Hawthorn prestige homes bloom this spring
Melbourne ’s leafy inner eastern suburb of Hawthorn and surrounds, with a run of prestige homes changing hands recently and agents tipped to stay busy until Christmas.
Good demand has been supporting prices, with buyers drawn to the convenient location and access to sought-after schools. But stock levels are subdued.
The broader residential market has been slowing, but the best homes in top locations are still drawing keen interest.
Three standout Hawthorn homes have traded in one week for a combined value of about $35 million through agency Kay and Burton.
The landmark sale was a five-bedroom residence on more than 3300sq m on Harcourt Street, Hawthorn East.
Dating to 1891 and designed by architect John Beswicke, who was also behind the Hawthorn Town Hall building, the restored home has contemporary features including swimming pool, tennis court and sauna.
The dining room has a black marble fireplace, the kitchen houses an eight-burner hotplate and double oven, while residents can enjoy a library and a conservatory.
Industry sources tipped the final sale price for the home at more than $16m.
Elsewhere, a four-bedroom home with working boutique vineyard at 32 Coppin Grove, Hawthorn, nearby former Australia Post boss Ahmed Fahour’s mansion, also changed hands.
The property is set on more than 8000sq m with Yarra River frontage and is home to family business Coppin Grove Wines, which makes Coppin Grove Sparkling from pinot noir and chardonnay grapes.
The sale price was more than $10m, industry sources say.
At 55 Hawthorn Grove, Hawthorn, a four-bedroom residence sold for a rumoured $8m-plus, with touches such as a Versailles-inspired foyer, glass spa and internal lift.
Rose gold taps, a marble kitchen plus butler’s pantry with Gaggenau ovens, a glass-walled gymnasium and six-car garage complete the home.
Kay and Burton partner Sam Wilkinson says it was “reasonably rare” to have the three landmark Hawthorn area properties on the market together but the results were a sign of a strong market.
“We’ve found the better-quality houses that have been offered to the marketplace have all sold under competition and that’s a sign that people are confident in the family homes market in and around the area,” Wilkinson tells The Weekend Australian.
“For the right property, people are willing to part with big dollars to secure those homes.”
But buyers had been “discerning and selective”, and the $2m-$4m segment of the market had “softened a touch”, with properties taking slightly longer to sell, he says.
Stock levels had been reasonable but not “over the top” as some prospective vendors were concerned about finding their next property to buy.
The agency has now listed 58 Mary Street, Hawthorn, with expectations of $4.9m-$5.39m, and 6 Oak Street, Hawthorn, with expectations of $3.5m-$3.85m.
The average house price in Hawthorn is $1.985m, according to realestate.com.au figures, up 43 per cent since 2014.
With the market picking up, vendor expectations have also been rising and homes were still selling for hefty premiums, RT Edgar Boroondara director and auctioneer Paul Walker says.
“It is pretty competitive and we’d usually run to auction. There’s been about three to four bidders at every auction, sometimes more,” Walker adds.
Buyers are drawn to the area’s proximity to the CBD, nearby private schools and cafe culture, he says, adding he expects to be busy until the summer break with new listings still coming online.
The agency has listed the former wedding venue at 867 Glenferrie Road, Kew, on the Hawthorn border, which last traded for $11.3m one year ago and now has expectations of $13m-$14.3m.
Abercromby’s director Jock Langley says homes in the area that had sold less than five years ago for $2.5m-$3m were now trading for $5.5m and $7m.
The agency sold the six-bedroom Victorian home at 49 Lisson Grove, Hawthorn, this winter for $7.65m and has now listed 42 Hawthorn Grove, Hawthorn, with a price of $6.2m-$6.82m.
Jellis Craig co-founder Alastair Craig says off-market sales had been stronger than usual, an average of about two a week in the Boroondara council region over the past 12 months. Banks are more willing to lend to buyers in areas such as Hawthorn that are considered more of a “safe bet” than other parts of the city, he says.
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