tableware, exquisite lighting including a massive crystal chandelier.
"Costing over $1.5 million dollars, the refurbishment has created a splendid and unique living environment at the Gold Coast's most exclusive address," the Lucy Cole markting says.
Art sculptures in the garden were flown in by helicopter. It comes with marina berth.
His US financial troubles stem from a fallout with business partners who are fighting him for control of the House of Nurielle fashion label, an executive jet, a casino in the Dominican Republic and two slum rental housing complexes in Memphis, Tennessee and Dayton, Ohio.
Mr Edelsten's Australian lawyers told Fairfax Media the bankruptcy filing was a strategy to "better realise the investments made in the US."
<a href="mailto:news@propertyobserver.com.au" target="_blank"> </a>
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Geoffrey and Brynne Edelsten's Palazzo Versace, Gold Coast apartment set for auction 

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Valuations, after no matter how many sales' comparables, are always subjective.
So when Movoto, a real estate research blog in the United States, blogged the value of Sydney's Kirribilli House at around $54.5 million this month, I was actually almost in agreement.
Yes it was in a silly presentation of <a href="https://www.movoto.com/blog/novelty-real-estate/australian-prime-minster-lists-kirribilli-house-49-million/" target="_blank">its supposed offering for sale</a>, but the estimated value seemed sensible for the currently under-utlised place.
Certainly the $54.5 estimate was not as wayward as the occasional $100 million cloud cookoo land estimates of boom years past - when exuberant agents suggested it was worth double Altona, the Point Piper abode sold last year at $52 million.
With views of the Harbour Bridge and Opera House, the Kirribilli property's prime location makes it one of the city's most prestigious pieces of real estate. 
I've never been invited in, but am advised it is small 300 square metre heritage home on vast grounds. It has been the Prime Minister's Sydney home since the 1930 - a Gothic Revival residence built around 1853. I spotted an estimated value of $19 million in 1995, there was a $30 million estimate in 1998. It was back in the news around 2004 when the then Federal Labor Leader Mark Latham foreshadowed that, as prime minister, he may sell the harbourside mansion which elicited speculation it could fetch around $50 million.
It's cold, dark and cramped, say most critics. Pru Goward once referred to Kirribilli House as a "holiday shack". But then Liberal backbencher Tony Abbott railed against Kirribilli House querying whether the then Prime Minister Paul Keating really needed such a "gracious harborside mansion."
The latest issuance of NSW land valuations puts the land value of 109 Kirribilli Avenue as $25.5 million and 111 Kirribilli is an another $12.5 million. That's seemingly <a href="https://www.theaustralianafund.org.au/houses/admiralty-house" target="_blank">Admirality House</a>, the larger Governor General's abode and the smaller Prime MInsiter's squat. Just land taken into account with the valuation.
But I always take the valuations with a grain of salt. Yes, improvements have been made to the valuation process over recent years.
But NSW investors who are soon to get their lastest valuations should review their  holdings seriously with a mind to making a chellenge  - and I'll come to that later this week.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Sydney's Kirribilli House - what is the estimated value of our Prime Minister's residence

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The former 1860-built Bible Christian Church in Gore Street, Fitzroy failed to attract any bids at its onsite October 2013 auction.
But it has been since sold for $3 million with the buyer understood to be Ros Matear, from the extended Victorian family who owned the former Hotel Australia on Collins Street until 1987 and the admired Portsea cliff-top mansion, Ilyuka until 1995. The family, with enduring reputations in hospitality and the visual arts, was subject of the 1997 book by John Monks, From Post Office to Pub: the Matear family.
The Fitzroy offering had previously sold in June 2012 for $3.41 million to the Sydney shopping centre heiress Betty Saunders-Klimenko. It had sold at $684,000 in 2001. It sold at $15,500 in 1976. <a target="_blank" href="/news">Fitzroy</a> has an $890,000 median house price. 
The October auction had a $2.95 million vendor bid placed by the Nelson Alexander auctioneer Arch Staver. Converted 10 years ago into a three-bedroom, two-bathroom house with a six-car garage, <a target="_blank" href="https://www.propertyobserver.com.au/news/no-bids-from-bt-for-fitzroy-abode-of-sydney-heiress-betty-saunders-klimenko/2013102165829">the auction attracted the attendance of the AFL football commentator and farmer Brian Taylor</a>.
<img height="421" width="470" src="/images/stories/2013/10/25/bt-oct-25-one.jpg" alt="bt-oct-25-one">
The bluestone building was used as a furniture factory after it ceased operating as a tabernacle.
It features an ornately carved and suitably religious front door and an original banner in the lounge-room proclaiming “Holiness becomes thy house”. Despite its vastness there is not too much space for the hanging of her husband, artist Rick Matear's paintings.
Late last year Ros Matear sold her lofty Cairns Memorial Presbyterian Church, East Melbourne apartment abode for $2.4 million through Nelson Alexander. Title Tattle recalls it was bought from legal eagle Jeff Browne in 2007 for $2.05 million.
Back in 2000 it was then gun-property columnist Antony Catalano, now Fairfax Domain chief executive, who reported Jeff Browne and then partner, the newsreader Anne Fulwood stole the show at its Biggin &amp; Scott auction securing the apartment with a $1.015 million winning bid.
The decision to buy was made on the spur of the moment, with Fulwood having inspected the property only moments before the auction.
The 30-square two-level apartment in Cairns Apartments, a fire-gutted former church on the Hotham and Powlett street corner, converted into 11 apartments. 
<a target="_blank" href="/news">East Melbourne apartment prices </a>have a $546,500 median.
news@propertyobserver.com.au
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Matear family snaps up former Fitzroy church from Sydney heiress

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Fashion designer Joe Saba has yet to sell his longtime Lorne holiday house, as vistors that packed the seaside town for the weekend's summer Pier to Pub ocean swimming event would have spotted in the local estate agency window.
Set in the hills above the Victorian coastal resort, Joe Saba and his wife, Marita, who built the house in 1984, want $1.5 million. Of the town's 100-plus sales last year, some 20 were at $1 million or more.
Tite Tattle recalls Joe spent $7100 in 1969 to buy the slightly larger holding at the northern outskirts of the township.
Architect Edgard Pirrotta built the coastal property after the town was ravaged by the Ash Wednesday fires.
Lorne has been a magnet for the semi-retired fashionist since his early days growing up in Geelong and Ballarat, but nowadays with teenage twin sons, Jack and Will the family are finding they are not using it enough.
The two-level, four-bedroom house at <a target="_blank" href="https://www.4atradewindsavelorne.com.au/">4a Trade Winds Avenue </a> features floor-to-ceiling glass opening to a timber deck. The organic, warm merbau timber-rich style of the home, along with its rounded lines, was constructed by Warwick Yates, a former player with Saba's beloved Geelong Football Club.
The 4,593 square metre property was scheduled for November auction through Jeremy Fox of RT Edgar, who with conjunctional agent, Ian Stewart of Great Ocean Road Real Estate, were then giving a $1.3 million plus price guidance. There had been $1.8 million ambitions this time last year.
The fashion legend Joseph Saba enjoyed some 30 years in the rag trade with tears and a standing ovation from his industry peers on his semi-retirement at the 2002 Melbourne Fashion Festival. He briefly moved into the Lorne abode full-time for six months with wife Marita and the boys after selling his self-titled fashion chain.
Title Tattle notes there is a nearby building allotment of 990 square metres with views of the surf below and of Louttit Bay that has been listed at $490,000 in a newly created sub-division with underground services and Surf Coast Shire approved building envelopes.
Trade Winds Avenue notched up <a href="https://www.realestateview.com.au/Real-Estate/tradewinds-avenue-lorne/Property-Details-sold-residential-4828523" target="_blank">a $1.65 million sale</a> last year. It had been listed through Great Ocean Road Real Estate with a $1.8 million asking price.
Locals say 2013's highest known sale was the mortgagee sale of 264 Mountjoy Parade, a near beachfront holding totalling 1874 squre metres overlooking Louttit Bay and the pier. It cost $2,416,000. Set adjacent to the Grand Pacific, <a href="https://www.domain.com.au/Property/For-Sale/House/VIC/Lorne/?adid=2010204590" target="_blank">Yuruga</a> came with landmark six bedroom,three bathroom double brick cottage with 80 squares of living space. It was bought by Angela Williams, the wife of merchant banker, David Williams of Kidder Williams, who also bought the adjoining 874 square metre Armytage Street vacant block for $862,400.
The outlay totalled $3,278,400.
Title Tattle recalls when offered in 2010 there was concept drawings for a 66 apartment residential/commercial development (STCA) for the consolidated holding. In 2011 there was an application for the subdivision of the combined blocks and and construction of seven dwellings. Currently two separate titles there were also certified plan of sub-division for Yuruga to have three separate allotments.
It had sold previously at around $4.8 million in 2001 given its then potential.
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Fashion veteran Joe Saba's Lorne trophy home remains unsold

Buying into a masterplanned community often means committing to a vision still years from taking shape. At <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>, that vision is already visible.

Residents have moved into the completed first stage, landscaped spaces are established, and the next chapter is now underway. Stage 1 has been completed and settled, with Stage 2 now selling off-the-plan.

Designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> combines attainable apartment living with sustainability initiatives rarely seen at this price point, including rooftop solar, battery storage and a resident EV-sharing program.

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Located on Schofi​elds Road, just moments from Tal​lawong Metro Station and Schof​ields Train Station, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been designed to appeal to a broad mix of buyers, from first-home purchasers looking for a foothold in Sy​dney's property market to downsizers seeking a connected, low-maintenance lifestyle.

<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been conceived as a thoughtfully planned masterplanned community that will evolve over multiple stages, with buyers now able to secure one, two and three-bedroom apartments within a neighbourhood that is already beginning to establish its identity.

One of the project's defining features is its focus on sustainability. Solar energy systems, battery storage and future EV charging infrastructure have been incorporated throughout the development, reflecting a long-term approach to both environmental performance and everyday convenience.

Sustainability sits at the centre of the development's vision, with solar energy systems, battery storage and future EV charging infrastructure integrated throughout the community.

That emphasis on future-ready living extends beyond the technology. Landscaped communal gardens, outdoor gathering spaces and plans for a future retail precinct aim to create a neighbourhood where residents can access daily conveniences without travelling far from home.

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The apartments themselves have been designed with liveability front of mind. Rather than chasing maximum density, the focus has been placed on creating practical homes with generous natural light, usable layouts and strong connections to outdoor space.

Importantly, these design principles have been applied consistently across the one, two and three-bedroom apartment offerings.

The appeal of <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> is also closely linked to its location within Syd​ney's rapidly evolving north-west growth corridor. Over the past decade, major infrastructure investment has transformed the area, with new transport links, business precincts and community facilities reshaping suburbs like Talla​wong and Schofiel​ds.

The agent says buyers are increasingly recognising the area's long-term potential.

"Typical buyers that we're finding across <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> especially are your first-home buyers, your investors, your upsizers as well as your downsizers," Hawes says.

Connectivity remains one of the project's strongest drawcards. Residents have access to both Tallaw​ong Metro Station and Schofi​elds Train Station, providing links to the Sydn​ey CBD, Norw​est Business Park, Macquari​e Park and other major employment hubs. Retail centres including Rous​e Hill Town Centre and Sch​ofields Village are also nearby, alongside schools, parks and future healthcare infrastructure.

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For Stage 1 resident Roji, it is the balance between convenience and comfort that has defined the experience of living at Kew.

"For me, it's a balance of quality and convenience," she says. "Everything I need is right here."

"If I wanted to catch the train, Scho​fields Station is just around the corner. Tallaw​ong Metro connects me to the city."

More importantly, she says, the development has delivered something that cannot be measured in floorplans or specifications.

"<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> feels like home."

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As Stage 2 enters the market, that lived experience may be one of the project's strongest selling points. Buyers are not purchasing into an untested concept or a future promise. They are joining a community that is already taking shape.

Ongoing investment in transport, retail, healthcare and public open space continues to strengthen the appeal of Syd​ney's north-west growth corridor, while <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>'s established first stage provides buyers with a tangible sense of the community's future direction.

For a limited time, buyer can secure a new home at <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> with just a $10,000.

[smartcode_project_cta:default project_id=149637]

Joel Robinson

Kew Tallawong: A growing community taking shape in Sydney's north-west

<a href="https://www.apartments.com.au/developers/freecity">Freecity</a> has received development approval for its 51-storey mixed-use tower at 153-157 Walker Street, North Sydney, set to be one of the tallest mixed-use residential-led buildings in one of Sydney’s most sought-after commercial and residential addresses.

Lodged as a State Significant Development Application (SSDA) through the Housing Delivery Authority (HDA) pathway and approved by the NSW Department of Planning, Housing and Infrastructure following a comprehensive public exhibition and submissions process, <a href="https://www.apartments.com.au/new-apartments/153-walker-street-north-sydney-nsw-2060">the project</a> will deliver 296 apartments, alongside a 170-room, luxury hotel, activated retail and significant public domain improvements.

Situated just 200 metres from Victoria Cross Metro Station, on one of the largest developable sites in North Sydney, the development will rise to 234 metres, making it one of the tallest buildings in the suburb. With an end value of approximately $1.5 billion, the project responds directly to the NSW Government’s mandate to accelerate housing delivery in well-located, transit-connected areas.

<img alt="Freecity gets green light for mixed-use residential and hotel tower in North Sydney" data-entity-type="file" data-entity-uuid="192ec455-94bf-4e01-83ef-922b1b269d67" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Freecity%20-%20Walker%20Street%20North%20Sydney%201%20RESIZED%20.jpg?VersionId=Bzqp0SBHCDvLAHjA4QXkjuGoOEIh73Jl" />

The apartment mix will cater to a broad range of buyers, with 65 studio and one-bedroom apartments, 139 two-bedroom residences, 35 three-bedroom apartments, 48 four-bedroom homes, and nine penthouses. Residents will have access to a dedicated amenity level on Level 33, featuring a swimming pool with views towards the Harbour Bridge, Sydney Opera House and North Sydney CBD, as well as a gym, library, shared kitchen, lounge and outdoor entertaining areas.

The hotel will occupy the lower six levels of the building and include meeting and function spaces, a wellness centre with gym, yoga studio, swimming pool and sauna, further strengthening North Sydney's growing hospitality offering.

At ground level, the development has been designed to improve pedestrian connections through the precinct. More than 700 sqm of retail space will activate the street frontage, while a landscaped through-site link connecting Walker Street, Little Walker Street and Doris Fitton Park will provide new public open space with seating, paving and extensive native landscaping.

Freecity Group Co-Founder and Joint CEO Tony Sun said the project represents one of the most significant development opportunities currently available in North Sydney.

"This is one of the most significant development sites in North Sydney and it comes at a pivotal moment for the precinct," Sun said.

"North Sydney is undergoing a genuine transformation, and this project will contribute housing the city urgently needs while creating a landmark destination."

Executive Director of Development Michael Romano said demand for both residential and hotel accommodation would continue to strengthen as the Metro precinct matures.

"The structural demand for high-quality housing and hotel accommodation in North Sydney is compelling, and will only grow as the precinct continues to evolve around the new Metro station," Romano said.

Architectus has designed the tower, orientating the apartments to maximise views towards Sydney Harbour while introducing a sculpted façade intended to respond to light, wind and the surrounding skyline.

Architectus Principal Marko Damic said the design sought to create a tower that contributes to the public realm as much as the skyline.

"We wanted to design a tower that doesn't just sit in the skyline but actively participates and contributes to city life," Damic said.

First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and <a href="https://www.apartments.com.au/developers/perifa">PERIFA</a> have celebrated the topping out of <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf,</a> marking a significant milestone in the delivery of one of Syd​ney's most anticipated waterfront communities.

Located on Sydney's harbourfront at <a href="https://www.apartments.com.au/developments/putney-nsw-2112">Putney</a>, the project has now reached its highest structural point, with construction progressing strongly towards completion in 2027. 
&nbsp; 
The milestone was celebrated on-site with project partners Phoenix Property Investors, Mitsubishi Estate Asia, Versatile Construction, <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, consultants and stakeholders, to recognise the collective effort behind the transformation of the historic waterfront site into a vibrant new residential, marina and lifestyle destination.

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&nbsp; 
<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will deliver a mix of waterfront residences and terraces, complemented by a private 36-berth marina, waterfront dining opportunities and a revitalised foreshore designed to reconnect the community with the river's edge. 
&nbsp; 
Abadeen Executive Chairman and Founder Justin Brown said the project represented a rare opportunity to create the next chapter in Sydn​ey's long history of successful waterfront precincts. 
&nbsp; 
"Throughout Sydney, some of the city's most sought-after addresses have emerged from carefully considered waterfront precincts such as Woolloom​ooloo Wharf, Walsh Bay and Breakfast Point," Brown said.

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&nbsp; 
"What makes these places so successful is that they become much more than residential developments," Brown said.

"They bring together homes, hospitality, marina facilities, public spaces and a strong sense of community in locations where future supply is incredibly limited."

Brown has long described absolute waterfront land in Sy​dney as "finite."

"Once these opportunities are developed, they are rarely replicated. That's why Syd​ney's waterfront precincts have consistently demonstrated strong demand and long-term value growth over many decades. 
&nbsp; 
"<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is one of the few remaining opportunities to secure a residence within a masterplanned waterfront community that combines direct water access, marina ownership opportunities and a genuine village lifestyle just moments from the Sy​dney CBD."

[smartcode_project:default project_id=13962 project_image_fid=362564] 
&nbsp; 
PERIFA Founder and Managing Director Fabrizio Perilli said the project reflected a shared commitment to delivering exceptional places that create long-term value for residents and the broader community. 
&nbsp; 
"The topping out milestone is a significant achievement for the Versatile Group and a testament to the collaboration between all project partners, consultants and contractors involved," Perilli said. 
&nbsp; 
"Beyond the residences themselves, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will establish a new waterfront destination that celebrates the history, character and lifestyle of this unique location while creating a lasting legacy for future generations."

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&nbsp; 
Construction is being delivered by <a href="https://www.apartments.com.au/builders/versatile">Versatile Construction</a>, with structural works now substantially complete across the precinct. Attention will progressively shift to the construction of the waterview terraces, apartment façades, services and interior fit-out works over the coming months. 
&nbsp; 
With limited residences and marina berths remaining, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> continues to attract strong interest from owner occupiers and downsizers seeking a premium waterfront lifestyle within close proximity to Putne​y Village, Rh​odes, Top Ry​de and the Syd​ney CBD. 
&nbsp; 
As one of the last opportunities to secure a residence within a new masterplanned waterfront community on Sy​dney Harbour, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is expected to remain a highly sought-after address for years to come.

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Abadeen, PERIFA, top out Putney Wharf harbourfront precinct

Kew has long been regarded as one of Melbourne's premier residential suburbs. It's a location defined by its grand period homes, leafy streets and some of the city's most prestigious schools, yet it has often sat just outside the spotlight cast on neighbouring Hawthorn and Camberwell.

Increasingly, however, buyers are recognising that Kew offers much of what draws people to those suburbs, with a quieter residential setting, exceptional amenity and long-term owner-occupier appeal.

Within a few minutes' walk, residents can access Kew Junction, one of Melbourne's most established village centres. Cafés, bakeries, restaurants, supermarkets, boutique retailers and everyday services are all on the doorstep, with local favourites including Centonove, Adeney Milk Bar Cafe, and Frank &amp; Harri creating the type of walkable lifestyle that has become increasingly difficult to find in Melbourne's inner east. Beyond the immediate neighbourhood, Glenferrie Road's renowned shopping and dining precinct in Hawthorn and the retail, dining and entertainment offerings of Camberwell Junction are both just a short drive or tram ride away.

The suburb is equally well connected. Tram routes 48 and 109 provide direct access to the CBD, while High Street and Cotham Road connect residents to the wider inner east.&nbsp;Nearby access to the Eastern Freeway also places the Yarra Valley, Mornington Peninsula and Melbourne Airport within easy reach, adding another layer of convenience for weekend travel.&nbsp;It's a rare combination of connectivity and tranquillity, where quiet residential streets sit just moments from some of Melbourne's most established shopping and lifestyle precincts.

For families, Kew remains one of Melbourne's most tightly held addresses. Carey Baptist Grammar School, Xavier College, Methodist Ladies' College, Trinity Grammar, Ruyton Girls' School and Genazzano FCJ College are all nearby, while the Yarra River parklands, walking trails and sporting clubs provide another layer of lifestyle appeal.

It's within this established pocket that developer Ricdanic is delivering <a href="https://www.apartments.com.au/new-apartments/wimba-ave-kew-9-11-wimba-avenue-kew-vic-3101">Wimba Ave</a>, a boutique collection of just 13 residences across two buildings named after its location on the tree-lined Wimba Avenue,&nbsp;within one of Kew's most prestigious pockets where homes have been known to sell up to and above $8 million.

[smartcode_project:default project_id=140755 project_image_fid=354809]

The residences prioritise the space that buyers are increasingly searching for but struggling to find in established suburbs. Living areas extend beyond five metres in width, ceiling heights range from three to five metres, and apartments open onto private gardens averaging around 125 sqm. Selected residences also feature balconies of approximately 60 sqm, while premium inclusions include Miele appliances, double-glazed windows, EV readiness, fully electric systems and a 7.2 NatHERS energy rating.

Architect Chris Idle says opportunities to deliver homes of this scale within established suburbs have become increasingly uncommon.

"There are very few opportunities to do these kinds of developments in leafy, established suburbs," he says. "To get this level of amenity, natural light, and architectural freedom in such a setting is extremely rare."

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The architecture draws on Kew's established character through the use of handmade Krause bricks, while landscaping by John Patrick introduces 23 plant species, including nine native varieties, creating an environment which focuses just as much on nature as it does the building.

Construction on Wimba Ave is well underway by renowned high-end builder Sinjen, with completion expected in late 2027. Prices start from $2.22 million.

[smartcode_project_cta:default project_id=140755]

The enduring appeal of Kew's tree-lined streets and village lifestyle

"For me, it's the location." That was the first thing Chris pointed to when reflecting on why he and his wife Marita decided to purchase at Candela Ivanhoe, the under-construction new apartment development by Salter Brothers in the heart of the north-eastern M​elb​ourne​ suburb. ​

"We've lived here before… everything is here," Chris said.

"Our doctor is around the corner, there's dentists, pilates, everything we need, restaurants, fast food places, two train stations, Ivanhoe and Darebin, both in walking distance. You don't need anything else."

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Just 10 kilometres from Melbo​urn​e's CBD, Ivanhoe combines direct city connectivity with the amenity of an established village community. Residents have access to highly regarded schools, expansive parklands, public transport, and a thriving retail and hospitality precinct centred around Upper Heidelberg Road, all within a neighbourhood that has retained its leafy character despite its proximity to the city.

<a href="https://www.apartments.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe-vic-3079">Candela Ivanhoe</a> sits within the heart of this established landscape, positioned just moments from Ivanhoe Village and within walking distance of many of the suburb's most sought-after amenities.

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From Candela, residents can access cafés, grocers, wine bars, restaurants and essential services on foot, while Ivanhoe Station and Darebin Station provide direct connectivity across Mel​bour​ne. The development is also surrounded by some of the suburb's best-known lifestyle destinations, including Pinkie, Laurent, Enni, Docasa and Woodfire Pizza e Cucina, alongside Ivanhoe Plaza, Woolworths, pharmacies and specialty retailers.

Green space is another defining feature of the suburb. Darebin Parklands, Ivanhoe Park, Nellie Ibbot Park and the Yarra River trail network provide extensive opportunities for recreation, while Ivanhoe Golf Course and Ivanhoe Tennis Club continue to underpin the area's long-established lifestyle appeal.

The suburb's education offering further strengthens demand. Ivanhoe Grammar School, Ivanhoe Girls' Grammar School, Mary Immaculate Primary School and Ivanhoe Primary School have helped establish the area as one of Melbou​​rne's most sought-after schooling precincts, attracting families and downsizers alike who want to remain connected to the area.

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While location was the priority for Marita and Chris, the project itself also needed to meet their expectations.

"Whilst location was paramount, I was also looking at design of the environment and Candela ticked every box," Marita said.

"We're just thrilled with our choice."

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Developed by <a href="https://www.apartments.com.au/developers/salter-brothers">Salter Brothers</a>, Candela Ivanhoe has been designed to complement its village setting, with an emphasis on generous floorplans, natural light and practical everyday living.

Residents will have access to a range of shared amenities, including a communal rooftop garden and dedicated residential lounge, complemented by a ground-floor café and lifestyle wellbeing centre, helping foster the sense of community already emerging among future owners.

That approach has resonated strongly with the market. More than 90 per cent of purchasers at Candela Ivanhoe are owner-occupiers, with buyers ranging from downsizers and second-home buyers to young families and first home buyers, creating a genuinely multi-generational community of grandparents, parents and children. It reflects a broader shift across Melbo​​urne's apartment market, where buyers are increasingly prioritising neighbourhood quality, lifestyle amenity and long-term liveability.

Currently under construction by Ironside, Candela Ivanhoe comprises 58 apartments. Candela Ivanhoe is scheduled for completion in the coming months, and residents can move in from September. One to four bedroom residences, prices from $649,000 and limited opportunities remaining.

[smartcode_project_cta:default project_id=342]

Jonathan Chancellor

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