Trophy homes obliterate price records as interest rates rise to 4.35 per cent
Trophy homes look set to continue to obliterate price records around the country as interest rates rise.
The Reserve Bank of Australia (RBA) hit borrowers with a Melbourne Cup Day interest rate rise, lifting the nation’s cash rate target by 25 basis points to 4.35 per cent.
After four months of stability at 4.10 per cent, the central bank chose to lift the cash rate to 4.35 per cent in a bid to tackle enduringly persistent levels of inflation.
Finder’s RBA survey has found the minimum income to afford the average Aussie house is now $182,000.
For the average Australian borrower with a $500,000 mortgage, today’s rise means many will be forking out around $1,345 more per month than they were in April last year.
However, the prestige buying market remains largely unaffected. With a guide of $10 million to $11 million, a sweeping address at 109 Herron Road in Queensland’s Pullenvale is priced to hunt a new suburb benchmark.
Named Appassionata Estate, the luxe property covers more than 12,000 square metres.
Alongside the main residence, over three levels and framed by stately colonnades, are a pool house with a kitchen and sound system for parties, and a guest house, which was completed only two years ago.
If it fetches around its price guide, the grand estate – which is being handled by NGU Real Estate’s Emil Juresic and Nhan Tran – will almost double the $5.9 million record for the western Brisbane postcode.
A pool and spa are set in an impeccable terrace, with built-in seating, and an enormous chess board. The vast lawns, leading to a tennis court, roll away below.
For wine lovers there is a subterranean cellar, ensuring the perfect temperature.
The guest house is in the style of the main home and has a bedroom, open-plan layout and every conceivable luxury addition, including a sauna and garaging for four cars.
The main house, with an entry foyer flourished by a cinematic dual staircase, has more than one main bedroom suite, such is its size, and is positioned to frame views of the verdant landscape and CBD skyline.
In Melbourne, an elegant Queen Anne Federation manor is also priced to set a suburb record, eclipsing $19.5 million.
At 1 Harcourt Street in Hawthorn East, the property has an “imposing Gothic arched entrance”, the listing explains, and was built around the year 1900.
On the books of Marshall White’s Marcus Chiminello, Mandy Zhu and Stuart Evans, the seven-bedroom mansion has price hopes of $20 million to $22 million, and is on almost 4200 square metres.
Ornate ceilings in the entry foyer set the tone and intricately-carved fireplaces, cornices and chandeliers speak to its era.
A one-bedroom pool house and a tennis court complete the rare listing, with expressions of interest closing on December 5.
This follows a Queensland record set for the off-the-plan purchase of a $24 million penthouse under construction in Burleigh Heads.
The larger-than-average address in the luxury Gold Coast development, named Glasshouse, broke the previous Queensland apartment price record – set in early 2022 by another penthouse in the same swish complex – by $4 million.
Agent Amir Mian of Amir Prestige did the $24 million deal, representing the developer Spyre.
The tri-level apartment is the result of amalgamating floorplates to create a supersized spread, overlooking the ocean. A showpiece is the main bedroom with 11-metre water frontage. The home also has a private pool and is akin to a beach house in the sky.
The project is the work of design studios bureau^probert and CUSP.
The Glasshouse apartments have set two Queensland real estate record – a $24 million sale shattered the previous benchmark of $20 million, to become the highest-priced unit ever sold in the sunshine state. Photo: Domain
Mian told Nine the architecture is so considered and aligned with the environment that the eight-metre stone kitchen bench is placed so that it appears to be a continuation of the headland, drawing the eye inwards from nature.
“You are quite elevated and your view is like floating into the waves, the rock pools at the front, and the lit-up city in the background,” he says.
“You feel like you are part of the surf.”
In early October, The Sydney Morning Herald reported a $13.5 million deal for a Newtown warehouse conversion that set a new benchmark for the postcode, and leapt over the price records set in nearby suburbs of Surry Hills, Annandale and Glebe.
The transaction was sorted out in late September – a week before The Agency’s Ben Collier and Brad Gillespie were scheduled to test the market with an auction.
The price guide for the character-filled former bakery, which was transformed internally by architect Anna-Carin McNamara, was $12 million, Lucy Macken exclusively revealed.
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