Real Estate

Placeholder Content Image

Samantha Armytage lists lavish holiday home

<p>Samantha Armytage has listed her stunning holiday home in Hyams Beach for $3.2 million.</p> <p>The<em> Farmer Wants A Wife </em>host previously leased the lavish three-bedroom, two-bathroom property as a holiday rental for $1200 a night.</p> <p>Armytage bought property which sits on 658sqm of land in 2018 for $1.765 million, and she has extensively renovated the property since, which includes adding a new roof and redesigning the interiors. </p> <p>The property boasts plenty of natural light, and is just minutes away from Hyams Beach, which you can see from the balcony of the home. </p> <p>All the rooms feature plenty of natural light, with the master bedroom boasting ocean-views, which makes it perfect for families or couples looking for a holiday home. </p> <p>The home has a cottage aesthetic, with bright white walls and floorboards, that when combined with bamboo tables, woven storage baskets, and neutral-coloured furniture looks like the ideal beach retreat. </p> <p>It also features a large private backyard with an outdoor entertaining area and pergola. </p> <p>Armytage previously sold her $2.8 million Bondi home in 2020, the same year she got married to Richard Lavender. </p> <p>Her and Lavender have relocated to  the Southern Highlands and are currently living on a 40-hectare farm in Berrima, which Richard purchased in 2007 for $ 1.95 million.</p> <p><em>Images: realestate.com.au / Getty</em></p> <p> </p>

Real Estate

Placeholder Content Image

Iconic Victorian Sphinx Hotel up for sale

<p>The iconic Sphinx hotel is in Geelong, Victoria is up for sale for the first time in over 50 years. </p> <p>The Ramia family, who built a 14m-high replica sphinx on the roof of their pub, are looking to sell their property after 53 years of ownership. </p> <p>“We’ve got to the stage where we all want to do our own thing and it’s quite a large family,”  George Ramia, the owner of the hotel said. </p> <p>“We’re up to nearly 53 years here and I think we’re getting a bit tired.</p> <p>“I started work here when I was about 14. I recall those days I wasn’t allowed in the pub but I used to do all the beer lines.</p> <p>“Johnny O’Keeffe used to play a lot and he always asked me to play pool, and I was a pretty good player because it’s all I was allowed to do.”</p> <p>Ramia who started working at the former Golf View Hotel when he was 14, saw the venue change throughout the decades from a home for live music to a bistro and recently renovated sports bar.</p> <p>He also saw the venue grow in popularity, after a period of financial difficulties, when the pub was remodelled with the 14m-high Sphinx on the roof, completed with Egyptian-style motifs including hieroglyphics and even a mock gold pharaoh’s tomb in the 1990s. </p> <p>The pub continues to host live bands and events, including the Geelong Elvis Festival.</p> <p>The Sphinx Hotel is positioned on a 15,000sq m freehold land parcel, with 16-rooms of various configurations, with approvals in place to develop a further 24 rooms.</p> <p>It also features 67 electronic gambling machines, multiple bar areas and function rooms, an outdoor beer garden, a TAB and a recently renovated sports bar.</p> <p>The sale of the property also include the drive-through bottle shop and a licence capacity for 1010 patrons.</p> <p>The hotel is available as either a new long-term lease or a freehold going concern, which is currently being managed by CBRE Hotels’ senior director Scott Callow. </p> <p>“Geelong’s Sphinx Hotel presents a compelling investment opportunity in the thriving gaming and entertainment industry,” the CBRE Hotels’ senior director said. </p> <p>“We anticipate strong interest from a range of investment segments seeking to gain a significant foothold in Victoria’s tightly held gaming market.”</p> <p><em>Images: Sphinx Hotel / Facebook</em></p>

Real Estate

Placeholder Content Image

Mission: Impossible Sydney mansion sells for eye-watering price

<p>One of Sydney's most iconic properties, known as the Boomerang in Elizabeth Bay, has sold for $80 million. </p> <p>The mansion is featured in the second instalment in the <em>Mission: Impossible</em> franchise, with the 2000 movie starring Tom Cruise being set and filmed in Sydney.</p> <p>It was the first house to officially sell for above $1 million in 1978, before setting another record in 2002 when it fetched $20.7 million.</p> <p>Now, multiple sources have confirmed it has been snapped up by a purchaser, originally from Asia, for four times what it last sold for. </p> <p>The property has long been rated as one of Sydney’s Top 50 homes, and has been in the name of Katrina Fox, the daughter of Melbourne-based billionaire trucking magnate Lindsay Fox, since 2005. </p> <p>The impressive home was put up for sale by Ray White in 2017 with hopes of selling for $60 million and then again with Brad Pillinger of Pillinger for $80 million in 2021 — the last agent to have it listed.</p> <p>Pillinger couldn’t be contacted ahead of publication, but other sources have confirmed the property has sold for the $80m asking price, while speculation from other sources that the result was $105 million have been dismissed.</p> <p>Boomerang sits on 4233 square metres of waterfront land, and features 25 rooms including a private cinema modelled on the State Theatre.</p> <p><em>Image credits: realestate.com.au / Paramount Pictures</em></p>

Real Estate

Placeholder Content Image

Better Homes and Gardens star's dream rural property up for grabs

<p><em>Better Homes and Gardens </em>star Charlie Albone and his wife interior designer Juliet Love, have listed their dream Ourimbah home. </p> <p>The 2.07ha property located on the Central Coast has been listed by McGrath Gosford agents Peter Morris and Nate Waters with a $3m to $3.2m price guidance.</p> <p>The four-bedroom, three-bathroom home sits deep behind a gated entry, which ensures privacy and is surrounded by plenty of greenery with its garden alcoves, a stunning wisteria-covered arbour, fruit trees, and a few garden beds for vegetables. </p> <p>There is also a feature dry-stone wall fire pit built by Scottish stonemason Callum Grey, that's perfect for winter and colder nights.</p> <p>The English cottage-style home  comes with a separate self-contained unit that includes a bedroom and kitchenette. </p> <p>The home is every animal lovers' dream with five paddocks that come with animal shelters, plumbed water troughs and a three-stall stable. </p> <p>For those hot summer days, whoever the new owners are can dip into the saltwater pool located on the property. </p> <p>The property is equipped with 100,000-litre tanks and has town water. </p> <p>Albone and his family bought the property in 2012 for $840,000 which means that if it was sold at the price guide then it's almost four times the original price they bought it at. </p> <p>The top acreage sale at Ourimbah currently sits at $3,725,000 for a 13.93ha Dog Trap Rd six-bedroom house, which sold in 2021.</p> <p><em>Images: news.com.au</em></p>

Real Estate

Placeholder Content Image

Former home of Kylie Minogue and Michael Hutchence for sale

<p>The stunning Sydney apartment that Michael Hutchence and Kylie Minogue shared for two years has hit the market. </p> <p>The late INXS frontman and the Aussie pop princess lived in the Liverpool Street apartment from 1989 to 1991, with the building boasting a colourful history. </p> <p>The current owner and director of AusMed Innovations Gavin Holland, who owns the Longevity Lounge in Double Bay, believes the picturesque apartment overlooking Hyde Park and the harbour was the scene of some wild parties.</p> <p>“I know that back in those days there was a lot of socialising that went on, for want of a better word,” says Holland.</p> <p>“In this building, there’ve been suicides, murders, famous and infamous people — all sorts of stuff."</p> <p>Despite the past history of the building, the two-bedroom two-bathroom apartment boasts new finishings and stunning views of the city. </p> <p>“But what we’ve done recently is spend two-and-a-half million dollars on refurbishing the rooftop pool and jacuzzi, so that’s obviously an expense the new owners won’t need to fork out.”</p> <p>Hutchence is known to have lived in the apartment with Minogue on level 27, just two floors below the communal rooftop pool, for two years during their whirlwind romance.</p> <p>The apartment at <a href="https://www.realestate.com.au/property-apartment-nsw-sydney-144104704">2704/187 Liverpool Street, Sydney </a>has a $3.3 million guide, and will be auctioned at the end of February. </p> <p><em>Image credits: Getty Images / realestate.com.au</em></p>

Real Estate

Placeholder Content Image

Flower tycoon pays $76 million in CASH for epic mansion

<p>A Sydney businessman and flower mogul has expanded his real estate portfolio, snapping up one of NSW's most prestigious properties. </p> <p>Leo Lynch and his wife Christina have bought a Federation mansion in Sydney's Bellevue Hill, with the eight-bedroom eight-bathroom property boasting impressive views of Sydney Harbour. </p> <p>The mansion, which was built in the 1890s, also showcases a pool, tennis court, and endless luxury amenities for the well-off buyers. </p> <p>"Designed by architect Walter Vernon," read the listing for the property, "the home is considered his most significant residence. Other heritage buildings designed by Vernon include the Australian Museum, the Art Gallery of New South Wales and Central Railway Station. A truly rare offering to earn a piece of Australian history."</p> <p>While securing the house seems like a huge feat in itself, the Lynch's decided to take the purchase to the next level, buying the home for $76 million in cold hard cash. </p> <p>Despite paying the whopping eight-figure for the mansion, the home needs work and is set to undergo renovations. </p> <p>The purchase of the property, named Leura, comes just after the Lynch's sold their former home for $52.4million more than he bought it.</p> <p>The same night he made the enormous purchase for the Leura estate, he sold his mystery home, just blocks away, for $61.5 million after rebuilding the property he had bought for just $9.05 million in 2014.</p> <p>Leo Lynch, 60, is a third generation of the wholesale flower family's company, founded in 1915 and for which private equity group Next Capital took a majority interest in 2015, before it was publicly listed in 2021.</p> <p><em>Image credits: Domain</em></p>

Real Estate

Placeholder Content Image

Three-bedroom home on the market for unbelievably cheap price

<p>A three-bedroom home located on the border of Victoria and South Australia is up for sale for just $65,000. </p> <p>But there is a catch to future homeowners who want to experience the “quiet and cheap country living”, as they might need to be handy with a hammer. </p> <p>“If you’re a handyman and willing to put some elbow grease into it, then this one might be for you,” the listing read. </p> <p>The home itself is located on two plots of land measuring 2,100m2 in Serviceton, Victoria, and is only 16 minutes away from Bordertown, South Australia. </p> <p>“Being on two titles, you can utilise both or sell the vacant allotment as all the dwellings are on one,” the listing read. </p> <p>It also features a large lounge room with wood-fire heater, and a centrally located bathroom with a bath and vanity. </p> <p>There's plenty of room to cook in the massive kitchen, despite it needing a lot of work, it features a formal dining area that has a sliding servery window which connects to the lounge room.</p> <p>Outside, the future homeowner can find a large shed, rain water storage, and a gate that opens up to a park. </p> <p>“It went under contract ... an hour and a half (after it was listed),” Ray White agent Hayden Obst told<em> 7News</em>. </p> <p>The condition of its electrical, plumbing and appliances are unknown, but people are still expressing their interest.</p> <p>Despite this, many people from different parts of the country and a few investors are still calling the real estate agent, just in case the contract falls through. </p> <p><em>Images: 7News.com.au</em></p>

Real Estate

Placeholder Content Image

Historic lighthouse keeper's cottage up for sale

<p>A cottage next to Macquarie Lighthouse has been put up for sale, and one lucky buyer will have the chance to say they live next to one of the country's oldest lighthouses. </p> <p>Located on beautiful South Head Vaucluse, the lighthouse itself has stood since 1883 and it is the second tower built there after the first convict-designed one deteriorated. </p> <p>You don't have to worry about any noise as there's only one neighbour in sight. </p> <p>"How many houses can you buy with a lighthouse next door," McGrath sales agent Robert Alfeldi said. </p> <p>For $12 million,  the lucky buyer will get the heritage home that was built 1881, with most of its original fittings still in tact and an old stables building, perched on 2600 square metres of land. </p> <p>Although the property has kept most of its original elements, the interior - specifically the kitchen and bathroom - have been updated into more modern versions of the original. </p> <p>However, those looking to renovate the property and add a second floor should look for a different property as it is a heritage home, so it limits what future owners can add. </p> <p>“It’s quite a unique property. People show up thinking they can put a second storey on. But it is what it is for a reason," Alfeidi said. </p> <p>Iconic properties like this don't go for sale often, and tends to create a buzz among wealthy potential buyers. </p> <p>The property was previously sold in October 2016 for $7 million. </p> <p><em>Images: Domain/ Nine</em></p>

Real Estate

Placeholder Content Image

James Packer's insane $132-million mansion up for grabs

<p>Aussie billionaire James Packer has put up his $132-million mansion up for sale.</p> <p>The 12-bedroom Beverly Hills home was previously owned by Hollywood star Danny DeVito, before Packer bought it off him in 2018 for $93-million, according to realtor.com.</p> <p>Dating back to the 1930's, the luxury estate has been named “Beverly Hills at its finest," as it sits on 2260 sqm and boasts a three-storey accessory dwelling, a separate maids quarter and a guesthouse. </p> <p>“Boasting living space across multiple structures, enjoy an unparalleled gem in one of the most coveted neighbourhoods in Southern California," the listing read. </p> <p>It's the embodiment of luxury and "iconic L.A. living", with a home theatre that's fully equipped with a bar, a game room, wine cellar, resort-style pool and cigar lounge. </p> <p>The primary suite has a fireplace, sitting room, dual bathrooms, and access to a terrace.</p> <p>With 18 bathrooms you don't need to worry about whether they are occupied as the master suite itself features two master baths, double vanities, a linen closet, powder room, and the option of a shower or a sub and steam shower.</p> <p>Not only that, the private balconies allow you to take in the magnificent views of the estate's lush yard, but also the surrounding canyons, so there's never a boring day in the multimillion dollar mansion. </p> <p>According to <em>The Daily Telegrap</em>h, the billionaire is selling the home because he has no desire to live in LA if his kid's won't be visiting, after his ex-wife Erica Packer and their three kids moved to London earlier this year. </p> <p><em>Images: realestate.com.au/ Getty</em></p>

Real Estate

Placeholder Content Image

Princess Diana's childhood home up for rent

<p>The house Princess Diana spent her childhood and teenage years in is now available for the public to rent. </p> <p>Althorp House, located in West Northamptonshire in England, is owned by Diana's brother Earl Spencer, who has lived on the sprawling property as custodian of the estate since 1992. </p> <p>The expansive property has been listed for royal fans with deep pockets to rent on <a href="https://www.elysian-estates.co.uk/althorp/" target="_blank" rel="noopener">Elysian Estates</a>, an upmarket equivalent of Airbnb.</p> <p>Althorp House, which is a 90 minute drive out of London, was built in 1508 and has been in the Spencer family for 19 generations.</p> <p>Lady Diana lived in the 90-room stately home for most of her childhood and teenage years, before she married the then-Prince Charles in 1981.</p> <p>Not just one grand property, the estate covers 13,000 acres of countryside as it encompasses cottages, farms, woodlands and villages, which are open to visitors but only at certain times of the year.</p> <p>Now, the home is once again available to rent via Elysian Estates.</p> <p>"Althorp offers unparalleled levels of service, privacy and luxury to rival the finest properties anywhere in the world; yet retains the truly welcoming and homely feel that makes Althorp so special," the listing says.</p> <p>"Walk in the footsteps of kings and queens, feast or celebrate in spectacular surroundings, marvel at the sense of history and artwork, and slumber in pure luxury."</p> <p>In the main house, there are six state bedrooms to choose from offering "a level of opulence befitting royalty, with these very rooms playing as much a part of English history as any royal palace".</p> <p>Prices for the rental are not yet publicly available as an enquiry must be sent to reserve the opulent property.</p> <p>The listing stated that the stay includes "butler service, a team of private chefs and housekeeping, with a dedicated concierge service".</p> <p>Althorp is today most famous for being the final resting place of Princess Diana following her death in Paris.</p> <p><em>Image credits: Getty Images / Instagram</em></p>

Real Estate

Placeholder Content Image

Eye-watering price tag for Melissa Caddick's penthouse

<p>A penthouse formerly owned by fraudster Melissa Caddick is on the market for an estimated $5.5 million.</p> <p>The apartment, which was previously occupied by her parents Ted and Barbara Grimley, was listed for auction on October 10 and boasts stunning panoramic views of the city skyline.</p> <p>“Spacious throughout and stylishly presented with understated contemporary finishes, this is the perfect opportunity for downsizers, executives and families who seek undeniable quality and convenience,” read an online listing.</p> <p>Viewings for the apartment located in Eastpoint Tower at Edgecliff are only available through appointments, according to managing agents Richardson and Wrench.</p> <p>Liquidators hope that the sale of the penthouse will help recover some of the money Caddick stole from over 50 investors as part of her ponzi investment scam.</p> <p>The 49-year-old lived a life of luxury after stealing up to $30 million from the investors, many of whom were reportedly her close friends and family.</p> <p>Jones Partners, the accounting firm in charge of liquidating Caddick's former assets, have already recouped $3 million to investors after the sale of her share portfolio and Dover Heights cliff-top mansion.</p> <p>At the time, Jones Partners principal Bruce Gleeson said that it wasn't rare for investors to not get anything back from ponzi schemes.</p> <p>However, he has said that the sale of the Edgecliff apartment in Sydney's eastern suburbs, would allow for further significant distributions to investors.</p> <p>Caddick disappeared in November 2020, just days after her home was raided by ASIC investigators.</p> <p>She is believed to be dead after her badly decomposed right foot was found washed up on a beach in the south coast of NSW on February 2021, but the rest of her body has not been found.</p> <p><em>Images: </em><em>Richardson &amp; Wrench </em></p>

Real Estate

Placeholder Content Image

The rental housing crisis is hurting our most vulnerable and demands a range of solutions (but capping rents isn’t one of them)

<p><em><a href="https://theconversation.com/profiles/andrew-beer-111469">Andrew Beer</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> and <a href="https://theconversation.com/profiles/emma-baker-172081">Emma Baker</a>, <a href="https://theconversation.com/institutions/university-of-adelaide-1119">University of Adelaide</a></em></p> <p>Roughly <a href="https://www.abs.gov.au/statistics/people/housing/housing-occupancy-and-costs/2019-20">one in three Australians</a> rent their homes. It’s Australia’s fastest-growing tenure, but renting is increasingly unaffordable. From 2020 to 2022, our <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4253168">research</a> found a large increase in the proportion of renters who said their housing was unaffordable.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=217&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=217&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=217&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=273&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=273&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=273&amp;fit=crop&amp;dpr=3 2262w" alt="horizontal bar chart showing changes in Australian renters' assessments of affordability form 2020 to 2022" /></a><figcaption><span class="caption">Change in Australian renters’ assessments of affordability from 2020 to 2022.</span> <span class="attribution"><span class="source">Baker, Daniel, Beer, et al, forthcoming, The Australian Housing Conditions Dataset, doi:10.26193/SLCU9J, ADA Dataverse</span></span></figcaption></figure> <p>Australians are concerned about the <a href="https://www.theguardian.com/australia-news/2023/jul/05/rents-rise-again-across-australia-with-sydney-seeing-fastest-rise-in-20-years">pace</a> of <a href="https://www.sbs.com.au/news/article/how-much-has-rent-increased-around-australia/8ljlnf0zm">rent rises</a>. Prime Minister Anthony Albanese <a href="https://www.pm.gov.au/media/national-cabinet-meeting">says</a> increasing housing supply and affordability is the “key priority” for tomorrow’s national cabinet meeting.</p> <p>The crisis has impacts well beyond affordability. The rental sector is where the worst housing accommodates the poorest Australians with the worst health.</p> <h2>The unhealthy state of rental housing</h2> <p>Forthcoming data from the <a href="https://dataverse.ada.edu.au/dataverse/ahcdi">Australian Housing Conditions Dataset</a> highlight some of these parallel challenges:</p> <ul> <li> <p>it’s often insecure – the average lease is less than 12 months, and less than a third of formal rental agreements extend beyond 12 months</p> </li> <li> <p>rental housing quality is often very poor – 45% of renters rate the condition of their dwelling as “average, poor, or very poor”</p> </li> <li> <p>poor housing conditions put the health of renters at risk – 43% report problems with damp or mould, and 35% have difficulty keeping their homes warm in winter or cool in summer</p> </li> <li> <p>compounding these health risks, people with poorer health are over-represented in the rental sector. Renters are almost twice as likely as mortgage holders to have poorer general health.</p> </li> </ul> <p>Measures that potentially restrict the supply of lower-cost rental housing – such as rent caps – will <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4253168">worsen these impacts</a>. More households will be left searching in a shrinking pool of affordable housing.</p> <h2>It’s all about supply</h2> <p>Fixing the rental crisis needs more than a single focus on private rental housing. The movement between households over time between renting and buying homes means the best solutions are those that boost the supply of affordable housing generally. No one policy can provide all the answers.</p> <p>Governments should be looking at multiple actions, including:</p> <ul> <li> <p>requiring local councils to adopt affordable housing strategies as well as mandating <a href="https://www.ahuri.edu.au/analysis/brief/understanding-inclusionary-zoning">inclusionary zoning</a>, which requires developments to include a proportion of affordable homes</p> </li> <li> <p>improving land supply through better forecasting at the national, state and local levels</p> </li> <li> <p>giving housing and planning ministers the power to deliver affordable housing targets by providing support for demonstration projects, subsidised land to social housing providers and access to surplus land</p> </li> <li> <p>boosting the recruitment and retention of skilled construction workers from both domestic and international sources.</p> </li> </ul> <h2>The biggest landlord subsidy isn’t helping</h2> <p>More than <a href="https://data.gov.au/data/dataset/taxation-statistics-2020-21/resource/ebbd32e3-4556-41e1-a8b9-33387457d518">1 million Australians</a> claim a net rent loss (negative gearing) each year. Even though negative gearing is focused on rental investment losses, it is not strictly a housing policy as it applies to many types of investment.</p> <p>The impact of negative gearing on the housing system is untargeted and largely uncontrolled. As a result, it’s driving outcomes that are sometimes at odds with the need to supply well-located affordable housing.</p> <p>The most impactful action the Australian government could take to deliver more affordable rental housing nationwide would involve refining negative-gearing arrangements to boost the supply of low-income rentals. These measures may involve</p> <ul> <li>limiting negative gearing to dwellings less than ten years old</li> <li>introducing a low-income tax credit scheme similar to the one in the United States.</li> </ul> <p>We can learn much from the US, where the Low-Income Housing Tax Credit (<a href="https://www.huduser.gov/portal/datasets/lihtc.html">LIHTC</a>) scheme subsidises the acquisition, construction and renovation of affordable rental housing for tenants on low to moderate incomes. Since the mid-1990s, the program has supported the construction or renovation of about 110,000 affordable rental units each year. That adds up to over <a href="https://www.taxpolicycenter.org/briefing-book/what-low-income-housing-tax-credit-and-how-does-it-work">2 million units</a> at an estimated annual cost of US$9billion (A$13.8billion).</p> <p>This scheme is much less expensive per unit of affordable housing delivered than Australia’s system of negative gearing.</p> <p>Closer to home, the previous National Rental Affordability Scheme showed the value of targeted financial incentives in encouraging affordable housing. This scheme, available to private and disproved investors, generated positive outcomes for tenants. The benefits included better health for low-income tenants who were able to moved into quality new housing.</p> <p>A <a href="https://cityfutures.ada.unsw.edu.au/documents/81/Next_moves_report.pdf">raft</a> of <a href="https://apo.org.au/node/260431">evaluations</a> have <a href="https://www.ahuri.edu.au/research/final-reports/267">demonstrated</a> the achievements of this scheme.</p> <h2>Crisis calls for lasting solutions</h2> <p>Short-term measures such as rent caps or eviction bans will not provide a solution in the near future or even the medium or long term. Instead, these are likely to worsen both the housing costs and health of low-income tenants.</p> <p>Reform focused on ongoing needs is called for. Solutions that can be implemented quickly include the tighter targeting of negative gearing and the introduction of a low-income housing tax credit.</p> <p>Talking about change, as the national cabinet is doing, will begin that process of transformation, but it must be backed up by a range of measures to boost the supply of affordable housing. This, in turn, will improve the housing market overall as affordable options become more widely available.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img 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;" src="https://counter.theconversation.com/content/211275/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/andrew-beer-111469">Andrew Beer</a>, Executive Dean, UniSA Business, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> and <a href="https://theconversation.com/profiles/emma-baker-172081">Emma Baker</a>, Professor of Housing Research, <a href="https://theconversation.com/institutions/university-of-adelaide-1119">University of Adelaide</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-rental-housing-crisis-is-hurting-our-most-vulnerable-and-demands-a-range-of-solutions-but-capping-rents-isnt-one-of-them-211275">original article</a>.</em></p>

Real Estate

Placeholder Content Image

Peter Stefanovic and Sylvia Jeffreys list multimillion-dollar home

<p dir="ltr">TV presenter power couple Peter Stefanovic and Sylvia Jeffreys have listed their Double Bay terrace for sale. </p> <p dir="ltr">The couple placed their home on the market for $4.5 million, as they start the search for a bigger and better family home for them and their two sons. </p> <p dir="ltr">The four-bedroom terrace with two-and-a-half bathrooms in Epping Rd is scheduled to go under the hammer on August 22nd with a $4.5m price guide via Oliver Lavers of The Rubinstein Group.</p> <p dir="ltr">Stefanovic, a co-host of <em>First Edition</em> on Sky News Australia, and Jeffreys, co-host of <em>Today Extra</em> on Channel 9, had bought the home on a 186 sqm block for $2.7m in 2016.</p> <p dir="ltr">In their seven years at the home, the couple have made a range of improvements including adding off-street parking, and created an impressive outdoor entertainment area with inbuilt seating and barbecue in the rear courtyard.</p> <p dir="ltr">The impressive property boasts open plan living areas, polished timber floors, marble finishes in the kitchen, and underfloor heating in the bathrooms. </p> <p dir="ltr">Two master-sized bedrooms open to balconies, alongside a third on the upper floor, and a versatile fourth bedroom could serve as an office.</p> <p dir="ltr">The couple met in 2014 when they were both colleagues at Channel Nine - she was working on <em>The Today Show</em> while he was a foreign correspondent for <em>Nine News</em>, and they bumped into each other in the station’s carpark. </p> <p dir="ltr">Two years later in 2016, Stefanovic popped the question in a French vineyard, and they were married the following year in Kangaroo Valley.</p> <p dir="ltr">The couple have two sons - Oscar, who was born in early 2020 and Henry, who arrived a little more than a year later.</p> <p dir="ltr">With their sons growing up and needing more space, the family are looking for a bigger home in Sydney’s eastern suburbs. </p> <p dir="ltr"><em>Image credits: realestate.com.au / Instagram</em></p>

Real Estate

Placeholder Content Image

Outrage after renters confronted with cleaning “scoring system”

<p dir="ltr">An Australian real estate agent has come under fire for their “demoralising” scoring system for tenants during routine inspections. </p> <p dir="ltr">One fired up renter said they were shocked to receive a scorecard from the agent after they complied with an inspection, and shared their feedback on Reddit. </p> <p dir="ltr">The scorecard rated the tenant’s efforts cleaning the property in 17 different rooms and areas, marking them on cleanliness, and if the areas were damaged or required maintenance. </p> <p dir="ltr">The renter was then also given an overall rating out of five stars, based on the upkeep of their rental home. </p> <p dir="ltr">The Reddit user showed that they received just three and half stars, despite being marked down in only one area due to a light globe not working.</p> <p dir="ltr">In their post, the tenant said they had made every effort to clean the home, adding that the rating was “demoralising”.</p> <p dir="ltr">“I’ve been renting a long time, and my deep cleaning routine is based around inspections,” they explained.</p> <p dir="ltr">“I go all out - every room in my little 3x2 villa is given a spring clean, every surface is washed including walls, doors, lights, windows, carpets etc.”</p> <p dir="ltr">“Had my latest inspection a few weeks ago and just received the report. Despite the agent commenting once again that she never sees houses as clean as mine, and taking 112 (!) photos of every single thing that shows how great the condition of the house is - having one light globe not working is so terrible that I’m scored three and a half out of five.”</p> <p dir="ltr">The renter went on to say that they had only recently discovered that the broken light globe was the real estate’s responsibility to replace, and does not warrant such a severe marking down in their “score”.</p> <p dir="ltr">“The globe in question is a downlight fitting. We have so many downlights that I don’t even use this particular one,” they continued.</p> <p dir="ltr">“I can’t replace the globe itself, I need to get into the roof to replace the whole unit. Thanks to people here I’ve learned this isn’t even my responsibility to fix!”</p> <p dir="ltr">The renter’s post sparked a huge outrage online, with many up in arms over the current state of the rental market and unrealistic expectations of estate agents. </p> <p dir="ltr">One person said, “I fully believe that the average renter keeps a home to a higher standard than an owner, and it seems deliberately demoralising that someone could be marked down for having a light out.”</p> <p dir="ltr">Another added, “This is ridiculously petty, and more importantly, totally irrelevant to the purpose of a periodic inspection. Which is to identify whether any maintenance is needed.”</p> <p dir="ltr">A third person took their anger out on the entire system, summing it up by writing, “I sort of wonder what little lightbulb clicks in your mind and you wake up one day and ask yourself, ‘How can I be a massive c*** who offers no value to society? I know! I will get into real estate.’”</p> <p dir="ltr"><em>Image credits: Getty Images / Reddit</em></p>

Real Estate

Placeholder Content Image

Ricky Ponting sells long-time beachside mansion

<p>Cricket star Ricky Ponting and wife Rianna have sold their breathtaking beachside property. The 1920s Brighton trophy home was listed in May and is believed to have sold within the range of the $14.8 million-$16 million price guide.</p> <p>The former Aussie cricket captain, who’s currently trading barbs with Kevin Pietersen after Australia emerged victorious in a <a href="https://www.oversixty.com.au/news/news/ice-in-his-veins-stunning-result-in-first-ashes-test" target="_blank" rel="noopener">stunning first Ashes Test</a>, obtained the sale through Forbes Global’s Mike Gibson in partnership with Andrew Smith of BuyerX.</p> <p>Gibson said it was the second property that his firm had sold in Brighton's golden mile, with another eight-figure sale at 12 Dudley St.</p> <p><em>The Herald Sun</em> understands that the home went for more than $20 million.</p> <p>“It’s very interesting that both properties sold to local families,” Gibson said.</p> <p>“Brighton people love their suburb.”</p> <p>The two top-end sales in the affluent Bayside port were indicative of the market’s strength.</p> <p>“That market is alive and well,” Gibson said.</p> <p>However, he did highlight there would be lesser options for sellers as premier listings dropped away for winter.</p> <p>According to PropTrack records, the Pontings bought the seven-bedroom Brighton home for $9.25 million in 2013.</p> <p>“We’re thrilled with the sale of our house, especially to such a lovely family,” the couple told AFR.</p> <p>“It’s a beautiful family home, and we hope they love living here as much as we do.”</p> <p>The sales comes as the pair purchased a $20 million property in Toorak to be closer to their three children’s sporting activities.</p> <p>What drew the Pontings to the suburb was proximity to friends, including former teammate and longtime Brighton resident the late Shane Warne.</p> <p>Ricky retired from full-time cricket in 2012 and soon after sold the family home in Sydney’s Sutherland Shire and went down to settle in Melbourne’s Bayside area.</p> <p>“Landmark residences like this, especially in such a recognised blue-chip address, have a really broad appeal,” Gibson said of the home when it was listed.</p> <p>“Shandford is already one of Brighton’s landmarks but it could evolve from here to become one of Australia’s true residential trophies.”</p> <p>Although the Ponting’s next home in Toorak is smaller than the grand Shandford, it still covers an expansive 1,900 sqm of land.</p> <p>The dimensions and historic detailing are what makes Ponting’s former Brighton home one of the most significant in the neighbourhood.</p> <p>Beyond the elaborate foyer, it includes formal rooms, a timber-panelled study, a modern kitchen with a butler’s pantry and a mammoth home cinema.</p> <p>Outdoors showcase a full-sized tennis court, pool and private laneway to the beach.</p> <p>The Pontings also own a stunning weekender in Portsea, which they bought in 2019 for $3.52 million.</p> <p><em>Image credit: Getty/Realestate.com.au</em></p>

Real Estate

Placeholder Content Image

“My sex statue is famous”: Larry Emdur reacts to X-rated home reveal

<p dir="ltr"><em>The Morning Show</em> host Larry Emdur has been making a name for himself in the world of game show TV for a few years hosting<em> The Chase Australia</em>, but despite his success, he’s still had his sights set on one more goal: making an appearance on the<em> Have You Been Paying Attention?</em> series. </p> <p dir="ltr">And now, it seems like Larry’s dream has come true, though not exactly in the way he might have expected. </p> <p dir="ltr">The popular host and his wife, Sylvie, have had their hands full recently trying to sell their Kangaroo Valley retreat, better known as Sky Ridge. </p> <p dir="ltr">And while pictures of the property and its picturesque surrounds are available thanks to Belle Property, it wasn’t the property’s luxury four bedrooms or sweeping views that saw it get a mention on the Channel 10 game show.</p> <p dir="ltr">Instead, it was a statue situated in the home’s main living space that caught their attention, with <em>Have You Been Paying Attention? </em>host Tom Gleisner asking his panel if they knew why Larry’s holiday home had gone viral throughout the week. </p> <p dir="ltr">Ed Kavalee was quick to suggest that it was because “the price was right”, while Sam Pang asked if it was because “it has to do with the backyard, they found a shallow grave?”</p> <p dir="ltr">Kavalee eventually got to the right answer, revealing that “there was, like, a pornographic statue in there.”</p> <p dir="ltr">The statue in question could be found perched on top of Larry’s dining room table, and appeared to catch two people caught up in the moment having “X-rated raunchy sex”, as Larry himself put it. </p> <p dir="ltr">The <em>HYBPA?</em> audience found it hilarious, and thankfully, Larry was more than happy to see the funny side of it all, too. </p> <p dir="ltr">Taking to social media after learning about his unexpected cameo, Larry shared that he’d “always wanted to be on <em>Have You Been Paying Attention?</em> but not for a disgraceful reason like this.”</p> <p dir="ltr">“My sex statue is famous,” he added, before sharing details of the property and that “YES !!!! <em>The Price is Right</em>”.</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/reel/CttOo9pByBy/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/CttOo9pByBy/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by @larryemdur</a></p> </div> </blockquote> <p dir="ltr">Larry’s fans raced to express their amusement, with dozens sharing laughing emojis, while others assured him that the feature piece was certainly “a work of art”. </p> <p dir="ltr">“Love a good conversation piece,” one user said. </p> <p dir="ltr">“It’s…… unique,” another added. </p> <p dir="ltr">“Can’t stand that show,” one confessed. “But at least this time they are talking about something interesting”.</p> <p dir="ltr">And one other agreed that it had been “so funny”, noting that it was also a “nice house”, but that most importantly, they were sorry you weren't nominated for a gold logie, you sure deserved it”. </p> <p dir="ltr"><em>Images: realestate.com.au, Getty</em></p>

Real Estate

Placeholder Content Image

Man living in a tent after partner “gave up” on Covid restrictions

<p dir="ltr">A hyper-vigilant man has resorted to living in a “pressurised” tent in a garage to avoid contracting Covid, after his girlfriend relaxed about restrictions. </p> <p dir="ltr">The Aussie man named Jason, who is a self-proclaimed “Covid education activist” caused a stir online after he posted a photo of his unusual sleeping arrangements. </p> <p dir="ltr">The now-viral post shared by Jason featured a picture of the peculiar tent he claims to be sleeping in, with an air purifier sticking out of the door, igniting a firestorm of reactions on Twitter, ranging from agreeance, to humour, to concern.</p> <p dir="ltr">Despite the media storm, Jason defended his decision to maintain strict pandemic precautions, despite never having contracted Covid-19. </p> <p dir="ltr">“This is my bed in the garage because my partner has dropped precautions. I take precautions 100 per cent of the time. Don’t tell me that this hasn’t upended every f**king second of my life,” Jason declared in his original post, which included the image of his extraordinary sleeping arrangement.</p> <p dir="ltr">Taking his precautions to the next level, Jason also revealed that he has experimented with sleeping in a face mask, but he admitted that he found it uncomfortable and could not sleep properly with it. </p> <p dir="ltr">“I’ve tried to sleep in a mask, and I can’t. I know people sleep in CPAP masks all the time, so it’s possible, but I can’t do it,” he shared on Twitter.</p> <p dir="ltr">Despite the flurry of reactions to Jason’s living arrangement, he did receive some support for his precautionary measures, while some even suggested Jason leave his partner, to which he admitted the thought “had occurred to me”. </p> <p dir="ltr">Another Twitter user commended the tent and air filter idea, considering it a cost-effective and potentially effective solution to avoid contracting Covid. </p> <p dir="ltr">“I like the tent+filter idea. It’s cheap and should be effective,” another agreed.</p> <p dir="ltr">A few people shared that they empathised with Jason, and are also maintaining strict pandemic precautions. </p> <p dir="ltr">One person wrote, “Initially didn’t think much of the pic, but this is infuriating. I spend all my salary in-flo mask, enovid (antiviral nasal spray), no social life, so yes, I take precautions 100 per cent of the time.”</p> <p dir="ltr">“I’m sorry you have to live like this. I no longer see my family since they stopped masking,” another added.</p> <p dir="ltr">However, not everyone empathised with Jason’s living arrangements, saying he was being unrealistic about the future of Covid. </p> <p dir="ltr">“I work in senior living, and in the two years we’ve been open, we’ve lost zero to Covid. Even the (85-year-olds) getting it now are mild cases. Why? They’re boosted, so they don’t panic or sleep in a garage,” one commenter explained. </p> <p dir="ltr">“The vaccine is meant to enable you to live normally without worrying. Covid is endemic, so you will be in the tent for the rest of your life, lol.” posted another.</p> <p dir="ltr">In response to the viral post, one Twitter user humorously remarked, “We’re a few years away from a really good documentary on how this virus broke people’s brains.”</p> <p dir="ltr" style="line-height: 1.38; margin-top: 0pt; margin-bottom: 18pt;"><em>Image credits: Getty Images / Twitter</em><span id="docs-internal-guid-929ebb36-7fff-a45a-7dfd-5c273933cc32"></span></p>

Real Estate

Placeholder Content Image

Derelict Sydney home sells for millions

<p>A Sydney house dubbed “unliveable” has defied odds as it sold for $3.1 million after two couples submitted proposals prior to auction.</p> <p>The property on Vaughan Place in Redfern East is severely overgrown with plants and basic brick walls inside which appear to be covered in mould and rust.</p> <p>Shannan Whitney from BresicWhitney real estate told<em> 9news.com.au </em>that the couple who bought it were young and already homeowners.</p> <p>He said the vendors were satisfied with the final price of just over $3 million after it was initially listed for $2.5 million.</p> <p>"We were cautious about the conditions," Whitney explained when discussing the initial price guide.</p> <p>"We thought we were very sensible in terms of how the market might respond to an unliveable house, the high-interest rates and the high capital costs to turn it into a liveable existence.”</p> <p>"So yes, we thought that a $3 million-plus outcome was very pleasing all things considered.”</p> <p>He added that a project like this — clearly needing a lot of TLC — is not for the faint-hearted.</p> <p>Domain described the property as a "rare opportunity to build new residence”.</p> <p>It was designed and built in 1985 for prolific Aussie artist Peter Powidge who was at the forefront of Australian pop art in the 60s and 70s.</p> <p>The abandoned home sits across a double 270 sqm block and includes off-street parking.</p> <p><em>Image credit: REA Group</em></p>

Real Estate

Placeholder Content Image

Amanda Keller snaps up multi-million dollar townhouse

<p dir="ltr">Australian radio and TV presenter Amanda Keller has snapped up a townhouse in Sydney’s Newtown area with husband Harley Oliver. </p> <p dir="ltr">The property set them back $1.923 million, a hefty price tag that likely had a lot to do with its sought after location just steps from the busy Enmore Road. </p> <p dir="ltr">It boasts a modern warehouse-style appearance, with two levels that contain three bedrooms - one with its own built-in wardrobe and balcony - and an additional 47 sq m for garage space. However, the home’s title declares a total of 343 sq m, as it also includes a garden courtyard.</p> <p dir="ltr">Described as being at the back of “a whisper-quiet complex”, the townhouse is one of four, and features polished concrete floors throughout, an open plan living space with bifolds onto a paved courtyard, a renovated laundry, and high ceiling with exposed beams. </p> <p dir="ltr">“The combination of quality modern comforts and generous proportions offers an unsurpassed standard of living,” its listing read. </p> <p dir="ltr">It was listed through Adrian William Real Estate’s Adrian Tsavalas and Kate Ferrante, and was the first time the house had been on the market since 2013, when it sold for less than half of its 2023 price at $870,000.</p> <p dir="ltr">The median price of a three-bedroom home in Newtown has been tracked by PopTrack as $1.876, while in July 2022, it was at a high of $1.95 million.</p> <p dir="ltr">Keller and Oliver reportedly snapped up their latest property as an investment, though there is currently no evidence that it is being advertised on any rental website.</p> <p dir="ltr">The couple - who have been married since 1990 - are no strangers to Sydney real estate, having lived in Coogee for over two decades after making a move from the northern beaches. They’ve made their fair share of changes to their home in that time, submitting four different development applications for the likes of a pool and a ‘vergola’.</p> <p dir="ltr">According to CoreData, they bought that long-term home in 2001 for $900,000, while prices now average at around $2.615 million in the suburb.</p> <p dir="ltr">They also own a property in the South Coast at Culburra Beach, and paid only slightly less for it - $1.475 million - than their lavish Newtown buy.</p> <p dir="ltr"><em>Images: realestate.com.au, Getty</em></p>

Real Estate

Our Partners