Talana in Hawthorn East for $10mil+

Posted on 25 Mar 2013, 3:18 p.m. in Abercromby's, Buying

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Introducing Talana, a beautifully restored period home in the prestigious Hawthorn East. Talana offers a resort style family lifestyle with six bedrooms and three bathrooms, a tennis court with golf driving nets, enormous dual-heated lap/leisure pool, and an extra fully self-contained, Boston Ivy-clad summer house.

Talana with its Federation Queen Anne design, is impeccable inside and out with incomparable plasterwork, stained glass windows and elaborate fireplace mantles and a beautiful red-brick façade. Designed by renowned 19th century architect, John Beswicke, the spectacular house sits on over an acre of beautifully landscaped, yet rustic grounds, with a sweeping driveway and four car garage, it exudes a relaxed country lifestyle, while being in the heart of the city.

Source and read more: Millionplus

4 Devorgilla Avenue, TOORAK

Posted on 17 Mar 2013, 3:28 p.m. in Abercromby's, Sold

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SOLD
It is late Saturday morning, the sky is grey and a few raindrops fall as a crowd of 60 watch the auction of this well-presented two bedroom Neo-Georgian home. Abercromby’s auctioneer Tim Derham goes through the ritual of presenting the relevant contractual points and highlights the many attributes of this renovated property that had sold fairly recently in the low twos. “A magnificent renovation” he sums up and it will be interesting to see how prices have held up in the last two years. However, the auction starts slowly. With no bids forthcoming, a vendor bid of $2,200,000 is lobbed to entice a buyer to come forward, and $25,000 rises called for. This works as two bidders emerge to compete to see who will be the new owner. Swiftly the price reaches $2,300,000 and then there is another pause, so Mr Derham goes in to consult. On his return, he states “it’s close, but not on the market yet” and just as he is about to pass it in and calls it three times, he’s offered two further bids of $10,000 and then it stalls at $2,320,000. Mr Derham goes in to consult for a second time, and on his return pronounces it “on the market”, and as there are no further bids it is bought by the last bidder.

9-10 Lisbuoy Court, TOORAK

Posted on 17 Mar 2013, 3:24 p.m. in Abercromby's, Sold

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SOLD
On a quiet tree-lined Toorak cul-de-sac a crowd of 60 wandered up to this pair
of maisonettes, which is a likely development site. Auctioneer Tim Derham’s
raspy voice carried well but made no initial impact on the observers after his
vendor bid of $3,500,000, as he was immediately forced to go through the motions
of having a break to consult. The three most interested buyers were roused by
the circuit breaker into brisk bids of $50,000 steps, until a bidder asked if
the property was on the market. After a mini-conference with the owners in the
driveway, it was declared on the market at $3,750,000. Mr Derham advised
boldness from the bidders, but the property found its price without too much
drama. Bought under the hammer for $3,840,000, a healthy $5300/m2 for the
vendors.
Source : Marketnews

Historic eastern star flaunts significant assets overseas

Posted on 12 Mar 2013, 3:36 p.m. in Abercromby's, General Interest, News, Selling

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Pollster and serial mayoral candidate Gary Morgan is about to list his historic East Melbourne mansion in George Street, which will be aimed at international buyers.

The chairman of Roy Morgan Research has picked a new home in the area, spending $5,155,000 to get a 14-room Victorian villa on Powlett Street about a fortnight ago.

Morgan had to pay $780,000 above the reserve to take ”Claverings” at the hotly contested auction.
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The two-storey Victorian he is selling was designed by famed architect Charles Webb in 1864 and is considered to be one of the best houses in East Melbourne.

The property at 193 George Street has seven bedrooms, two reception rooms, a drawing room, two studies, three kitchens, 18th-century marble fireplaces, marble floors and cedar doors. There’s also a coach house with a self-contained apartment.

Jock Langley of Abercromby’s is believed to be targeting international buyers in a sales campaign that will run until late April. Nobody associated with the property wants to talk price, but industry sources say the starting point is likely to be about $10 million.

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‘I won’t sell if I don’t get the right price,” Mr Morgan tells Private Property. ”I think when people see it they will realise it’s one of Melbourne’s best homes.”

Source : Domain March 9, 2013

New Chinese laws drive investors to Australia

Posted on 11 Mar 2013, 3:42 p.m. in Abercromby's, News

Proposed restraints on real estate ownership in China could be great news for the Australian property market, according to the head of one major group.

Last week, the Chinese government announced a series of proposed restraints including stricter enforcement of capital gains tax on home sale profits and the imposition of higher deposits for the purchase of second homes.

Read more

WAN Houses of the Year Awards

Posted on 6 Mar 2013, 3:53 p.m. in Abercromby's, News

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Every year World Architecture News (WAN) run a series of major international competitions to celebrate and expose the latest and most innovative design from all corners of the globe. The winner of the 2012 WAN House of the Year Award has just been announced, and with all the inspiring design we see today, there is no surprise that it was an incredibly difficult decision.

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The WAN House of the Year Award celebrates the most innovative and creative solutions for single-family houses, which are all judged on their originality, innovation, sustainability, context, and most importantly their ability to fulfill the client brief.

The winning entry for the 2012 award, came from Sforza Seilern Architects, for their Gota Residence in East Africa. The home is set among the wild and harsh African landscape, perched atop a dramatic granite cliff. Inevitably, the natural beauty of the area and breathtaking views dictated and inspired all elements of the winning design. Large cantilevered roofs protrude from the dramatic granite cliff, creating a spacious and gutsy design.  Almost all materials used throughout were sourced locally on site making for an incredibly harmonious design that was responsive to the immediate surroundings. This, combined with the originality and attention to detail, were the true winning elements of the design.
Read More

MARKET UPDATE: MARCH 2013

Posted on 6 Mar 2013, 3:49 p.m. in Abercromby's, Market Updates

The 2013 residential market has jumped out of the blocks. Large numbers at our open for inspections and multiple bidding at our auctions. With confirmed low interest rates and the stock market increasing by 17% since November 2012, we have seen a lot of confidence from buyers and vendors meeting their expectations.
Several top end sales we have sold “off market” include:

• 21 Denbigh Road, Armadale.
• 17 Union Street, Armadale.
• 114 Vale Street, East Melbourne.
• 21 Vincent Street, Glen Iris.

We have some quality luxury and lifestyle homes on the market including:

186 Burke Road, Glen Iris.
23 Wangaratta Street, Richmond.
348 Bay Street, Port Melbourne.
20 Normanby Place, Richmond.
4 Devorgilla Avenue, Toorak.
9& 10 Lisbuoy Court, Toorak.
70 Sutherland Road, Armadale.
150 Finch Street, Glen Iris.
45 Lyndhurst Street, Richmond.
12 Davis Avenue, Kew.
• “Sunnyside” George Street, East Melbourne.

To learn more about the market or to discuss your property needs – whether it be buying,selling or renting – please feel free to contact us on 9864 5300.

Rental Market Update

Posted on 6 Mar 2013, 3:43 p.m. in Abercromby's, Market Updates, Property Management

The 2013 rental market remains tight, with Abercromby’s seeing an increased demand for large family homes within Stonnington & Boroondara.

Our vacancy rate of 2.1% remains significantly lower than the average vacancy rate of 3.6% recorded for inner Melbourne during the month of January according to REIV data.

Whilst demand is strong, we are finding that tenants are becoming increasingly particular about the condition of rental properties. By maintaining your property in good condition and attending to any outstanding repairs, you are more likely to attract a quality tenant, who pays on time and treats the property like their own.

Should you or anyone you know have a home that fits the above parameters or would like more information on our property management services please contact Myles Crowhurst on 98645353 or 0433916155.

AUCTION REMINDER – 23 WANGARATTA ST. RICHMOND

Posted on 28 Feb 2013, 4:01 p.m. in Abercromby's, Auctions

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23 Wangaratta Street, Richmond is scheduled for Private Auction on Wednesday 6th March.
We thought we should give you prior notice in case you know of anybody keen to move into the surrounding area.
Should you have any queries about this property, or any other real estate matter please do not hesitate to contact:

Jock Langley  0419 530 008
Sam Goddard  0438 334 374

The new role of wallpaper

Posted on 27 Feb 2013, 4:43 p.m. in Abercromby's, General Interest

Cutting edge technology now allows walls and floors to block mobile phone and WiFi signals

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This year some of the most creative household innovations won’t be in the handheld gadgetry usually associated with the smart home, but rather in adaptations to the home’s surfaces – cutting edge tech hidden in the walls, floors and countertops that usually go un­inspected.

This year’s most remarkable advancement has to do with the wallpaper roll. In partnership with La Centre Technique du Papier, the Grenoble Institute of Technology is creating wallpaper that blocks mobile phone and WiFi signals. Not only can the new paper stop your neighbours from stealing your bandwidth but, more seriously, it protects your bank details and other sensitive particulars from would-be thieves. It may also put an end to the type of passive-aggressive WiFi names noted in a recent BBC article, one of the best coming from the English West Country and imitating the area’s accent: “Get orf my LAN”.

Read More : Financial Times

Returns on property v high-end collectables

Posted on 25 Feb 2013, 4:46 p.m. in Abercromby's, News

The determination by the super-rich to spend their way out of the gloom is reflected by activity in the luxury market
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A recent visit to the South Pacific provided further evidence of a truth universally acknowledged: that while mass tourism to far-flung destinations is in the doldrums – down by as much as 60 per cent in Tahiti, for example – high-end hotels at the top end of the market are riding the waves with confidence, catering for a clientèle that occupies their sun-kissed suites and villas with nary a glance at the plummeting financial barometer.   The determination by high net worth individuals (HNWIs – defined by Knight Frank as individuals with more than US$30m net assets) to spend their way pleasurably out of the encircling gloom is reflected by activity in the luxury and collectables markets. According to China’s Hurun Report, 64 per cent of China’s millionaires are engaged in amassing collections.

Read More.. The Financial Times Limited 22nd Feb 2013

Global prime: the real costs

Posted on 18 Feb 2013, 4:54 p.m. in Abercromby's, News

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How much do outsiders really pay in world cities?

A 4,000 sq ft townhouse in Brooklyn   The notion that a high net worth individual can swagger into any city in the world and buy a property with few obstacles to overcome has taken a knock recently.
Singapore has hit foreigners with higher duty, while those buying top-end London homes will soon face a hefty annual charge. Similar measures are in place or under debate elsewhere as governments try to deflate market bubbles or ensure everyone – yes, even the wealthy – pays more tax to pay off budget deficits.
We have analysed eight world cities where HNWIs congregate. Using data from property consultancy Savills, based on the purchase of notional £2m pieds-à-terre, it is clear that buying processes vary widely but one common denominator exists: ownership is less straightforward and more costly now than in the recent past.   Then we deserted rigorous research and instead blended subjective views on climate, lifestyle and reputation to award star ratings to our contenders.

1. SHANGHAI
Foreigners may buy only one home for personal use, so long as they have an employment contract or past tax record. One further property may be bought for investment.
A buyer pays a deposit of up to £52,000 for a home above £1.02m; after 15 days, 30 per cent of the agreed price is paid and a sale and purchase agreement signed. The buyer may then seek a mortgage from a Chinese bank but agents say most international deals are in cash. The purchase must be agreed by the Shanghai Real Estate Transaction Center. Buyers pay up to £60,000 stamp duty but have no ongoing ownership taxes.   “The Chinese growth story has helped push up prime residential prices 10.8 per cent in 2012 and 42 per cent over five years. This is despite government policies to cool the market,” says Nicholas Holt of Knight Frank.

2. HONG KONG
Residential prices are sky high and so are transaction costs. Legal fees on a £2m apartment would be £3,255 and the purchaser’s share of estate agency fees £20,000. Another big cost is 15 per cent stamp duty on foreign purchases – £300,000 on a £2m property.
Different taxes apply if properties are bought and sold rapidly: this can push stamp duty to 20 per cent. An annual tax is levied, calculated as 8 per cent of notional rental value, whether or not the property is occupied; for a £2m home this is £2,500.   The Index of Economic Freedom league table based on 10 free enterprise criteria puts Hong Kong at the top but the housing market has been hard to tame.   “Low interest rates, limited supply and abundant liquidity create perfect conditions for a bubble. It’s hoped buyers’ stamp duty will curtail rapid rises. Sought-after areas include the Peak and Southside on Hong Kong Island, parts of Kowloon and the New Territories,” says Savills’ Simon Smith.

3. SINGAPORE
Outsiders buy without restriction only on Sentosa Island but require consent, considered case-by-case, anywhere on mainland Singapore. Since December foreigners permitted to buy must pay an extra 10 per cent duty in addition to the sliding-scale purchase levy.
This means buying a £2m property incurs £359,000 in duty plus £1,900 in legal fees. If it’s sold within a year there is an extra 16 per cent seller’s stamp duty. The annual occupancy charge – whether you occupy the place or not – is £5,140.
Singapore has avoided recession, despite weak manufacturing performance. “Prices are expected to remain firm despite cooling measures [thanks to] high liquidity and savings, a low-interest environment, strong balance sheet of developers and a very stable social and investment climate,” says Darren Wang of Cushman & Wakefield real estate consultancy.

4. MELBOURNE
Overseas buyers wanting an existing home must win hard-fought consent from the Foreign Investment Review Board. But they can buy brand new homes with relatively few restrictions, or buy vacant land or an established property to demolish and replace with a new one subject to planning consent.
Stamp duty on a £2m home would be £110,000 and another £7,000 covers administrative, legal and survey fees. There are no ongoing occupancy taxes.   “Toorak, Hawthorn and Camberwell [affluent suburbs] are popular with foreigners. We’re seeing commercial sites demolished to make way for residential towers sold offshore, principally to Malaysian, Singaporean and Chinese,” says Clinton Baxter of Savills.

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Source and read more : Financial Times

Nature’s valentines

Posted on 13 Feb 2013, 5:02 p.m. in Abercromby's, News

Young artists and poets are now linking messages, love and nature in ways which romantic gardeners need to exploit
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What should garden-lovers send to other lovers on Valentine’s Day next week? The day’s history and amorous origins are entwined in the natural world. It is poor form to send a bunch of unseasonal roses flown in from Kenya or an unecological bowl of hothouse orchids. Young artists and poets are now linking messages, love and nature in ways which romantic gardeners need to exploit. It is no longer good enough to send that attractive analyst on the other side of the office an anonymous box of heart-shaped chocolates.
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For the day’s natural origins, read our great poets. Chaucer is the first Englishman to celebrate Valentine’s Day in verse. His superb dream-poem, “The Parliament of Fowls”, presents our feathered friends, the birds, debating their choice of mates on Valentine’s Day, the day when they pair off and have sex. Nowadays, we humans are out with the birds, imitating their Valentine initiative.

Source and read more : Financial Times

MARKET UPDATE JANUARY 2013

Posted on 23 Jan 2013, 5:26 p.m. in Abercromby's, Market Updates

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The residential property market finished 2012 in a positive mood.
Several top end sales of $10 million plus were made (Abercromby’s included) and this contributed to a filtering effect through the market place.

We feel the momentum gained in the last quarter of 2012 should continue for the first quarter of 2013.We have already listed some quality homes to offer for auction in the first quarter, so keep an eye on our website.

As 2013 is a Federal election year, historically markets go into a major slow down six weeks before the election date. So if you are considering selling, the first quarter should be a good one.

To learn more about the market or to discuss your property needs – whether it be buying or selling please feel free to contact us on 98645300.

Our New Look

Posted on 23 Jan 2013, 5:23 p.m. in Abercromby's, News

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We’ve been busy over the holidays refreshing the Abercromby’s brand. We’ve kept the things that people have always loved – the colours, the simplicity and our personal, distinctive view on exclusive property marketing – and will be introducing the brand to the market in the coming weeks. You’ll still be able to recognise us – we’ve simply evolved to reflect the sophistication and success of our growing business.

The rebrand stays true to what we’ve always promised our clients – that Abercromby’s is a distinctive Luxury & Lifestyle brand for discerning people, who don’t want their property to be ‘just another listing’ or marketed like everybody else. The brand will help your property get recognised and remembered for all the right reasons, and communicate in a manner that’s professional, personal and beyond expectation to vendors and buyers alike.

So over the coming weeks, keep your eye out as we launch our new look.

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