Melbourne Property Market Update November 2019

South-East Property Updates

It is evident that the Bayside contains some of the best eye-candy properties in the south-eastern suburbs of Melbourne. Demand has remained constant due to the prestige nature of the properties, whether because of their location, size or the lifestyle features they offer. Given the right market conditions, investors and owner-occupiers are willing to pay a premium for an eye-candy property as an addition to their portfolio. Highlighted below are the highest-priced transactions for 2019 and the highest current listings on the market today in the south-eastern region of Melbourne.

Hampton Property Updates

• Highest priced sale: 36 Margarita Street, Hampton
• Sale price: $3.1 million (May 2019)
• Four-bedroom, three-bathroom, two-car

Conveniently located between Port Phillip Bay and Hampton Street, 36 Margarita Street, Hampton is an ideal family home with an opulent modern living design. This property is situated in a low traffic area in walking distance of the hustle and bustle of the Hampton Street shopping precinct.

• Highest current listing: 10 Linacre Road, Hampton
• Asking price: $4.9 to $5.35 million
• Five-bedroom, four-bathroom, three-car

Sitting on an incredible 1,440 square metre allotment on a hill with a stunning garden landscape, this Bayside treasure is the ultimate family home, offering something for everyone in the family from panoramic city to bay views, heated pool, tennis court and cellar

Speak with a Hampton Mortgage Broker today.

Black Rock Property Updates

• Highest priced sale: 45 First Street, Black Rock
• Sale price: $3.9 million (July 2019)
• Five-bedroom, three-bathroom, five-car

Known as one of the most sought after addresses in Black Rock, this bespoke three-storey design by architect Eric Sette embodies the true essence of luxury. With floor to ceiling windows, this property offers panoramic bay views, a heated pool and a home theatre. This is the perfect home to entertain guests with a touch of luxury living.

• Highest current listing: 346 Beach Road, Black Rock
• Asking Price: $3.2 million
• Four-bedroom, three-bathroom, three-car

Currently on an attractive rental return of $52,140 per annum, this property is located on one of the most prestigious locations on Beach Road. This three-storey family home is situated on a size of 916 square metres with magnificent Bayside views spanning across to the Mornington Peninsula.

Mount Eliza Property Updates

• Highest priced sale: 18 Watts Parade, Mount Eliza
• Sale price: $4.35 million (April 2019)
• Four-bedroom, five-bathroom, three-car

Nestled on a jaw-dropping 3,777 square metre hillside block, this grand property is perfect for those who are looking for privacy and luxury as it offers a cosy open fireplace, wine cellar and sandstone terrace poolside with bayside views as well as distant city skyline views.

• Highest current listing: 5 Lois Place, Mount Eliza
• Asking Price: $3.5 million to $3.75 million
• Five-bedroom, four-bathroom, four-car

Recently listed as Mount Eliza’s most expensive listing to date, this grand bespoke luxury home is also known as the former estate of Sir Edgar and Dame Mabel Coles. Magnificently set in private grounds of 2,386 square metres, this resort-style home features a full-sized tennis court, resort-style infinity-edge pool, a library office with a separate pool house or guest bedroom offering its own en suite and built-in sauna.

Speak with a Mount Eliza Mortgage Broker today.

Rosebud Property Updates

• Highest priced sale: 310-330 Jetty Road, Rosebud
• Sale price: $4.65 million (October 2019)

Situated in the heart of Rosebud, this incredible allotment of around 22 hectares is one of the Mornington Peninsula’s most unique properties. This three-bedroom cottage provides privacy and luxury as it comes with features such as a private helicopter pad, lake, windmill, barn and entertainment terrace just to name a few. This property was recently auctioned in front of a crowd of 80 people and was nabbed by a developer who paid $2 million less than what the previous owners paid in 2016. The opportunities for the new owners are endless as this property is zoned Special Use Zone so allows the property to be used or developed in many different ways.

Melbourne CBD Property Updates

Whilst the city centre has experienced an increase in the number of high-rise apartments over the past few years, developers are always looking for new ways to improve city living for residents. There are many apartments available on the market today including off the plan developments. The median Melbourne apartment price ranges between $340,000 for a one-bedroom apartment and $840,000 for a three-bedroom apartment with the potential to generate rent of $450 per week to $910 per week respectively. Highlighted below are the city centre’s highest priced sale to date and highest current rental listing.

• Highest priced sale: 1901/35 Spring Street, Melbourne
• Sale price: $14.75 million (May 2019)
• Five-bedroom, four-bathroom, six-car

Located at the Paris end of the city, 35 Spring Street is known as one of Melbourne’s high-calibre buildings. With a modern luxury design, residents can enjoy the many features and amenities this property has to offer yet still be in the hustle and bustle of the core of the city with its renowned retail, restaurant and entertainment culture.

• Highest rental listing: 101/51 Spring Street, Melbourne
• Rent: $3,300 per week
• Three-bedroom, two-bathroom, two-car

Overlooking the treelines of the Treasury Gardens, this mansion-like apartment is one of the Melbourne CBD’s most prized apartments. Taking up an entire level, this luxury dwelling features a family library, wine cellar and voluminous living spaces which can be used for formal and informal entertainment areas. This is the ultimate family home as there is something for everyone.

Inner and Outer East Property Updates

During 2019, Melbourne’s property market has had a firm correction following a brief period of recession. Listed prices and clearance rates rose again after showing reminiscent signs of the period of prosperity Melbourne experienced from 2014 to mid-2017. This month we are looking at some of the most ostentatious listings and palatial homes in the eastern suburbs of Melbourne. Blue-chip suburbs such as Hawthorn are known for offering a grand lifestyle and it is easy to see why when you see its homes and apartments of an elite calibre, however, the home pictured below would better fit the category of a manor.

18-20 Shakespeare Grove, Hawthorn has been listed on the market since 28 November 2018. The last known sale price was $19.8 million on 5 May 2014. It is currently being listed by RT Edgar Toorak and they have listed the property with an indicative selling price of $45 million. With nine bedrooms, seven bathrooms and an underground garage capable of housing up to ten cars, it has an impressive resume. Set on 4,251 square metres in one of Melbourne’s most elite locations and sought after enclaves, Shakespeare Grove, the property is admired and timeless.

Just around the corner from Hawthorn is Kew, a suburb of similar calibre and filled with beautiful homes often listed for multiple millions of dollars. A home currently listed by RT Edgar Toorak is 107 Sackville Street, Kew. Set on 1,179 square metres and featuring five bedrooms, four bathrooms and three-car parking spaces, the indicative selling price is $6 million to $6.6 million. While it is a bit more reserved and subtle than the property shown above, there is no disregarding its great location on one of the most desirable roads in Kew.

Originally built in 1920, the home has been renovated extensively on the inside and has had cosmetic work completed on the outside to restore the look of the home. This is a unique and valuable home in which to raise a family, entertain guests and enjoy a luxurious lifestyle. Wonga Park is located 28 kilometres north-east of Melbourne’s CBD. The suburb features semi-rural properties with large land sizes and grandiose homes. 134 Jumping Creek Road, Wonga Park sold for $2.47 million on 13 May 2019. Set upon four hectares of land, the property is comprised of seven bedrooms, seven bathrooms and 11 car parking spaces over three storeys on a triangular-shaped allotment. The house’s features look more like a forest getaway than a home.

Built originally in 1970, the house was updated with a brand-new kitchen, living and dining areas in February 2006. The previous owners did a great job maintaining the exposed brick look in sections of the home to complement the renovations excellently. Having been sold previously on 27 November 1999 for $610,000, the house has quadrupled in value in the past 20 years. The home is located an hour’s drive from the city and has connecting roads to access Yarra Valley’s wine region and Victoria’s alpine areas. This is a home suited for a family looking to settle into third gear and enjoy being away from the hustle and bustle that the fast-paced inner eastern suburbs offer.

Inner and Outer North Property Updates

When looking at eye candy property in the north and eastern suburbs, it’s hard to look past the suburb of Toorak. The typical buyer in this region is not only buying a designer home but purchasing a lifestyle, with the majority of these larger homes including added luxuries such as a movie cinema, wine cellar, indoor gym, tennis court and pool. The suburb is also home to one of Australia’s most expensive buildings, located at 39 St George’s Road, which is rumoured to have cost up to $70 million in construction alone. Looking at recent sales in the suburb, 26 Linlithgow Road, a five-bedroom, four-bathroom, four-car space mansion in Toorak sold for $12.15 million. This luxury home is sprawled over 1,308 square metres of land and is fitted out from top to bottom with high-end features. It includes a cinema room, wine cellar, home gym, tennis court and outdoor pool.

2 Chastleton Avenue in Toorak sold for $13.4 million on 18 June 2019. This stunning property features five bedrooms, six bathrooms and an underground six-car garage. Sprawled over 657 square metres in the heart of Toorak, the property features high-end finishes and fixtures whilst only a stone’s throw away from the Toorak Village, Como Park and the Yarra River.

Currently listed on the market at a cool $25 million is the sub-penthouse at Capitol Grand on Chapel Street, South Yarra. This home in the sky combines breathtaking views with unparalleled luxury. The three-bedroom, three-bathroom, eight-car garage apartment includes 512 square metres of living space, floor to ceiling windows, European finishes and several other amenities including a cinema, massage room, indoor gym, sauna, pool, spa and 24/7 concierge. Although the property hasn’t sold, it’s one of the most extravagant listings on the market.

West Property Updates

Melbourne’s west is mostly known for its current status of being the nation’s fastest-growing new housing market and is well renowned for its affordability and investment capabilities, however inner western suburbs such as Williamstown, Newport and Altona are home to some stunning properties that simply ooze class and luxury with a price tag to match.

An example of one of these extraordinary properties is this timeless home situated in the heart of Williamstown. This Victorian residence was originally built in 1880, collating period elegance with modern opulence to create a show-stopping masterpiece. Sitting on 1,012 square metres of land, the first section of this home comprises four original era bedrooms and two modern bathrooms that branch off from the high arched central hallway. This then leads to the architecturally designed rear of the home, which has been exquisitely renovated to blend modern aesthetics with functional living that proclaims luxury. The seamless indoor/outdoor pool haven situated in the back yard is truly something special and complements the house so well. This property was sold in June and holds the highest selling price for any home in Williamstown for 2019 at $3.85 million.

In terms of what’s currently on the market, you can’t go past this property located on Electra Street in Williamstown. With an auction reserve of $3.35 million, it is the best the area has to offer. The home is imaginatively executed with sophisticated yet inviting spaces that are brilliant for families of all sizes. The architecture and details that have gone into the build are each truly one of a kind such as the in ground heated pool with an underwater window looking into the bottom level of the house and the curling staircase which looks up to an oval skylight. This home simply screams of wow factor and is worth every penny that comes its way in the upcoming auction.

Greater Geelong Property Updates

Geelong’s property market is vast and consists of a large variety of property types. Geelong has seen some high sales of some remarkable properties in 2019 such as this property sold in Geelong’s most sought-after suburb, Newtown. The property sold in May for $3.55 million and it’s fairly evident why. Set behind high gardened walls on an extensive 1,402 square metre block, this five-bedroom, multi-level, minimalist executive residence is a true showcase of state of the art functionality and eye for detail. Designed by renowned architect Rob Mills, this is a home that caters to the very best, radiating modernist principles, a brilliant integration of light-filled open spaces, architectural vision and innovative design.

One property in Geelong has recently hit the market at an extravagant price of $6.1 million. Boasting class and sophistication on grand proportions, this stately and timeless home is immediately captivating and has recently undertaken the most stunning of renovations. This iconic home set on 3,200 square metre of blue chip land situated in the heart of Newtown’s prestigious school belt has the feel of a grand estate and features uninterrupted views, manicured gardens, pool, floodlit tennis court and pavilion, gymnasium and sauna. It has been finished with luxurious designer interiors and beautifully considered lines, the finest of Greek Thassos and Italian Carrara marble, Italian tiles and Coco Republic lighting and even has a full sit-down bar for guests to enjoy. With a $6 million price tag, only the absolute elite will be pondering this mansion.

Speak with a Geelong Mortgage Broker today.

Speak with a Melbourne Mortgage Broker today.