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<p>New land estates within the Melbourne suburbs of Tarneit, Truganina, Wyndham Vale, Williams Landing and Werribee provide an affordable option for first home buyers, according to HTW’s <em>Month in Review: March 2017</em>. </p>
<p>The valuation firm says the median house sale price in January 2017 was $480,000 in Tarneit, $492,000 in Truganina, $353,885 in Wyndham Vale, $461,000 in Williams Landing and $450,000 in Werribee, according to CoreLogic RP Data.</p>
<p>“These median sale prices are much lower than the Melbourne metro median house price of $770,000 recorded for the December 2016 quarter by the REIV,” HTW says.</p>
<p>With prices in the region climbing, HTW suggests that first home buyers may wish to look further afield to establish their foothold on the property ladder.</p>
<p>“Although the inner suburbs are proving difficult for first home buyers, the outer western suburbs provide great opportunities for first home buyers,” it says.</p>
<p>A three bedroom house at <a href="https://www.realestate.com.au/property-house-vic-tarneit-124919526" target="_blank">59 Emperor Parade</a>, Tarneit (above) has been listed for $475,000 to $510,000.</p>
<p>Similarly a three bedroom house at <a href="https://www.realestate.com.au/property-house-vic-tarneit-124911034" target="_blank">2 Governor Close</a>, Tarneit (below) has been listed for between $450,000 to $490,000.</p>
<p><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/2017/03/10/2%20Governor%20Close.jpg" alt=""></p>
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Tarneit and Truganina estates are first home buyer targets: HTW

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<p>The Lismore City area and the surrounding towns of Kyogle and Casino are relatively affordable in comparison to other localities on the NSW Northern Rivers/Far North Coast, according to HTW’s <em>Month in Review: March 2017</em>. </p>
<p>The valuation firm says there is ample opportunity of first home buyers, with starting prices of $250,000 to $350,000 for a comfortable three to four bedroom, original home within Lismore City and approximately $200,000 to $275,000 within Casino and Kyogle.</p>
<p>The firm warns that first home buyers will face competition from investors.</p>
<p>“Advice to first home buyers would be to have modest expectations and start off small,” it says.</p>
<p>“We have noticed an increase in the advertising of housing stock from developers trying to appeal to the first home buyer.</p>
<p>“Such developments tend to be slightly different from the norm with emphasis on affordability and community living.</p>
<p>“Most of the residential structures in this instance are relatively compact and have shared community gardens/landscaping.</p>
<p>“Some developers have even self-imposed restrictions to only be made available to “first home buyers” and not investors.”</p>
<p>A three bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-lismore-124668750" target="_blank">308 Molesworth Street</a>, Lismore (above) has been listed for $259,000.</p>
<p>Similarly a four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-lismore-124086458" target="_blank">31 Orion Street</a>, Lismore (below) has been listed for $285,000.</p>
<p><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/2017/03/09/31%20Orion%20Street.jpg" alt=""></p>
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Lismore an affordable option in the Northern Rivers: HTW

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<p>The Gold Coast prestige market sector was impacted heavily by the GFC in 2008.</p>
<p>It only started seeing signs of improvement in late 2014 and early 2015, the valuation firm HTW recently noted.</p>
<p>Improving rapidly during 2016 and throughout 2017 with a number of large prominent sales evident at strong prices (a number of which were in the range of $9 million to $25 million) there was then a staggering $16.5 million spent in May 2017 for a large, luxury dwelling on Virginia Drive at Hope Island on the northern Gold Coast.</p>
<p>More recently, HTW have noticed a slowing of market activity with local real estate agents reporting fewer sales, increased stock levels in some market segments and reduced buyer demand with fewer enquiries from overseas buyers over the past six months after a sustained run of strong transactions, particularly to Asian buyers.</p>
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<p>"This is, however, highly segmented and the level of improvement is very property and price speci c and properties that are selling are generally still achieving strong price levels," the HTW report noted.</p>
<p>The latest HTW report on prestige housing noted the most prestigious suburbs on the Gold Coast for housing are Hope Island, Paradise Point, Mermaid Beach, Main Beach, Surfers Paradise and Broadbeach Waters.</p>
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<p>The majority of the prestige townhouses or duplexes are located at Hope Island and have price points starting at around $2 million.</p>
<p>The vast majority of prestige units are located at Main Beach, Surfers Paradise and Broadbeach with a smaller amount found at Burleigh Heads and Coolangatta.</p>
<p>The more significant improvement has been evident for established, near new, luxury housing in the prime waterfront and coastal suburbs particularly Isle of Capri at Surfers Paradise which recorded an $8.8 million dollar sale of 31 The Corso in February 2018.</p>
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<p>The market segment for luxury apartments on the Gold Coast upward of $3 million saw improved buyer demand over the past 12 to 18 months, however remains very thinly traded and sales are few andfar between. There have only been seven sales to date during 2018 with a standout sale being the Chevron Renaissance penthouse which sold in January 2018 for $9.5 million to a local buyer.</p>
<p>The two-level penthouse, situated over the 39th and 40th floors was previously used as an of office space for the developer and after the company folded, it was sold off to HomeCorp CEO, Ron Bakir for $1.2 million, who together with Sunland Group chairman Soheil Abedian took the floor space back to its shell and spent $7 million transforming it into a luxury apartment and importing Italian furniture.</p>
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<p>Other standout sales of luxury apartments include the $5.3 million dollar sale of the Xanadu North penthouse sold by Robert Graham at Ray White. This two level penthouse unit is situated over the 23rd and 24th oors providing 4-bedroom, 5-bathroom accommodation with four basement car spaces, a private indoor plunge pool and panoramic 360 degree views incorporating distant hinterland views to the west, Broadwater and Southport skyline views to the north-west, coastal views up to the Spit to the north and unobstructed beach and ocean views to the east and north-east.</p>
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<p>Robert also sold the three level, XXV Breaker Street Residences penthouse in late February for $3.05 million which comprises 3-bedrooms, 5-bathrooms, a rooftop terrace featuring a private plunge pool and four basement car spaces situated on the 23rd, 24th and 25th floors.</p>
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<p>Buyers of prestige acreage property can be very discerning and hence, not all properties receive similar levels of demand or achieve similar sale prices. Consequently, sale prices (and selling periods) in this market segment can be heavily in uenced by individual buyer preferences and speci c property attributes that will appeal differently to individual buyers. These attributes include, but are not limited to, land size, topography, views, size and quality of improvements, level and quality of ancillary improvements, vegetation, creek or river frontage and dual living potential.</p>
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<p>HTW advised the Gold Coast’s rural residential market up to one hectare has had no sales over $3 million from 2016 to date.</p>
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<p>Further afield, there have been very few recent sales for larger sized properties over $3 million and have been for more rural or rural lifestyle properties in excess of five hectares being heavily improved with equine facilities.</p>
<p>One standout sale in particular was the 9.55 hectare property at Riverstone Crossing in Maudsland which provided a 4-bedroom, 4-bathroom dwelling constructed circa 2007 on a low lying and cleared river and creek front allotment.</p>
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<p>Another well located, rural residential property is currently under contract at 173 Stewart Road in Clagiraba.</p>
<p>The property is improved with two dwellings of good quality as well as a cottage. The 14.48 hectare parcel provides predominantly low lying cleared land with frontage to the Coomera River.</p>
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<p>"We note that bank lending policies have tightened and for larger rural holdings, require substantial deposits which in turn only enables potential purchasers with stronger nancial standing to complete the sale. This has resulted in limited transactional evidence from a small pool of buyers over the past 18 months in the Gold Coast and Scenic Rim localities."</p>
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<p>From 2017 to date there have been very few larger sized property transactions and all have been within the Scenic Rim locality.</p>
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Less demand from overseas buyers in Gold Coast trophy home market

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<p>The small mining town of Norseman, 200 kilometres north of Esperance, has had an interesting 2016 and will likely have an interesting 2017, according to HTW’s February 2017 update.</p>
<p>Norseman Gold Mine, the main employer in the town, went into a care and maintenance program in June 2014 with most staff laid off and the town largely emptied.</p>
<p>This is on the back of massively declining values since 2012 due largely to uncertainty over the future of the mine.</p>
<p>Since July 2014, however, the volume of property sales in Norseman has been particularly strong, especially noting the overall size of the market, the valuation firm says.</p>
<p>Values are very low with a four bedroom home in a generally good condition likely to sell for less than $50,000 and typical sales for older homes in varying conditions ranging between $20,000 and $40,000.</p>
<p>“It has been suggested Norseman provided the most affordable housing in the country and this could well be correct and be a reason that sales volumes are improving,” HTW says.</p>
<p>“As to whether any capital growth may occur, it is unlikely until the local economy can stabilise with either the current mine re-opening or new publicised mining ventures in the region gaining some momentum.”</p>
<p>A three bedroom house at <a href="https://www.realestate.com.au/property-house-wa-norseman-124629174" target="_blank">22 Prinsep Street</a>, Norseman (above) has been listed for $199,000.</p>
<p>Similarly a four bedroom house at <a href="https://www.realestate.com.au/property-house-wa-norseman-124629342" target="_blank">26 Roberts Street</a>, Norseman (below) has been listed for $135,000.</p>
<p><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/2017/02/23/26%20Roberts%20Street.jpg" alt=""></p>
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Property values are very low in Norseman: HTW

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<p><span>Historically, Melbourne properties of $3 million and above have been classified as prestige. </span></p>
<p><span>Recently, the ultra-prestige price for detached housing has increased to properties above $5 million and up to $15 million to $25 million, following the increasing number of properties falling between the $3 million and $4 million mark. </span></p>
<p><span>Similarly, any townhouse or apartment above $3 million is labelled as prestige.</span></p>
<p><span>HTW, the valuation firm, says Melbourne has four main prestige areas, comprising parts of the Stonnington, Boroondara, Bayside and Port Phillip City Councils.</span></p>
<p><span>The main prestige suburbs in the City of Stonnington are Toorak, South Yarra, Armadale, Malvern and Malvern East, located in Melbourne’s inner south- eastern suburbs alongside the Yarra River and a short distance to Melbourne’s CBD.</span></p>
<p><span>Kew, Hawthorn, Hawthorn East, Camberwell, Balwyn, Balwyn North and Canterbury make up the City of Boroondara’s prestige market. Approximately ve kilometres east of the Melbourne CBD, the area is primarily residential in nature, with a number of renowned private schools such as Scotch College Hawthorn, Fintona’s Girls School Balwyn and Xavier College Kew.</span></p>
<p><span>Almost two-thirds of Boroondara consists of water courses and parklands such as the Yarra River and Yarra Bend Park.</span></p>
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<p><span>Bayside and Port Phillip City Councils run along the north-east coastline of Port Phillip Bay. Most prestige properties are seen in Brighton, Middle Park and Albert Park, which are primarily residential suburbs with occupants attracted to the inner city lifestyle as well as the luxurious beach surroundings.</span></p>
<p><span>The prestige apartment market is evident in East Melbourne, St Kilda Road, Melbourne and St Kilda. Some addresses of note include: 150 Clarendon Street, East Melbourne; 60-66 Clarendon Street, East Melbourne; 51 Spring Street, Melbourne; and 576-578 St Kilda Road, St Kilda.</span></p>
<p><span>High net-worth individuals are the buyers driving these sectors. </span></p>
<p><span>Similarly, developers drive prestige sales, where the current improvements add little value and the site is suitable for potential multi-unit or single dwelling development.</span></p>
<p><span>The inclusions high net-worth individuals seek are modern kitchens and bathrooms including stone benchtops, designer joinery and tapware, and oor to ceiling tiles in bathrooms. </span></p>
<p><span>Other sought out inclusions are quality oor coverings such as timber ooring (parquetry or American Oak), travertine tiles and luxurious carpets, typically large gross building areas, basement car spaces, self-cleaning designer swimming pools, championship tennis courts, and landscaped properties.</span></p>
<p><span>Popular Melbourne based architect, Nicholas Day, has crafted multiple prestige properties throughout </span>Melbourne. Other prestige architects include Phillip Mannerheim, Bruce Henderson and landscape architect Jack Merlo. Visioneer Builders is an award winning company specialising in the construction of prestige properties. These renowned property experts attract buyers who drive these sectors.</p>
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<p><span>The Stonnington, particularly Toorak, market, Boroondara and Bayside markets have revealed good median house price growth in 2017. </span></p>
<p><span>The current cycle has been generally firm for approximately six years, with the last softening occurring in mid-2012 (realestate.com.au). </span></p>
<p><span>For instance, the Toorak median house price as at 9 April 2018 was $4.4 million, which has doubled since December 2016 and seen a growth of 30.9% over a year. According to Domain Group chief economist Dr Andrew Wilson, overall prestige prices in Melbourne itself rose by 11.6%.</span></p>
<p><span>The Reserve Bank of Australia’s rst meeting for 2018 agged the possibility of interest rate rises later in the year on the basis of the strengthening economy. </span></p>
<p><span>Notwithstanding this, the commencement of the 2018 auction period in February revealed moderate results with auctions well contested in general and clearance rates at 70%. The current market appears to be in a steadying phase with </span>a balance between buyer demand and vendor expectations.</p>
<p>HTW note premium, A grade property continues to command good demand from purchasers.</p>
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<p><span>The Melbourne prestige market looks to be continuing on from its 2017 growth in the short to medium term outlook. </span></p>
<p><span>Prestige buyers are seeking great properties closer to the CBD. </span></p>
<p><span>John Bongiorno of Melbourne’s Marshall White was cited in the HTW.</span></p>
<p><span> “I see a big trend that will continue over the next decade of inner suburb Melbourne in particular becoming more and more bullet-proof," the veteran agent noted.</span></p>
<p><span>"With the development of infrastructure and congestion on the roads, people are getting fed up with waiting times in traf c and want to live, increasingly, within an eight- to 10-kilometre radius of CBDs. That’s where the best investments will be, too.” (domain.com.au).</span></p>
<p><span>In the long term view, the Autumn 2018 Herron Todd White report suggests, there is caution, as the prestige market could be reaching its peak.</span></p>
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Caution in Melbourne's trophy home market as peak nears

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<p><span>It’s a testament to Brisbane's appeal that so many more interstate and overseas buyers are "coming to the party" that is Brisbane’s high-end real estate sector. </span></p>
<p><span>The valuation firm suggests they see value for money, an enviable lifestyle and, for many, the opportunity to set up and operate their business without the hassle of a Harbour Bridge traffic snarl.</span></p>
<p><span>While there are certainly prestige properties across the breadth of the South East, the HTW report honed in on Brisbane City specifically.</span></p>
<p><span>"The ultra-wealthy do tend to gravitate toward the CBD rather than seek offerings in surrounding authorities such as Ipswich and Moreton," it noted.</span></p>
<p><span>Most multi-million dollar sales in these climbs consist of large rural holdings or developable sites. </span></p>
<p><span>N</span>ot to say there aren’t alternatives, but it is the Brisbane market that provides the highest density of sales and is probably the most accurate measure for tracking the sector.</p>
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<p><span>In Brisbane, you really don’t need to crack the $10 million mark to pick up an exceptional property. </span></p>
<p><span>Prestige housing sits within the broad $2 million to $8 million zone," HTW suggest.</span></p>
<p><span>"That’s right. </span></p>
<p><span>"For the price of a three-bedroom second hand Bondi Beach at you can be among some of the nicest abodes in the best suburbs South East Queensland has to offer.</span></p>
<p>"We consider ultra-prestige buyers to be in the $8 million-plus realm.</p>
<p>"For these sorts of dollars, you will be on the river bank, riding horses across your rolling acreage or positioned high on an inner-city hill."</p>
<p><span>If you’d prefer a bit more in the way of low-maintenance pampering, perhaps an apartment is more your style. </span></p>
<p><span>With $2 million to $5 million you are breaking into the rst stage of ‘elite strata’ of Brisbane units and townhouse. </span></p>
<p><span>"Add a touch more to reach, say, $5 million-plus and you absolutely recline in platinum status real estate. </span></p>
<p><span>There are a few go-to addresses for anyone looking to join in on our plush property party. </span></p>
<p><span>Old school money homes in Ascot, Hamilton and Clay eld are generally classic, colonial </span>and stunning.</p>
<p>HTW suggest there are a few in New Farm too but, along with Newstead, you’ll also find plenty of ‘new money’ helping rede ne prestige property in these suburbs.</p>
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<p><span>Teneriffe is now regarded as our premium suburb with most analysis showing it has the highest median house price in our town. Feeding off its extensive river frontage, real estate values re ect the appeal of being within a walkable distance of great facilities and a short jog of the CBD. </span></p>
<p><span>Kangaroo point has some stunners as well – particularly houses high on the cliff looking at the CBD, plus whole- oor units with river/ city vistas.</span></p>
<p><span>For suburban chic, Paddington is the home of the upwardly mobile family. Paddington is one of the original workers-cottage suburbs, but there’s been some serious money spent here in both upgrading existing home and building new ones on splitter blocks. </span></p>
<p><span>Some holdings have views of the city, but all have access to awesome lifestyle and retail hubs. Bulimba is another riverfront address that’s bene tted from great coffee and ne shopping.</span></p>
<p><span>There are classic rambling colonials as well as new contemporaries on small blocks. On the river itself are some of the most stunning homes Brisbane has to offer with price tags to match.</span></p>
<p><span>There are others such as East Brisbane, Norman Park and the western stunners like Chelmer, St Lucia and Fig Tree Pocket too.</span></p>
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<p><span>Some recent sales of high-value homes include 1A Eldernell Tce, Hamilton which sold for $7.25 million in February this year. </span></p>
<p><span>It was a major renovation offering five-bedroom, four-bathroom, four-car accommodation on 910sqm site with peak-like views of the CBD and river.</span></p>
<p><span>1 Sydney St, New Farm was also impressive achieving $6.5 million in October last year with a very contemporary ve-bedroom, four-bathroom home. These are all fine, but it’s when you step up a notch that things become really impressive.</span></p>
<p><span>24 Palm Ave, Ascot sold for $8.3 million in February last year. A beautiful contemporary ve-bedroom, six-bathroom home sitting on a monster 1923sqm of land. That a huge site considering the property is located just ve kilometres from the CBD.</span></p>
<p><span>Not to be outdone, 35 Morgan St (aka 128 Crosby Rd), Ascot sold for $8.8 million in September last year. Affectionately known for its ‘bat cave’ tunnel entrance to the 10-car garage, the home itself is perched atop a summit site of 1120sqm that resulted in knockout views. With three levels of living and </span>a total square meterage of 1409sqm, this is very impressive home.</p>
<p><span>The most expensive recent sale, however, is the reported $11 million achieved for 27 Sutherland Ave, Ascot. The property was still under contract at the time of writing. It screams old-school Hampton’s luxe with an enormous reported total oor area of </span>1337sqm. Six-bed, six-bath accommodation plus a four-car garage all positioned on a 2024sqm site. A very beautiful piece of real estate. The key factors driving this end of the market in Brisbane are universal to most prestige property.</p>
<p>Buyers are of course high-net-worth and they mostly enjoy grand homes with high end finishes positioned close to convenient lifestyle facilities.</p>
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<p><span>At present, HTW believe the Brisbane high-end residential sector is best described as ‘stable’. While buyer enquiry is reportedly a little slower than agents would like, interest in good quality stock remains buoyant.</span></p>
<p><span>In addition, new money for property coming into Queensland from cashed up interstate and overseas buyers is improving. </span></p>
<p><span>HTW wouldn’t be surprised to see some very impressive sales results over the coming two-to-three years - a sound outlook of cautious optimism coupled with buoyant long-term prospects.</span></p>
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Brisbane trophy home market stable, with buyer enquiry slower than agents would like

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<p>Within the outer eastern suburbs of Melbourne, typical options for first time buyers under $500,000 would tend to be restricted to apartments and single storey units constructed in the 1960s and 1970s, according to HTW’s <em>Month in Review: March 2017</em>. </p>
<p>However, the valuation firm says options exist further east in suburbs such as Wandin North and Seville.</p>
<p>HTW says a common strategy is to purchase a small two bedroom unit and rent one of the bedrooms to cover the mortgage costs.</p>
<p>Developments within the suburbs of Croydon, Ringwood, Wantirna and Ferntree Gully, where the average resale price of one bedroom apartments is between $310,000 and $375,000, are also affordable option for first time buyers, the report says.</p>
<p>“It would be wise for first time home buyers to do their sums before purchasing an apartment due to the fact that body corporate fees can often be a significant additional monthly outlay in addition to the mortgage payments.</p>
<p>“Older units within the outer eastern suburbs are also a good option as the body corporate fees tend to be lower and the accommodation tends to be larger than the newer apartments with a better scope to renovate or change the property.</p>
<p>“Low rise apartments within Ringwood are a property type that first home buyers should consider.”</p>
<p>Eastland shopping centre, transport links and ongoing development are key drawcards for the area, HTW says.</p>
<p>A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-wandin+north-124560762" target="_blank">1-5 Wanda Avenue</a>, Wandin North (above) was recently sold for $680,000.</p>
<p>Similarly a three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-wandin+north-124314650" target="_blank">15 Sirocco Court</a>, Wandin North (below) was sold for $600,000.</p>
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Wandin North and Seville options for first home buyers in Melbourne's east: HTW

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<p>Brisbane’s western corridor through to Ipswich offers some of the region’s lowest entry-level price points, according to HTW’s <em>Month in Review: March 2017</em>. </p>
<p>The valuation firm says access to facilities and transport options to the CBD make the area an enticing proposition for first home buyer.</p>
<p>“Check out the suburb of Camira for some of those cheaper, larger blocks,” the report says.</p>
<p>“Springfield and Springfield Lakes are popular suburbs for first home buyers where there is affordability and proximity to both great public infrastructure and transport.”</p>
<p>A brand new or near new home is often the preferred option for many buyers’ first foray into residential, but HTW suggests that first timers should consider other options too.</p>
<p>“If you do choose second hand, it’s possible to get a three-bed, two-bath, one-car car dwelling on a small allotment at Springfield Lakes from $330,000 to $380,000,” it says.</p>
<p>“There’s also the option to buy a townhouses or unit, although these historically don’t achieve the same capital growth as houses.”</p>
<p>A three bedroom house at <a href="https://www.realestate.com.au/property-house-qld-springfield+lakes-124702170" target="_blank">8 Prospero Circuit</a>, Springfield Lakes (above) has been listed for $389,000.</p>
<p>Similarly a four bedroom house at <a href="https://www.realestate.com.au/property-house-qld-springfield+lakes-124843694" target="_blank">27 Conventina Crescent</a>, Springfield Lakes (below) has been listed for $469,950.</p>
<p><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/2017/03/15/27%20Coventina%20Crescent.jpg" alt=""></p>
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Springfield Lakes an affordable option for first home buyers

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<p>Sydney first home buyers should consider looking at suburbs further from the CBD, with good transport links, according to HTW’s <em>Month in Review: March 2017</em>. </p>
<p>The valuation firm says Hurstville and Sutherland are hubs on the eastern suburbs/Illawarra railway line which may be attractive options.</p>
<p>“First home buyers should be cautious of areas where a large number of units have been constructed and are about to commence as this could lead to an oversupply and put downward pressure on both prices and rents,” the report says.</p>
<p>“Botany/Mascot and Waterloo/ Zetland/Green Square in the inner-south, and Miranda in the Sutherland Shire are potential areas of concern.”</p>
<p>“Just remember if you’re a first home buyer stretching yourself too thin by purchasing something you can just barely afford, is risky – interest rates will start to rise at some stage so it is important to have a buffer built-in to your ability to finance your loan.”</p>
<p>Options are limited for first time buyers throughout greater Sydney and surging prices for the past few years has made it difficult to get into the market.</p>
<p>CoreLogic reports the median house price is currently sitting at $850,000, with a 20% deposit this translates to $170,000.</p>
<p>“The two biggest issues young buyers and first home buyers need to address are price and location. Firstly work out what is affordable and sort a mortgage that is serviceable,” HTW says.</p>
<p>It says the main areas for affordable housing and entry level investment with long term growth prospects are located on the outskirts of Sydney –</p>
<p>• Outer western Sydney, suburbs such as Penrith; Kingswood; Jordan Springs; Ropes Crossing with a median price for a 3-bedroom house at $570,000; $530,000; $625,000 and $595,000 respectfully. (domain)</p>
<p>• South west of Sydney, suburbs such as Leppington, Gregory Hills and Oran Park requiring $660,000 to $700,000 for the same 3-bedroom product.</p>
<p>“New estates within the south west growth precinct present solid long term growth opportunities thanks to the substantial infrastructure spending including Badgerys Creek Airport, investment in surrounding employment areas and updates to transport links.</p>
<p>“As recent times has shown us if you want growth then follow the infrastructure.</p>
<p>“We note land in Austral within a recently released subdivision starts from circa $360,000 and 3-bedroom house and land packages from $615,000, well below the Sydney wide median figure of $850,000.</p>
<p>“In addition to the lower entry point, this region presents a good option for both investors and owner-occupiers thanks to depreciation benefits, government incentives of buying a new property and most importantly capital growth prospects.”</p>
<p>A three bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-penrith-124757482" target="_blank">44 Allard Street</a>, Penrith (above) has been listed for $640,000.</p>
<p>Similarly a three bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-ropes+crossing-124590474" target="_blank">16 Maiden Street</a>, Ropes Crossing (below) has been listed for $629,000.</p>
<p><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/2017/03/09/16%20Maiden%20Street.jpg" alt=""></p>
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Go west to find affordable Sydney locations

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<p>The prestige market in Sydney is spread across a number of regions including riverfront locations in the south and inner west, to large estates in The Hills, to large modern inner city apartments, to harbour side and beachside areas of the east and north.</p>
<p>Traditionally prestige properties were considered to be those with a value above $3 million, however in some areas this is now $5 million and above, the valuation firm Herron Todd White's latest report suggested.</p>
<p>It noted the prestige market has experienced significant growth over the past five years, however has experienced some softening of prices over the past six to twelve months, with some areas holding up better than others. A recent CoreLogic article indicated a 5.7% fall in the prices of the 25% most expensive properties in Sydney over the past 12 months.</p>
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<p><span>HTW consider the prestige market to be less dependent on affordability issues than other markets. </span></p>
<p><span>Instead, the market is driven by global flows of wealth and a supply versus demand balance. It noted the factors that will help stimulate the Sydney prestige market include the Australian dollar, domestic and international share markets, business performance, business confidence, company profits, Chinese interest </span>in trophy homes, buyer activity from expats and migration interest under the Significant and Premium Investor Visa Program.</p>
<p>The report did noted that rhe eastern suburbs prestige market has started 2018 fairly strongly, carrying over from what was considered a solidly performing 2017.</p>
<p><span>Good quality family homes in the $5 million to $10 million price range are the strongest sector of the prestige market. </span></p>
<p><span>The harbourside suburbs of Bellevue Hill, Rose Bay, Woollahra, Double Bay, Dover Heights and Vaucluse and beachside suburbs such as Bronte, Tamarama and Clovelly have all seen steady numbers of prestige sales in the year to date.</span></p>
<p><span>Local high income families have been the typical buyers for these types of properties which is driving this sector. Vaucluse saw approximately 11 registered sales above $5 million in 2018 (as at 19 April) with two of these sales being above $10 million (source: PriceFinder, RP Data and Realestate.com.au.).</span></p>
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<p><span>The higher price points of $15 million plus, often referred to as trophy homes, have seen limited transactions and some market softening with extended selling periods. Vendor expectations have had to become more realistic to meet the market.</span></p>
<p><span>This is fairly similar with the prestige unit market with somewhat mixed results and limited transactions occurring in the $5 million plus category.</span></p>
<p><span>Buyers are becoming more cautious particularly in regard to those considered to be secondary prestige properties (busy road positions, steep sloping sites, etc). There are also an increasing proportion of prestige properties being sold off market though local agents.</span></p>
<p><span>Overall there are some mixed results within the eastern suburbs prestige market and the rest of 2018 is expected to see a continued stable market with some of the price points and property types experiencing some softening.</span></p>
<p><span>Some examples of recent prestige sales in the area include 148 Old South Head Road, Vaucluse, which sold in March for $8.2 million after 30 days on the market and 178 Hopetoun Avenue, Vaucluse, which sold in April for $17 million after 253 days on the market with original expectations in August 2017 of $22 million.</span></p>
<p><span>A Vaucluse brand new architecturally designed house over three levels with harbour views was sold on May 3 (pictured below).</span></p>
<p>Designed according to traditional Feng Shui principle, <a href="https://www.realestate.com.au/sold/property-house-nsw-vaucluse-127494758" target="_blank">the 148 Old South Head Rd</a> house is <span>graced with prestige appointments and finishes of the finest calibre.</span></p>
<p><span><span><span>The indoor features include five bedrooms, <span>living/dining and family areas with balconies, home cinema and <span>Miele marble kitchen.</span></span></span></span></span></p>
<p><span><span><span><span><span>The outdoor area comes with<span> mosaic tiled pool, </span><span>rooftop terrace with superb views and five car garage. </span></span></span></span></span></span></p>
<p><span><span><span><span><span><span><span>Positioned on a 700 sqm block, it is opposite Christison Park and the iconic Macquarie Lighthouse. </span></span></span></span></span></span></span></p>
<p><span><span><span><span><span><span><span><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/2018/5/15/148%20OLD%20SOUTH%20HEAD%20ROAD.jpg" alt=""></span></span></span></span></span></span></span></p>
<p>Another Vaucluse seven bedroom harbourside house was sold in April (pictured below).</p>
<p>Architect designed by Michael Suttor less than 20 years ago, the <a href="https://www.realestate.com.au/sold/property-house-nsw-vaucluse-126089194" target="_blank">178 Hopetoun Avenue house</a> features <span>light filled interiors and resort style living.</span></p>
<p><span><span>It comes with<span> seven bedrooms, separate formal lounge and dining areas, and gourmet open plan kitchen.</span></span></span></p>
<p><span><span><span>Outdoor features include level garden, pool, and full tennis court.</span></span></span></p>
<p><span><span><span>It is located within a stroll to historic Watsons Bay and convenient to Rose Bay and Bondi Beach.</span></span></span></p>
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