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.
What to see this weekend: The best properties on show in Melbourne.
1/1 Alexandra Avenue, South Yarra - $1.55 million-$1.7 million
2 bedrooms, 2 bathrooms, 1 car spaceThe triple-A ring to this address underlines its enviable location on a prominent corner. The elevated ground-floor apartment, newly renovated, looks west from an enclosed sunroom to the Botanic Gardens and north, from a secure porch and through the living room’s picture window, to the 1899 Morell Bridge over the Yarra. Step from the kitchen to a courtyard with pool and barbecue area shared with others in the boutique 1920s building.Auction: 11.30am, November 18
Agent: Abercromby’s, Ada Taylor 0428 058 880
152 O'Sullivans Lane Kerrie.
Equestrian, lifestyle property in a beautiful setting less than an hour from Melbourne as featured in the property section of the @TheWeeklyTimes
SOMEONE could be about to discover their dream home in the pages of The Weekly Times, just as David Yunghanns and his wife did 17 years ago.
“We’d been looking for a long time, then I was working in Melbourne ... and my wife is a country girl, so we needed to be a commutable distance,” David said.
“Through The Weekly Times we saw this property. Back then we really hadn’t even thought to look in Macedon Ranges. We came up here and it was, ‘Wow’.
“We just loved it from the day we saw it.”
FORMER news anchor Helen Kapalos is selling her stylish apartment in Collingwood’s sought-after Foy & Gibson precinct.
Exposed brickwork, soaring timber ceilings, rustic floorboards and a loft bedroom are highlights of the chic two-bedroom pad at 11/109 Oxford St.
The warehouse conversion, in the former factory’s “Bohemia” building, has a price guide of $980,000 to $1.078 million and will be auctioned on July 22.
Melbourne’s luxury real estate market looks set to boom: agents
Source: The Australian | November 07, 2015
Melbourne’s prestige property market is set for a flurry of activity over summer and into next year as buyers see value in a market that has begun recovering from its post-GFC lethargy.
But experts warn further volatility in the equities markets could put a damper on buyer hunger for homes worth $5 million and above, while reducing corporate profits will also have an impact.
Affluent southeastern suburbs of Toorak, Kew and Canterbury are where the activity in the established homes will be, while the $5m-plus apartments will be sold in the central business district, Southbank and East Melbourne.
One local, at Kew, will aim to capture the demand for trophy homes in the Victorian capital, putting a home on Swinton Avenue up for auction this weekend with hopes of reaping more than $9m.
The home, called Swinton, has views over the river and city skyline, with the recently renovated house on a 2013sq m block of land about 7km from the CBD. Built in 1856, the Italianate six-bedroom, five-bathroom property includes a music room, formal sitting and dining rooms, and a luxurious kitchen. There is also a guesthouse that has been converted from horse stables.
The agent marketing the property, Abercromby’s Real Estate director Jock Langley, says there has been a surge of inquiries in the high-end market in the past month. Read More
'Swinton' c1856 - Rare and Remarkable Riverside with CBD Views, is this week's cover story in "The Weekly Review". http://www.theweeklyreview.com.au/spaces/23-swinton-avenue-kew-towering-turret-estate/
23 Swinton Avenue, Kew is for sale by Private Auction on Wednesday 11th November. For more details, click here: https://www.abercrombys.com.au/kew-23-swinton-avenue-ab3084/
36 Verdant Avenue, Toorak.
This spectacular residence as featured in the Domain newspaper:http://www.domain.com.au/news/interior-design-brings-beauty-into-a-home-20151023-gk9nij/
For more details click here: https://www.abercrombys.com.au/toorak-36-verdant-avenue-ab3346/
Vintage Real Estate : Director Jock Langley take us inside one of Melbourne's finest lifestyles at Kevan & Judy Gosper's magnificent South Yarra sub-penthouse for a #champagneshowing. Delighted to have @louisroederer on hand for last night’s private inspections. A perfect partner #champagne #abercrombys #louisroederer #luxuryrealestate #melbourneluxury #domainroad #penthouseliving #southyarra #botanicgardens #melbournepenthouse #kevangosper #ioc #woodmarsh #stephencrafti #privè
106 Stanhope Street, Malvern as featured in the prestige property section of the Weekend Australian Newspaper.
The property 'MIDLOTHIAN' c1891, will be offered for sale by Private Auction Thursday 12th March.
Marketed as one of the Bellarine Peninsula’s most celebrated properties, the circa 1887 building was last on the market in 2012 but a buyer was unable to be found.
It is listed with Abercromby’s to sell via private auction.
Historic Landmark Hotel to go under hammer. as featured in this week's Bellarine & Surf Coast Echo
Posted on 28 May 2014, 1:05 p.m. in Auctions
10/144 George Street, Fitzroy.
Just a quick reminder that this property is going for auction tonight Whether you are interested in purchasing this property, attending to gauge comparative values or just out of neighbourhood support. Either way, we would be happy to provide you with any further information and look forward to seeing you there!
This elegant four bedroom, two bathroom sub Georgian Revival townhouse at 59 Marne Street, South Yarra will be auctioned this Saturday at 10.30am. It features in The Weekly Review this week.
Posted on 23 Oct 2013, 4:24 p.m. in Auctions
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