Holiday Homes

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This summer has earmarked a trend in Australians keen to invest in a holiday home to call their own.

“With the costs of renting a holiday home soaring thanks to huge local demand, combined with record low interest rates, we’re experiencing a unique situation where it may actually be more cost effective to buy rather than regularly rent a holiday home”, said David Hancock, senior financial planner at Montara Wealth.

To assist in your search, Urban takes a look at six stunning coastal properties to consider in NSW. 
 

1. Lighthouse, Dee Why 
Address: 9-17 Howard Avenue, Dee Why NSW 2099 
Two-bedroom apartments from $935,000

[smartcode_project:default project_id=6337]

Showcasing unobstructed panoramic views of the ocean, beach and lagoon, Lighthouse is Dee Why’s latest architectural landmark.

Delivered by Meriton, the development soars high above the surrounding streetscape, blending residential, retail and commercial in one dynamic location – ideal for downsizers or couples looking for a coastal investment property.

Built over four buildings, with two towers rising up to 17 storeys high, Lighthouse comprises of 351 apartments with a range of one, two and three-bedroom configurations, including dual-level residences. 
 

2. Kalypso, Tamarama 
Address: 63 Fletcher Street, Tamarama NSW 2026 
Apartment prices available upon request

[smartcode_project:default project_id=6813]

For those seeking spectacular views of the stunning coastline, Kalypso provides the authentic coastal lifestyle amongst the unmatched beauty of Tamarama.

Delivered by DARE Property Group, Kalypso is inspired by the natural ﬂow of the ocean with a palette that echoes its surrounds of sand and surf.

Curated by Mim Design, Kalypso's curved walls and stone benchtops pay homage to the undulating waves close-by, with vast open spaces and large windows welcoming the sea breeze. 
 

3. Wavelength, Cronulla 
Address: 49-57 Gerrale Street, Cronulla NSW 2230 
Apartment prices available upon request

[smartcode_project:default project_id=6071]

Iridium Development’s Wavelength captures the spirit of the coast with its undulating façade and rhythmic curves, designed by Architecture Urbaneia.

Making the ideal coastal home, the development is surrounded by water, and a foreshore park, fusing contemporary architecture and the coastal lifestyle.

Offering one, two and three-bedroom apartments and penthouses, Wavelength delivers flowing interiors, open-plan layouts and meticulously designed bathrooms. 
 

4. Estelle, Bondi 
Address: 67-69 Penkivil Street, Bondi NSW 2026 
Apartment prices available upon request

[smartcode_project:default project_id=7057]

Showcasing style, quality and privacy, Estelle is the Bondi’s latest coastal development by K2 Property Development Group.

Among its amenities include a landscaped common garden, alfresco entertaining and full-length balconies for year-round use.

Designed by MHN Design Union and Lawless &amp; Meyerson, this development boasts a boutique collection of 14 one, two and three-bedroom apartments, with floor-to-ceiling glass sliding doors, soaring rakes ceilings and the coastal backdrop of the exclusive Eastern suburbs. 
 

5. Luna, Cronulla 
Address: 13 Arthur Avenue, Cronulla NSW 2230 
Apartment prices available upon request

[smartcode_project:default project_id=29824]

Tucked away in a quiet beachfront cul-de-sac, Luna is only a short stroll from the central hub of bustling Cronulla.

Situated steps from the water’s edge, Luna provides everything at your doorstep, from gold courses, expansive parklands and magnificent beaches.

Delivered by Plank Developments and designed by Vic Lake Architects, Luna was designed with a timeless and sophisticated edge, enhancing its oceanfront position.

Among its amenities include alfresco living space, secure basement car parking and sun-drenched interiors. 
 

6. Soul, Cronulla 
Address: 131-133 Gerrale Street, Cronulla NSW 2230 
Apartment prices available upon request

[smartcode_project:default project_id=25138]

Located in Sydney’s southern beaches and just footsteps from the sands of Cronulla, Soul offers relaxed coastal living.

Boasting sweeping ocean views and outlooks in every direction, the development offers the ideal sanctuary from busy city living.

Soul’s two and three-bedroom residences deliver floor-to-ceiling windows and open-plan interiors.

Among the project’s features are modern designs, decadent finishes and, in the luxury penthouse, a private rooftop courtyard and a swimming pool.
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Urban takes a look at six stunning coastal properties to consider in NSW

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Wanting to extend summer? Check out six of NSW's best coastal apartment developments

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Hidden within the <a href="https://www.theguardian.com/australia-news/2020/mar/04/australian-hotels-face-ruin-if-coronavirus-impact-on-tourism-worsens-industry-chiefs-say?CMP=Share_AndroidApp_Outlook" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.15999984741211px;">coronavirus-devastated tourism market</a> is a related impact: the loss of customers could be financially devastating for <a href="https://www.news.com.au/finance/money/room-to-grow-seniors-incomes-as-retirees-become-entrepreneurs/news-story/1477d2497a7a5844151aed2c47de5a89" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.15999984741211px;">small investors who dominate</a> short-term letting platforms such as Airbnb. After a decade of high returns, they may now wonder whether a return to the secure, if slightly less lucrative, long-term residential tenancy market is a safer bet. If investors shift from short-term letting to long-term rentals in search of greater security, this would benefit the <a href="https://theconversation.com/retiree-home-ownership-is-about-to-plummet-soon-little-more-than-half-will-own-where-they-live-115255" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.15999984741211px;">growing numbers of Australians in rental housing</a>.
With the coronavirus pandemic there are signs this is already happening. In Dublin, for example, a <a href="https://www.independent.ie/business/personal-finance/property-mortgages/rise-of-64pc-in-rental-properties-across-dublin-in-midst-of-coronavirus-crisis-daft-report-39061809" target="_blank">64% rise in long-term rental properties</a> has been reported this month. It’s thought landlords are withdrawing from short-term listing sites and offering properties on the rental market.
Until now, rising property prices have forced more Australians into long-term renting even as short-term letting has <a href="https://theconversation.com/who-wins-and-who-loses-when-platforms-like-airbnb-disrupt-housing-and-how-do-you-regulate-it-106234" target="_blank">eaten into the supply</a> of properties. Young adults once dominated the rental market. It’s fast becoming a more permanent solution for families and even for <a href="https://theconversation.com/fall-in-ageing-australians-home-ownership-rates-looms-as-seismic-shock-for-housing-policy-120651" target="_blank">older Australians</a>. <a href="https://www.abs.gov.au/ausstats/abs@.nsf/0/88BF225497426920CA257F5C000989A8?Opendocument" target="_blank">One in three households</a> now rent their homes.
So, with almost <a href="https://theconversation.com/ever-wondered-how-many-airbnbs-australia-has-and-where-they-all-are-we-have-the-answers-129003" target="_blank">350,000 Australian properties having been listed on Airbnb</a>, the <a href="https://www.bbc.com/news/business-45083954" target="_blank">impact on local communities</a> can be significant. The increase in short-term lettings has been linked to <a href="https://www.thejournal.ie/readme/airbnb-we-are-putting-tourists-into-houses-and-homeless-people-in-hotels-4041501-Jun2018/" target="_blank">increasing homelessness</a>.
<h2>Why landlords will look for security</h2>
Beyond the immediate impact of coronavirus on tourism in Australia, it’s possible the increased risks in the holiday lettings market may provide the impetus to align the interests of landlords and tenants around longer-term tenure.
Despite Prime Minister Scott Morrison <a href="https://www.accomnews.com.au/2020/02/travel-platforms-blamed-for-forcing-operators-to-pay-refunds/" target="_blank">urging vacationers not to ask for refunds</a> from struggling operators, the tourism downturn has introduced a new level of risk for hosts. Airbnb has enacted a policy of <a href="https://www.accomnews.com.au/2020/02/travel-platforms-blamed-for-forcing-operators-to-pay-refunds/" target="_blank">full refunds for cancellations</a>, which is <a href="https://www.theage.com.au/business/small-business/incredibly-challenging-travel-shutdown-uncertainty-for-airbnb-20200323-p54cx0" target="_blank">reported to be</a> “completely obliterating smaller hosts”.
Other platforms are advising hosts to manage COVID-19 risk themselves. This leaves many investor-landlords <a href="https://www.pri.org/stories/2020-02-19/airbnb-hosts-try-navigate-coronavirus-challenges" target="_blank">navigating a complex, public health crisis largely on their own</a>.
With some of our most popular destinations <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-02-18/gold-coast-tourism-industry-declares-coronavirus-crisis/11977278" target="_blank">facing an existential crisis</a>, the impacts on small business, working families and low-income Australians may be both obscured but far-reaching, as the Airbnb example shows. Big players in the tourism industry can <a href="https://www.thesaturdaypaper.com.au/thebriefing/max-opray/2020/03/06/tourism-ministers-seek-virus-help" target="_blank">lobby federal government</a> for support. Individual agents in the share economy are largely unprotected.
To date, the home-share concept has been a winner for property investors. Holiday letting has largely moved on from the original Airbnb model of sharing one’s primary residence. Letting through digital platforms with access to a global market of tourists has brought high-rent, low-risk dividends for people with investment properties.
The coronavirus pandemic, however, is revealing cracks in the foundations of the holiday-letting model.
<h2>What has happened to renters?</h2>
<a href="https://hbr.org/2019/04/research-when-airbnb-listings-in-a-city-increase-so-do-rent-prices" target="_blank">Research</a> suggests the digital disruption of the holiday accommodation sector has had significant impacts on local renters. There is little doubt tourist demand through online letting platforms has reduced the supply and increased prices of long-term rental housing in Australia, particularly <a href="https://theconversation.com/airbnb-whos-in-whos-out-and-what-this-tells-us-about-rental-impacts-in-sydney-and-melbourne-95865" target="_blank">in parts of our capital cities</a>.
Likewise in Europe, where <a href="https://www.theguardian.com/cities/2019/jun/20/ten-cities-ask-eu-for-help-to-fight-airbnb-expansion" target="_blank">one in four rental properties</a> in some tourist destinations is now a holiday property. This has led some governments <a href="https://www.investopedia.com/articles/investing/083115/top-cities-where-airbnb-legal-or-illegal.asp" target="_blank">to introduce strict regulation</a>. It includes licensing, fines and limits on the number of days a property can be let each year.
Australia has been <a href="https://theconversation.com/australian-governments-are-treading-lightly-around-airbnb-76389" target="_blank">slower to respond</a>, despite <a href="https://jamesons.com.au/blog/australias-new-subletting-legislation-will-affect-airbnb/" target="_blank">observations</a> that Airbnb is “impacting the rental market and … bringing the cost of housing up”. Even in Tasmania, which has the <a href="https://www.planningreform.tas.gov.au/updates/short-stay-accommodation-act-2019" target="_blank">strongest market regulation</a>, <a href="https://jamesons.com.au/blog/australias-new-subletting-legislation-will-affect-airbnb/" target="_blank">one in every 27</a> Hobart homes remains listed for short-term lease. Similarly, in Sydney and Melbourne, growth in the sector has <a href="https://theconversation.com/airbnb-whos-in-whos-out-and-what-this-tells-us-about-rental-impacts-in-sydney-and-melbourne-95865" target="_blank">driven up rental housing costs</a>.
In New South Wales, <a href="https://picagroup.com.au/end-short-term-letting/" target="_blank">fines for unregistered holiday lets have increased by 500%</a>. But councils struggle to enforce laws that landlords are either unaware of or <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-09-26/airbnb-faces-new-clampdown-in-push-to-regulate-accommodation/11551652" target="_blank">actively avoid</a> complying with.
Home ownership has become a privilege in Australia, one <a href="https://theconversation.com/rising-inequality-in-australia-isnt-about-incomes-its-almost-all-about-housing-119872" target="_blank">driving disadvantage</a> among those who are locked out. For a single age pensioner, for example <a href="https://www.anglicare.asn.au/research-advocacy/the-rental-affordability-snapshot/docs/default-source/default-document-library/final---rental-affordability-snapshot9d02da309d6962baacc1ff0000899bca" target="_blank">less than 1% of rental housing is affordable</a>. And long-term rental housing stock is <a href="https://theconversation.com/dangerous-to-human-health-thats-a-housing-problem-much-bigger-than-a-few-high-profile-apartment-blocks-120656" target="_blank">often of poor quality</a>.
<h2>Time for a rethink</h2>
Australia’s rental housing system <a href="https://theconversation.com/australias-housing-system-needs-a-big-shake-up-heres-how-we-can-crack-this-130291" target="_blank">undeniably needs a rethink</a>. The sector presents a growing problem for state and territory governments, in terms of both the <a href="https://theconversation.com/growing-numbers-of-renters-are-trapped-for-years-in-homes-they-cant-afford-125216" target="_blank">supply of affordable rental properties</a> and finding the right <a href="https://theconversation.com/an-open-letter-on-rental-housing-reform-103825" target="_blank">balance between landlord and tenant rights</a>.
Government measures to increase the availability of rental housing through tax incentives, such as negative gearing, are unfortunately not restricted to landlords who offer longer-term tenure. To date there has been little financial incentive to eschew the higher returns of the Airbnb model for the relative stability of residential tenancies.
In times of crisis, Australians pull together. During the summer bushfires, we saw Airbnb hosts offer <a href="https://mashable.com/article/airbnb-australia-bushfire-accommodation/" target="_blank">emergency housing</a> to displaced families. They recognised the critical importance of a safe and secure home – a sanctuary. We need to recognise this critical function of home beyond times of crisis, to ensure every Australian has a <a href="https://percapita.org.au/our_work/home-for-good/" target="_blank">home for good</a>.
Per Capita’s Centre for Applied Policy in Positive Ageing is launching its Home for Good project in collaboration with The Australian Centre for Social Innovation today. You can read their policy brief on Australia’s private rental housing market <a href="https://bit.ly/homeforgood_prb" target="_blank">here</a>.<img src="https://counter.theconversation.com/content/134036/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/myfan-jordan-902873" target="_blank">Myfan Jordan</a>, Associate, Health Ageing Research Group (HARG), <a href="https://theconversation.com/institutions/la-trobe-university-842" target="_blank">La Trobe University</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/as-coronavirus-hits-holiday-lettings-a-shift-to-longer-rentals-could-help-many-of-us-134036" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

As coronavirus hits holiday lettings, a shift to longer rentals could help many of us

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International fashion designer Collette Dinnigan and husband, the hotel and tourism entrepreneur, Bradley Cocks, have sold one of their money-spinning Milton farmstays.
The NSW South Coast property had been a lucrative investment for the pair, who pocketed over $80,000 a year from vacationers, when pitching it as Milton Surf and Stables.
They're now focused on setting up an international boutique tourism operation in key locations around the world, w.hich includes the neighbouring Milton property, The White House. 
Last year they popped a 400 year old farmhouse in Italy into their bespoke home portfolio.
The Puglia property, in Italy's southern region near Naples, was viewed as suiting their brief for a luxury Airbnb type portfolio.
The Milton property piqued the couple's interest in the premium holiday home industry.  
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/19/milton3.jpg" alt="">
Once a dairy farm, the property near Mollymook and Ulladulla had been styled by Dinnigan after the couple paid $970,000 for the 11 hectares in 2013.
They were seeking offers through Simon Platt, who is based at the burgeoning Lifestyle Property agency.
Billed as offering an urban-detox experience in an idyllic setting, the well managed retreat enjoyed super host status on Airbnb.
The former stables turned four bedroom luxury retreat has featured in the likes of Country Style and Vogue.
Completed with roaming horse and alpaccas, Milton Surf and Stables was voted number one by Australian Traveller's 'Top 100 Places You Haven't Been to Yet'.
There is an outdoor bar and barn complete with pizza oven for entertaining. The marketing says a chef can be arranged to come to cook at its outdoor entertaining feature.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/19/dinnigan2.jpg" alt="">
Since settling into “the magic of Milton”, Dinnigan has created an organic vegetable garden and planted citrus trees, along with her favourite flowers - white hydrangeas and white magnolia.
Always having fresh eggs when she was growing up in South Africa and New Zealand, she ensures there's lots of hens. Beehives for honey too.
“Milton itself is quite special,” Collette previously said. “It’s not one of those sleepy little towns – it has a really vibrant, productive community." 
The couple had revised $2.4 million hopes.
The couple retain The White House next door, a four bedroom farmhouse which cost them $830,000 in 2006. That now rents at $1,500 a night.
Dinnigan has been busy in the Southern Highlands in recent months where her Instragram shows she has waved her design wand over the family property.
They've recently added a swimming pool to Springfield Farm, their Avoca property that cost $4.5 million in 2016.
This article was first published in the Saturday Daily Telegraph.
 
 
 
 
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jchancellor-FAypfDUnLy

Fashion designer Collette Dinnigan sells Milton farmstay

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Tax investigators are especially targeting five of Australia's most popular summer holiday spots in a heightened crackdown on tax avoidance by property investors. 
The Saturday Telegraph revealed the random audit locations.
They will focus on the NSW Southern Highlands, the Hunter Valley, Sydney's northern beaches, the Gold Coast and the Mornington Peninsula in Victoria.
The ATO deputy tax commissioner Kath Anderson said Airbnb and Stayz were in the sights of the audit.
Recent audits had discovered vacant land as available for rent.
Other issues include "mates' rates." There were also cases where restrictions meant the tax office deemed the properties as not really available for lease.
"What we are seeing is that the majority of rental property owners we audit are getting it wrong, either deliberately or by mistake," Kath Anderson said.
The ATO has identified some cases where property owners have attempted to claim full-year tax deductions on their tax returns for holiday houses rented for only a few weeks.
The ATO are paying particular attention to holiday homes that are not genuinely available for rent or rented at less than market rates, properties with rental income disproportionate to the expenses incurred and excessive claims for rental interest for parts of the loan that are private in nature, Ms Anderson said.
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ATO set to audit five popular holiday home locations

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The Australian Taxation Office is paying close attention to holiday rental properties following Assistant Commissioner Kath Anderson's statement last year the ATO had identified a large number of mistakes with deductions for rental properties, particularly with regards to holiday homes.
With the Australian Taxation Office sharpening its focus on the <a href="https://www.urban.com.au/news/71428-homing-in-on-holiday-rentals" target="_blank">holiday home rental market</a>, Wollongong accommodation provider Emerald and Aqua said this comes at a time when the event and sports-based tourism promoted by Destination Wollongong such as The CrossFit Games, Bravo Challenge and Yours and Owls has led to increased tourism numbers to the Illawarra.
Greg Channer, managing director of Emerald and Aqua, said that over the past 18 months the demand for holiday homes in the Illawarra has increased and its not uncommon that we are fully booked during events.
"All our holiday homes were booked during Wings Over Illawarra and Cross Fit Games and he expects the trend to continue as the popularity of Illawarra as an alternative holiday destination grows," he said.
"When speaking with our guests one of the reasons being cited is that the Illawarra is only 60 minutes from Sydney CBD and there are not the lengthy 3 to 4 hours traffic jam’s faced when travelling to the Central Coast.
According to the ATO, one of the key concerns in regards to holiday home owners is when people who rent out their holiday homes for just a few weeks a year try to claim full-year deductions.
The popularity of the sharing economy and platforms like Airbnb empowering anyone with a spare room or couch to earn some extra income as a host has led to an increase in confusion of the regulatory environment with many hosts unsure of what the legal risks of self managing are and the ATO’s scrutiny highlights this.
Channer said Emerald and Aqua gets calls weekly from hosts who have been self managing and unsure of the legal risks they face.
"As licensed real estate agents Emerald &amp; Aquais legally required to meet strict legislative and compliance requirements, our accounts are independently audited annually, we must comply with the Australian Consumer Standards and meet Commonwealth and State legislation governing Real Estate management," he said.
"We maintain high quality assurance of all record keeping. Each year at tax time we provide a report to each landlord detailing the income they have earned, the occupation rate and their own use of the property so that accurate reporting can be provided to their accountants to ensure they meet reporting standards.”
Bradley Beer of BMT, a quantity surveyors firm specialising in tax depreciation, suggests these compliance guidelines to assist holiday home owners in accurate recording of use:
<ul>
<li>If you use your property personally throughout the year and then use it as an investment property for part of the year, you will need to prove to the Australian Taxation Office (ATO) that the property is an authentic investment.</li>
<li>You should be able to claim deductions which include the interest expense of the mortgage for the times that your property was rented out. These will be apportioned between the time your property was rented out and the time it was occupied for personal use.</li>
<li>Maintenance as an expense is deductible, though travel expenses to inspect your property or for general maintenance associated with your personal use of the property is not an income tax deduction.</li>
<li>The great news is you may get higher depreciation allowances on holiday accommodation, because some short stay accommodation qualifies for 4 percent depreciation for 25 years compared to the standard 2.5 percent for 40 years. If your property is furnished your depreciation claim can be quite substantial as furniture depreciates quickly giving you greater claims earlier.</li>
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With Illawarra's growing popularity, ATO spotlight on holiday homes grows 

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The online holiday home rental site Stayz has switched to a commission-based model with upset owners considering a switch to rival Airbnb.
Stayz is only offering listing renewal contracts with holiday home owners paying a 10 percent commission, rather than $15.90 a night and an annual fee of $164.
The Australian Financial Review notes Airbnb charges the property owner a three per cent commission and also changes the guest an additional six to 12 per cent on making a booking.
The Australian reports Stayz has around 42,000 registered properties.
The business was sold three years ago by Fairfax Media for $220 million. 
Stayz is ultimately owned by US-based online travel Expedia, which bought its parent company HomeAway for $US3.9 billion last year. 
Stayz boss Anton Stanish told the paper the company was now reviewing after feedback from some owners.
But noting some owners will pay more as "they were getting a steal before," he said.
One holiday home owner said her fees had gone up by 600 percent as a result of the changes to the commission structure for her luxury properties. 
Another noted in the peak Christmas period, the commission paid to Stayz on a $5000 booking for a week-long stay at her property would rise to $500 from $125.30 under the old system.
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"No more steals" for landlords as Stayz raises holiday home rental commission to 10 percent

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Interests associated with the horse breeder Rob Crabtree has listed a St Andrews Beach retreat, La Rochelle.
The four bedroom, four bathroom 438-446 Dundas Street property sits on a 3996 square metre distant beachfront block.
Abutting the Peninsula Coastal Walk track, the timber four-level house has been listed through Kay &amp; Burton’s Liz Jensen and David Heathcote.
They are <a href="https://www.realestate.com.au/property-house-vic-st+andrews+beach-118555103" target="_blank">asking $2.3 million.</a> It sold at $2.4 million in 2012 to interests associated with Crabtree who owns champion mare Black Caviar’s maternal grandmother.
Another trophy home at St Andrews Beach was listed with $3 million plus hopes through Michael Kivlighon at RT Edgar earlier this year.
The <a href="https://www.realestate.com.au/property-house-vic-st+andrews+beach-120675453" target="_blank">3-5 Moana Court</a> home had been a beach shack in the 1970s when builder Damian Thomas bought the place. It has been recently sold at $3.05 million.
Three years ago, Damian and wife Dianne replaced the shack with the modern homedesigned by Architecture Work's John Lochhead.
With five bedrooms, two bathrooms, the Mornington Peninsula house offers ocean views through floor to ceiling windows.
The island bench in the kitchen is built from wood reclaimed from the Mornington Pier.
The median price for a home in <a href="https://www.urban.com.au/property-observer" target="_blank">St Andrews Beach is around $545,000</a>, according to CoreLogic RP Data.
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Horse breeder Rob Crabtree lists St Andrews Beach retreat

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Grant Bourke, the Domino's Pizza veteran executive, has purchased a beachfront retreat at Seal Rocks, on NSW's mid-north coast, with wife, Sandra.
They spent $2.3 million on the near four bedroom oceanfront that came with a<a href="https://www.realestate.com.au/property-house-nsw-seal+rocks-119019135" target="_blank"> $2.75 million list price</a> through Mark Currie at Pacific Palms Real Estate.
Boasting ocean views from every room at what will be a holiday let above Boat Beach. 
The $2.3 million sale of the eco-friendly 2007 Bob Stephenson-designed residence is not the highest for the coastal hamlet, as near neighbours sold for $2.35 million back in 2005.
Just down the road, 12 Kinka Road has a $3 million plus current asking price through Unique Estates, but that has been on the market for two years by Peter Adams, the Adams Timber heir.
Until recently Seal Rocks was accessible only by dirt track. 
Grant Bourke, who sits on the board of Australia's largest pizza chain, first became a franchisee in 1993.
If Bourke gets hungry the closest outlet to Seal Rocks is around 40 minutes away at Forster.
This article was first published in the Saturday Daily Telegraph.
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