Market Update

Stock remains low - gain access to the huge number of off-market properties where opportunities do exist

unique homes Archives - Page 1

Altona Mansion Sold at $50 Million

The huge and exclusive mansion, Altona mansion at Point Piper harbourfront, has been sold after years of being in the market. It was listed on and off and, finally, on the 28th of March, it was finally sold. Though there has been no release of the exact amount that the property was sold for, it is rumoured to have been bought by Chaimovich Investments Pty Ltd at $50 million. Chaimovich Investments Pty Ltd is a company solely owned by a 75 year old man named Xiuzhen Ding. He was born in China but now resides in Melbourne.

A young entrepreneur named Deke Meskin and his wife are said to have sold the property and, again, no one is confirming that as of yet and no other agents have taken credit for the sale, either.

Read the full article here.

Sundorne, Victoria Road Villa in Bellevue Hills listed for Sale

Sundorne, the matrimonial home of the renowned late transportation magnate Sir Peter Emil Herbert Abeles has been scheduled to be auctioned. Located in Bellevue Hills, the Victoria Road villa is expected to be listed for a price over $11 million. This would be a golden opportunity as it has been 45 long years since the mansion has been last sold. The residence comprises six bedrooms and had sheltered Peter Abeles when he was securing his professional identity in the corporate life of Australia. Sir Peter was an eminent personality who had founded the Sydney International Piano Competition and was an avid art lover!

The two-storeyed matrimonial abode of Sir Peter boasts of an architecture which was influenced by that of traditional English manor houses. The interior decorations have been established by Peter and Claire. The history of the mansion dates back to 1958, when Sir Peter Abeles had purchased the dwelling from Simpsons, a well-established family of lawyers, for 60000 pounds.

Read more here.

Sandstone masterpiece Bomera sells for $12.5 million

Bomera, the Italianate sandstone mansion at Potts Point has sold for $12.5 million, says Jonathan Chancellor while writing for the Property Observer. With a clear view of the Woolloomooloo Bay, this powerful piece of architecture encompasses 2150 square meters. Jorge Fernandez, an expatriate real estate developer has fetched a reasonable price for the deal.  Having undergone an intensive revamping in 2003 (Graham Brooks & Associates), the property was listed with very high hopes in the year 2011. It aimed to fetch about $25 million but has procured only half of the expected price.

Bomera is the more illustrious half of the Bomera-Tarana combo. While it is spread over 2150 square meters, Tarana takes up 1550 square meters of space.


Metamorphosed Butterfly House at Dover Heights on market again

The Butterfly House on Dover heights is a sculptural masterpiece. To rest the argument, one only needs to see the house- it is without any straight lines or corners and uses curved glasses all along. Jonathan Chancellor in an article on Property Observer reports that the masterpiece (Australia’s rarest and most emphatic piece of architecture) is up for sale. Daniel Baran had sold it for $5.05 million in the year 2000 while the construction was only midway through. Its present owner has put it up for $6.5 million.

The house is constructed over six split levels and looks at the Bridge, Opera House, ocean and the harbor. Light flows unhindered from the north and is well supplemented by powerful natural ventilation. Its architect Mr Ed Lippmann himself feels that such fluid design broke all traditions at the time the house was built. To this day, the design remains avant garde.

Coming on the heels of the high auction clearance in Sydney, this is another good piece of news for the Australian Prestige Market.

Do you think $6.5 million is the right price for an architectural masterpiece like the Butterfly House?

Bellevue Hill put on sale for $7.7 million

The much-acclaimed Bellevue Hill property is up for grabs for $7.7 million. In the latest mid-week auction, it has fetched its highest sales price for the last eight months. An article by Jonathan Chancellor informs that the property has traded twice in its 21-year existence.  In March 2003, it was sold for $3.95 million. Eight years hence in March 2011, it was sold for $5.71 million. In a short span of two years from then (Coincidentally once more in March), it is up for sale again at a $2 million hike over its last sale price. It is worth noting that the deal could be closed for $6.4 million in 2010 but the Australian law was not too keen on foreign investors back then.

This has changed a lot today and in fact, those with $5 million of property investments in Australia are gaining access to its shores pretty quickly (is that not a complete U-turn in government policy). This six bedroom- six bathroom Victoria road property has a seven meter high ceiling apart from a double-height stained glass window and a stairwell. In recent memory, the sale price is only topped by the Copernoll Residence at Kambala Road, which sold for $9.8 million in May 2012. Things then are beginning to hot up for the Prestige Market in Australia.