North Melbourne premiership hero John Burns is farewelling the Pascoe Vale South family home he and wife Beverly have held for more than 20 years.
The 1975 grand final centreman’s four first-half goals delivered the Kangaroos their drought-breaking VFL flag.
The sporting legend said Lochinvar St’s peace, history and charm had kept the couple anchored for more than two decades.
“Lochinvar Street had that magic from the moment we saw it,” Burns said.
“We’re at the end of a no-through road, right near an oval where David Dench once played.
“For me, that history mattered. And Beverly and our daughters rolled up their sleeves to turn a very plain post-war house into something special. I was just the trade assistant.”
North Melbourne premiership hero John Burns is farewelling his Pascoe Vale South family home after 20 years.
The 1975 grand final centreman’s four first-half goals delivered the Kangaroos their drought-breaking VFL flag.
The home will go under the hammer on October 11 with a $1.85m-$2m price guide.
The four-bedroom bungalow has been steadily updated under Beverly’s guidance. The home blends leadlight windows, ornate ceilings and polished boards with a sleek kitchen, renovated bathrooms and an alfresco perfect for entertaining.
Burns said Pascoe Vale South had become a magnet for young families priced out of Brunswick and its surrounds.
“When we arrived, it skewed older. But over the past 15 years, younger families have moved in,” he said.
“Pascoe Vale South became the pocket to buy into while staying close to the city.”
The couple said the suburb’s lifestyle remained one of its strongest selling points, with leafy parks, transport and cafes all within easy reach.
“One Sunday we walked 120 metres, hopped on a tram, and got off in Toorak Road for lunch,” Burns said.
“That connection, so close to the city yet homely, that’s what we love.”
The home blends leadlight windows.
An alfresco perfect for entertaining.
The four-bedroom bungalow has been steadily updated.
McGrath Coburg/Brunswick’s Michael Chan said buyers were chasing the mix of period detail and modern ease.
“High ceilings, leadlight windows and character paired with updated kitchens, bathrooms and alfresco spaces, that’s the dream combination,” Mr Chan said.
“People don’t want the hassle of renovating right now. Trades are expensive and timelines blow out. This home is done, just move in and enjoy.”
Mr Chan said family homes in the Strathmore Secondary College zone were particularly scarce and hotly contested.
“Pascoe Vale South is no longer just the push-out from Brunswick, it’s a preferred suburb in its own right,” he said.
“Listings are tight, competition is strong, and homes like this are always in demand.”
The 468sq m block sits within walking distance of Shore Reserve, Reynard St buses and Melville Rd trams.
The home will go under the hammer on October 11 with a $1.85m-$2m price guide.
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Nicole Kidman’s new living arrangement is raising eyebrows over reports she is spending a small fortune to live in a UK home without husband Keith Urban.
The 58-year-old Aussie actress has been staying in England to film Practical Magic 2.
According to Daily Mail, the Oscar-winner has been residing in a luxurious Hampstead mansion once owned by pop star Boy George.
The property boasts five bedrooms, five bathrooms, a cinema, a roof terrace and a meditation room.
Built around 1868 for the wealthy civil engineer and developer Edward Gotto, the primely located mansion — originally named “The Logs” — has been home to British comedian Marty Feldman as well as Sam Smith.
Nicole Kidman is spending a small fortune to live in a UK home without Keith Urban. Picture: Taylor Hill/WireImage
The Oscar-winner has been residing in a luxurious Hampstead mansion once owned by pop star Boy George. Picture: Aston Chase
The Paddington star is apparently “getting comfortable” at the stately manor, which reportedly costs her £65,000 ($A132,000) a month to stay at while her country singer husband is currently on tour.
Urban hasn’t been seen at her rented UK mansion as he is travelling across the US and Canada until mid-October for his High and Alive tour.
Despite the musician’s tour commitments, an insider told Woman’s Day the couple’s time apart has raised eyebrows.
“They do make an effort to speak every day when they’re apart but it’s shocking how much time they’ve spent apart since Nicole’s mother died last September,” the source told the publication.
“It’s like they both went their separate ways. Now she’s getting comfortable in a dream home in London on the other side of the world.
“No one knows how long they can put up with this situation, as they’ve always been diligent about not spending more than two weeks apart. Clearly, that’s not the case anymore.”
The Paddington star is apparently “getting comfortable” at the stately manor, which reportedly costs her £65,000 ($A132,000) a month to stay at. Picture: Aston Chase
Boy George lived in the six-bedroom compound until 2022. Picture: Getty
Kidman’s UK rental has an eerie past. In 1986, 27-year-old American musician Michael Rudetsky was found dead in the living room from a drug overdose.
Despite the home’s dark history, Kidman doesn’t seem to have put off living there.
“If you put aside what must’ve gone on in that house over the years, it is stunning, in a beautiful location, and it has lots of space,” the source said.
“It’s made for a Hollywood star. It’s close to Hampstead Heath, which is a draw for stars used to living in America.”
A new report has flipped the script on one of real estate’s biggest assumptions: that units are a smart, affordable choice for investors.
InvestorKit’s new whitepaper, House vs. Unit Performance: 7 Regions with the Biggest Gap, reveals that units across Australia’s largest cities have been outpaced by houses for over a decade – and the gap is only growing.
Oversupply, skyrocketing strata fees, and faster building depreciation have been blamed for dragging unit investments down, while houses continue to deliver stronger returns and long-term growth.
“While many investors view units as an affordable entry point, houses have significantly outperformed units across most regions studied,” Arjun Paliwal, CEO and Head of Research at InvestorKit, says.
“Over the past decade, units haven’t just lagged behind houses, they’ve consistently delivered weaker returns. This gap doesn’t signal opportunity; it’s a warning sign for investors.”
Arjun adds that houses generally benefit from larger land value components, lower oversupply risks, and superior long-term compounding returns.
“Oversupply is a major reason why units underperform,” he says.
Arjun Paliwal, CEO and Head of Research at InvestorKit
“When too many units hit the market, prices can stagnate or fall, limiting long-term growth. “Additionally, strata fees also play a crucial role in shaping the long-term performance of apartment investments.
“High strata fees, especially in buildings with costly facilities like pools and gyms, while may attract tenants and add lifestyle appeal, can significantly reduce net returns over time with the ongoing fees.
“The numbers clearly show houses are the stronger performer almost every time.”
The report shows that in all seven regions, house returns were significantly higher than unit returns, with units often recording diminished or even negative value growth despite strong rental yields.
Paramatta in Sydney topped the list for having the greatest price gap between houses and units over the past decade.
Units saw only a 2 per cent increase in value while houses saw a 76 per cent increase.
In Ryde, Hunters Hill, NSW, units rose by 17 per cent in value while houses grew by 89 per cent.
Thinking about investing in a unit? Do your research, with some areas performing better for houses.
In Strathfield, Burwood and Ashfield – also located in NSW – units value grew by just 15 per cent over the past decade, compared with house prices, which jumped by 73 per cent.
In Melbourne, unit values even managed to decline over the past decade, dropping by -4 per cent, compared to a 56 per cent growth recorded by houses.
In Yarra, VIC, unit prices showed no growth, while houses grew in value by 49 per cent.
Other notable markets included inner Brisbane, where unit values rose by just 31 per cent since 2015, compared to a 103 per cent jump in house prices, and South Canberra, where unit values rose by 29 per cent, whereas houses grew by 88 per cent.
The whitepaper also notes that while some unit markets defy the trend, especially in locations where unit supply is tight like Hobart, Coffs Harbour or metro areas where development has been limited; houses remain the superior alternatives at similar price points in almost every case.
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Hobart’s property market is set for a burst of competition this spring, as local real estate agents report an influx of property investors returning to the city.
Hobart’s home prices have been steadily growing, with the city’s median home price rising 3.1% to $665,000 during the year to August, according to the latest PropTrack Home Price Index.
Prices across the city have been recovering after a slower period, when some suburbs reported flat or dipping prices at times.
But local agents have seen home prices on the move again and reported a notable return of interstate property investors to the city.
Mathew Chugg, real estate agent at Elders Real Estate – Hobart, said property investors were back.
“We lost the investors for a period of time, but they are definitely back,” he said.
Hobart suburbs with the fastest growing house prices
Suburb
Median price
Annual price change
Dodges Ferry
$727,500
21%
Margate
$869,500
15%
Kingston Beach
$935,000
13%
West Moonah
$662,500
10%
Berriedale
$597,500
7%
New Town
$895,000
7%
Bellerive
$882,000
7%
Lindisfarne
$785,000
6%
Sandy Bay
$1,360,000
6%
Taroona
$942,000
5%
Geilston Bay
$728,000
5%
Austins Ferry
$622,475
5%
Claremont
$550,000
4%
Glenorchy
$570,000
4%
Risdon Vale
$470,000
3%
West Hobart
$937,500
3%
Brighton
$600,000
3%
Bridgewater
$420,000
2%
Moonah
$630,500
2%
Howrah
$750,000
1%
Source: PropTrack. Suburbs ranked by 12-month change in median prices. Excludes suburbs with fewer than 30 sales in the 12 months to August 2025.
“I think it’s due to home prices stabilising, interest rates going down, and our yields normally being pretty high here, so it’s a good combination for investors.”
In the three months to June 2025, property investors took out the highest number of new loan commitments in Tasmania since mid-2022, according to the Australian Bureau of Statistics.
Home buyers have been keeping a close eye on the Reserve Bank of Australia, which has cut interest rates three times this year, with most experts predicting at least one more cut in 2025.
The three-bedroom house at 30 Fourth Avenue, Dodges Ferry sold for $775,000 last month. Dodges Ferry recorded the city’s strongest annual house price growth in August. Picture: realestate.com.au/sold
Affordability has also been a factor. Among the capital cities, Hobart has the second cheapest median home price after Darwin, which had a median home price of $550,000.
The availability of homes for sale was also shaping Hobart’s market conditions, with fewer listings in Hobart compared to the same time last year, according to PropTrack figures.
New property listings in Hobart were down 13.5% year-on-year in July, while total listings were 10.3% lower too.
Hobart suburbs with the fastest growing unit prices
Suburb
Median price
Annual price change
Hobart
$890,000
12%
Moonah
$466,500
7%
New Town
$495,000
6%
Lenah Valley
$570,000
6%
Blackmans Bay
$623,750
6%
Lenah Valley
$570,000
6%
Claremont
$462,500
5%
Geilston Bay
$578,000
5%
Howrah
$626,000
5%
Bellerive
$575,000
2%
Source: PropTrack. Suburbs ranked by 12-month change in median prices. Excludes suburbs with fewer than 20 sales in the 12 months to August 2025.
Real estate agent and sales manager at Peterswald, Bec Owens, said the Hobart property market had been very active during the autumn and early winter periods before conditions quietened a bit in August.
“September to December always picks up because it’s usually our strongest transacting months,” she said.
“Lots of appraisals are happening and people are preparing for market, so we’re bracing for that at the moment.”
A buyer paid $1.253 million for the four-bedroom house at 23 Hillview Drive, Margate earlier this month. Margate’s median house price grew by 15% during the year to August. Picture: realestate.com.au/sold
Within the Hobart property market, there was more activity at the more affordable end, according to real estate agent and director at 4one4 Property – Glenorchy, Patrick Berry.
“Greater Hobart has been performing quite well – anything sub $650,000 or $700,000 is turning over relatively fast,” he said.
“The higher-end properties are taking a little bit more time to sell, but any of those blue-collar worker entry-level homes seem to move relatively fast.”
The two-bedroom apartment at 4/191 Harrington Street, Hobart fetched $900,000 in July. Hobart’s median unit price grew by 12% during the year to August. Picture: realestate.com.au/sold
Looking ahead, Mr Chugg said there should be more sellers listing their homes for sale in the coming months.
“There is a feeling in the air that there’s going to be an increase in property values due to a couple of drivers, including interest rate cuts and an increase in interstate buyers into our market over the spring months,” he said.
“Our office has a big pipeline of properties coming in September and October, so I think there will be more properties coming to the market overall.”
The two-bedroom unit at 3/36 Garden Road, Moonah fetched $530,000 last month. Moonah’s median unit price grew by 7% during the year to August. Picture: realestate.com.au/sold
Mr Berry said buyer confidence was improving in the city as a result of rising home prices and falling interest rates.
“Now that we are starting to see prices increase again, people are starting to believe the value is there, and are prepared and confident to buy,” he said.
“When people hear about the interest rate cuts on the news, they do play into the minds of people purchasing in the area because they are quite tight on their budgets.”
Ms Owens said the Hobart property market should see steady growth due to the current supply and demand conditions.
“Like any market, if we continue to see the interest rate cuts that are widely predicted over the next year or so, then that should continue to strengthen the market,” she said.
“The only thing that will slow it will be if we get an oversupply, but that hasn’t traditionally been a problem in Hobart.”
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A new chapter may be opening up for a local Sydney landmark, as the owners of a replica castle in Sydney suburbia get serious about selling after years of putting the home on and off the market.
The extraordinary medieval-style home in Leumeah in the city’s southwest is complete with turrets, arrowslits, moat and knightly decor throughout.
The unusual features were installed by a previous owner, a civil engineer who did much of the work himself.
While the current owners were previously testing the water — of the market, not their moat — they have now bolstered their attempt to sell with a new real estate agent and new renovations.
Leumeah Castle on Dowling Street, Leumeah.
The family fortress has been listed through Devak Arutla and Jamie Bae of RE/MAX Prestige in conjunction with Amanda Clement at Sotheby’s International.
It has been on-and-off the market since 2022, with the owners previously trying to sell without an agent.
Now, Mr Arutla says the owners are “motivated to sell.” There is now a $1.5m guidance for the medieval manor.
The property has been on-and-off the market for several years.
Mr Arutla said most interested buyers saw the property as an investment opportunity. In particular, he said investors were considering running the property as an Airbnb.
“With the new airport coming next year … it’s going to be a good tourist spot,” he said.
According to Mr Arutla, the castle was also attracting interest as a retirement home.
“We’ve seen a few enquirers for the property looking to move from the countryside to here as the property backs onto the bush,” he said.
“It can be a good retirement home … living like this, in a castle, will be a good memory for the grandkids.”
The sellers are going through a real estate agent for the first time.
The home pictured in 2014 – when it last sold.
Mr Arutla said there have been several owner-occupier inquiries as well.
The vendors have recently renovated the property to make it a more functional home.
“The kitchen has been updated and the bathroom is renovated fully,” Mr Arutla said.
“The architecture is still original but they have added more modern touches to the property.”
The sellers, Gopal and Sonita Ganda, bought the property for $480,000 in 2014. The home had been on the market for close to a year before they snapped it up, records showed.
Owners Gopal and Sonita Ganda pictured shortly after they bought the home a decade ago. Picture: Jeremy Piper.
Last year, Sonita Ganda told The Daily Telegraph she was awaiting “feedback” from the market when the property was listed at the time.
It was reported at the time that viewings were restricted only to those with pre-approval for a loan due to getting long lines of curious neighbours wanting to see the inside, which she said was something of a local “landmark” in Leumeah.
The castle was built by its original owners as a homage to their English heritage.
The couple were reported to be regular attendees at medieval themed events, and even arrived at an inspection in medieval garbs.
Leumeah Castle was originally built by Ron and Joan Farmer, an English couple, who purchased the site in the 1970s. It was originally a fibro home.
It took 10 years for them to build the three-bedroom, two-bathroom home, which hosted several weddings during their ownership. Now, new ownership awaits for this striking stronghold.
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One southern suburb’s record sale price has just been smashed, with a Flagstaff Hill home settling for $420,000 more than its suburb’s previous top sale.
A grand seven-bedroom mansion at 28 Kingfisher Circuit has just set a new benchmark for prestige property in the suburb, due largely to its size, bold design and luxurious aesthetic.
The property fetched a whopping $2.42m, easily surpassing the $2m paid for the four-bedroom 34 Torrey Rd in July 2023.
Selling agent Valerie Timms of OC said the property said the property attracted a lot of attention.
“We had a lot of interest in it and got multiple offers, and it was a great campaign and the first open was insane – it was raining and we had shoe covers for people and a lot of people chose to take their shoes off and my co-agent Ellie and I were just lining shoes up to try and get people inside as soon as we could. It was nuts,” she said.
28 Kingfisher Circuit, Flagstaff Hill. Supplied
The home’s grand facade.
The elegant hallway.
Ms Timms said the property attracted people looking to move from surrounding suburbs and beyond, with the seller coming from the southeastern foothills.
“They knew of the property and had admired it for a long time and had family who live nearby and it just gave them the space that they needed,” she said.
Ms Timms said the property sold by its expressions of interest date and that the vendor was very happy with the price they got.
“It was a labour of love for them, so to achieve this result for them was great,” she said.
How’s that for a kitchen?
One of the light-filled bedrooms.
An elegant bathroom.
Vendors Caleb and Cass bought the home in 2017, attracted by its scope for a grand transformation.
And they’ve certainly done that, with the end result a stunning home offering some 585sqm of indoor and outdoor living space over its two levels.
“It was very run-down, but it had excellent bones,” Caleb says.
“It was a solid double-brick construction with what I’d never seen before – a 150mm poured – in – place second story slab floor.
“I had never seen that in a home, and it was visible in the garage and I was looking at it thinking: “This place is built like a truck’.”
But it wasn’t the style Caleb had wanted, so they set about turning it into something else.
“We threw everything at it, thinking it was going to be our forever home,” he said.
“We wanted everything to be quality and wanted everything to last a very long time and we also wanted it to be beautiful.
A look at the open-plan dining and living room.
Not one, but two island benches.
The spacious rear yard.
“I love that style of home, the Georgian, French Provincial sort of mix, and I had a vision for the front and got a lot of my inspiration from the late David Cheney and I actually spoke to the chap who used to do his facade mouldings.
“He came out and we had a chat and I got some ideas from him – he didn’t actually want to do the job as he was semi-retired, he was just wanting to help out.
“So I put some concepts together and put them to the Galvin Group’s Alex Galvin, and he came up with a pretty incredible design.”
That design incorporates seven bedrooms, numerous indoor and outdoor entertainment areas and a stunning landscaped garden ensuring the home dazzles long before you walk in through the front door.
Quality fixtures and fittings abound, including 25mm french oak parquetry floors, chandeliers, thick stone benchtops, a ceiling dome, a 19kw solar system and custom joinery.
“Unfortunately I’m the sort of guy who really enjoys a project, and then I look for the next one,” Caleb says.
“I’m not the sort of guy that looks over his shoulder too much, to my own detriment.
“I should sit back and relax and look at things, but yeah, we loved it, it was a brilliant family home, and it was our dream.”
When it first hit the market, Ms Timms told The Advertiser it was a landmark property for the area.
“I would never want to actually say that it is the best home in Flagstaff Hill, but when I walked inside I realised, oh my God, this actually is,” she said.
Ms Timms said the home had attracted an enormous amount of interest online.
“I’ve got people from the local area interested who are looking at moving up,” she says.
“I’ve also got people who were originally thinking inner city, but this represents really good value.
The view from the front veranda.
The vista from the balcony.
“For what it is, to buy something like this in Mitcham or Unley, you’re talking probably $3.5-$4.5m.
“This is in Craigburn Estate the way I priced it was sort of looking at what’s selling in Craigburn Farm and Craigburn Estate and then you know we put together that price range which I feel is realistic given like the scope of the property.”
Ms Timms said the home did not have to be restricted to just the one family.
“We’ve got a lot of interest from people who are looking at multi-generational living, because it’s got four bathrooms and seven bedrooms and it’s got separate wings of the house, so it does lend itself to that,” she said.
“Even the kitchen, although it’s one kitchen, it’s in three sections, so you’ve got the scullery, then there’s the main kitchen, and then there is the bar area, all of which have their own sinks and cupboards.
“I think for people who were thinking maybe even two or three families living in the one space – everyone’s got room.”
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Lot 1 and 2, 2-8 Ocean Rd, Airlie Beach. Picture: Supplied
Two neighbouring waterfront lots have hit the market in Airlie Beach offering buyers the opportunity to snap up both for a combined 2558 sqm on the ocean.
The two blocks are in the One Airlie gated community and are the largest available waterfront residential land parcels in Airlie Beach at 1468 sqm and 1090 sqm.
Wayne Singleton, selling agent and director of Queensland Sotheby’s International Realty – Whitsundays, said opportunities to buy absolute waterfront land such as this were exceptionally rare in Airlie Beach
“One Airlie is without question the most exclusive enclave in Airlie Beach, and this is the only level waterfront landholding of its kind available,” Mr Singleton said.
“With demand for blue-chip coastal property continuing to outstrip supply, this offering presents a once-in-a-lifetime chance to create a landmark residence, secure an irreplaceable asset or land bank for the future in one of Australia’s most desirable destinations.”
Lot 1 and 2, 2-8 Ocean Rd, Airlie Beach. Picture: Supplied
The lots offer incredible views across the Coral Sea and are strolling distance to the Whitsundays Sailing Club, Boathaven Beach, Main Beach and the Port of Airlie, as well as restaurants, pubs and retail.
Mr Singleton said with land supply in Airlie Beach increasingly scarce, new land values had climbed by 8 to 10 per cent in the past year, while premier waterfront sites surged by nearly 30 per cent since 2021, underscoring the strength of demand for blue-chip coastal holdings.
Lot 1 and 2, 2-8 Ocean Rd, Airlie Beach. Picture: Supplied
He said One Airlie’s neighbouring estate, The Beacons, had set new benchmarks in 2025, with a record-breaking sale exceeding $4 million for an 800 sqm vacant waterfront lot, equating to more than $5000 per sqm.
“The Beacons is also home to the highest residential home sale ever recorded in the Whitsundays,” Mr Singleton said.
“These results speak to the extraordinary demand for prestige coastal property and underline the significance of this One Airlie release.”
The two sites at One Airlie are being sold via expressions of interest, with inspections available by appointment.
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In one of Sydney’s most sought-after suburbs, a collection of terraces and apartments perfect for downsizers and families is now complete.
Ashbury Terraces by Coronation Property is a 136-residence development in the Inner West suburb of Ashbury.
Completed in July this year with a grand opening, Ashbury Terraces is resort-style living in Sydney’s Inner West and features a range of private park-side terraces, apartments, and penthouses.
Perfect for first home buyers, families, and downsizers looking for a modern lifestyle yet still live in a community with a resort-style pool, gym, lush gardens, and lawns.
In Ashbury, a suburb known for not only its tightly held property but also its scarcity of new builds, Ashbury Terraces is a welcome sight for buyers who want something new, private and lifestyle-focused while staying in the community they love.
“Ashbury is suburb people rarely leave,” says Coronation Property’s Head of Urban Transformations, Aras Labutis.
“Without new projects like this, it’s been nearly impossible for growing families or downsizers to stay in the area.”
Ashbury Terraces offers move-in ready residences in the heart of one of Sydney’s most-loved suburbs.
In-demand location
Ashbury is rare in the Sydney property market, with homeowners staying put longer than usual.
“In a city where people typically move every decade, Ashbury residents hold onto their homes for an average of 15 years,” says Nerida Conisbee, Ray White Chief Economist.
“This statistic reveals a community where residents develop deep attachments to their neighbourhoods, creating a natural market for housing alternatives that allow them to remain in the area.”
Ms Conisbee finds that new homes are incredibly scarce in the area.
“In 2024, just 3 new homes were approved in the area, amounting to less than 1% of total homes approved in Sydney’s inner west,” she says.
“With so little development, it is impossible to meet the needs of downsizers who want to stay in the area and young families who want to take advantage of the considerable amenity.”
Situated only 10km south-west of the Sydney CBD and only a short walk from both Ashfield Train Station and the future Canterbury Metro station, Ashbury offers residents a quiet, leafy Inner West suburb known for its village-like charm without sacrificing a close connection to the city.
Stuart Gordon, a seasoned town planner with over 20 years of experience, recently purchased a three-bedroom Ashbury Terraces apartment for his family partly because of its location.
“I’ve lived in the Inner West for over 25 years, in Dulwich Hill and currently Summer Hill, and Ashbury has always had that sense of community and character,” Mr Gordon says.
“We ideally wanted a brand-new home in the area that worked for our family right now—the girls can comfortably walk to school; I can easily get to work in Surry Hills.”
With a rarity of new homes and tightly-held property, Ashbury Terraces is a rare opportunity to secure an address in this Inner West hidden gem.
Timeless homes
With prices ranging from $850,000 to $3.7 million, the homes at Ashbury Terraces cater to a range of lifestyle and buyers.
This includes one-, two-, three-, and four-bedroom apartments that look out over W H Wagener Oval,
These apartments feature generous entertaining balconies and spacious living areas with floor-to-ceiling windows to perfectly capture the views of local green spaces and the city skyline.
For those looking for something larger, the stand-out Terrace Collection offers three-bedroom, two-bathroom terraces with multi-level open atriums, oversized backyards and courtyards and private rooftop retreats.
Outside each individual residence, the lush landscaping and communal spaces include a heated pool, outdoor dining areas, and a state-of-the art gym for residents to enjoy.
“The gym, and especially, the communal resort-style pool, were big draw cards for all of us,” Mr Gordon says.
“The girls are thrilled about having access to a pool and gym and are really looking forward to bringing friends over after school—it’s a lifestyle that suits them now and gives them space to grow.”
The apartments at Ashbury Terrace cater to a wide range of buyers looking for resort-like lifestyle and luxury design.
Expert team
Ashbury Terraces is the result of a collaboration between developer Coronation Property, designers SJB and landscape architects 360 Degrees.
Sydney-based Coronation Property are experts in delivering diverse residential and mixed-use precincts with 1,750 homes completed, as well as $5.7 billion in projects in the pipeline.
SJB is a leading town planning, architecture, and urban design studio with more than 45 years of experience and has been recognised at the Australian Interior Design Awards, the NSW Architecture Awards and the Australian Urban Design Awards.
For Mr Gordon, who works with SJB but was not directly involved in this development, the team involved made choosing Ashbury Terraces for his family even easier.
“When I saw SJB Architecture was behind the architecture and 360 Degrees was handling the landscaping, I already had confidence this would be an extremely well-executed development,” says Mr Gordon.
“Everything pointed to Ashbury Terraces being a high-quality, liveable, and sound investment, that would suit a transitional period in my family’s life.”
With construction complete and a limited number of residences remaining, buyers are encouraged to register their interest at the Ashbury Terraces website and experience the community first-hand.
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It’s been a big news week for ANZ. (Picture: William West)
ANALYSIS
Could our major banks be unwittingly about to cause a rate cut?
One factor that the RBA monitors closely when considering rate movements is unemployment.
And while the current unemployment rate is steady at 4.2 per cent, revealed with today’s release of the August job figures, this number could soon be much different.
Sean Crick, ABS head of labour statistics, said “employment fell by 5000 people and the number of unemployed fell by 1000 people in August.
“This meant that the unemployment rate remained steady at 4.2 per cent while the participation rate fell by 0.1 percentage points to 66.8 per cent.”
These numbers are no chance of sparking the central bank into action, but a lot has happened since the end of August. Especially in the banking sector.
There has been a raft of job cuts announced by lenders so far in September. First, it was ANZ with about 3500 roles to be cut this month, representing an estimated 14 per cent reduction to its workforce, according to Financial Services Union. On top of that, another 1000 contractor roles would be affected.
And because banks like to follow each other’s leads, NAB announced plans to cut 410 jobs, while a Bendigo Bank restructure would affect 637 staff, Bank of Qld is cutting 200 roles and moving half its call centre operations to India. Meanwhile, Westpac is reportedly considering about 1500 redundancies.
Australia’s workforce is at about 14 million people, so 14,000 job losses would be enough to move unemployment up to 4.3 per cent. In September so far, banks alone got us nearly halfway there.
On top of this, BHP Mitsubishi Alliance announced 750 job cuts in Qld, Telstra is planning to add 550 role reductions to its already 2800 cuts this year and Australian biotech company CSL has announced 12,000 global lay-offs, a significant number of which could be in Australia.
Shane Oliver of AMP said it makes sense to continue easing if unemployment creeps up.
If more banks and other major companies follow suit, they might find they shift the unemployment dial far enough to prompt another rate cut.
RBA Governor Michele Bullock has repeatedly emphasised the importance of unemployment figures in shaping cash rate decisions, and while the central bank forecasts a 4.3 per cent unemployment rate through to 2027, a strong increase in that figure would lead to pressure for further, accelerated rate cuts.
Finder’s RBA Cash Rate survey revealed in August that 80 per cent of experts believed unemployment would rise in the next 12 months.
Stella Huangfu, University of Sydney, said “unemployment is likely to edge a bit higher over the next 12 months as the economy continues to slow … perhaps towards the mid‑4s. If the RBA continues to cut rates, that should help put a floor under the jobs market.”
Shane Oliver, AMP, said “the risks to unemployment are shifting to the upside and monetary policy is still tight so it makes sense to continue easing.”
Canstar data insights director Sally Tindall. Picture: Tim Hunter.
The news comes as banks continue to slash their fixed rate products out of cycle, to try to win customer share in a highly competitive market. And because they obviously believe variable rates will continue to fall.
CBA was the latest lender to go below the 5 per cent interest mark, with a 4.99 per cent rate for two-year fixed home loans. The move followed Westpac’s announcement of a 4.89 per cent fixed rate product in late August.
Canstar’s data insights director Sally Tindall said there were now more than 30 lenders with at least one fixed rate product under 5 per cent.
“The competition is heating up as banks encourage more borrowers to lock in,” Ms Tindall said. “Smaller lenders are offering rates as low as 4.64 per cent.”
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It’s becoming more common to see when homes are advertised for sale, but few actually know what it means.
Buying a property is the biggest purchase most Aussies will ever make. Across the country, builders and developers have acknowledged that responsibility by voluntarily opening their businesses up to scrutiny.
A newly-built home in the Elara community of Sydney’s growing north-west, constructed by SHAWOOD Homes. Image: realestate.com.au
It’s also one of the stressful experiences that people go through. And with good reason – buying a home can be a complex journey.
There’s the process of obtaining a mortgage, the hunt for a home that suits both lifestyle and financial realities, and then the nerve-wracking question of whether the price represents a good investment.
That can be hard enough to decipher with the home right in front of your eyes. But when building a new home or buying an apartment off the plan, the fear is maximised. How can you judge a product that doesn’t yet exist?
For many professionals in the building and development industry, they know this question is going through buyers’ heads. They also know that buyers have heard the horror stories of building defects and builder bankruptcies that have caused some to rule out a new property all together.
Among the industry, a growing number have decided it’s their responsibility to prove that they are up to the task of building quality Australian homes that will live up to buyers’ hopes.
“We’re conscious that people are investing 30 years of a mortgage into something that we’re developing, that we’re building, and the obligations are high – the responsibility is high,” explained Anthony Falas, executive general manager of sales at TOGA, an Australian developer whose portfolio includes multi-residential builds.
It’s why TOGA made the decision to become iCIRT rated, opening up their books and building history for an independent and rigorous review process intended to bring transparency into their operations for interested buyers.
The iCIRT logo, which builders and developers can display on promotional material if they are listed on the iCIRT registry. Image: Equifax
An independent evaluation
Officially launched in late 2020, iCIRT is provided by Equifax, the global ratings agency that’s known for its credit assessment services used by banks and insurers. Its development was backed by the NSW government.
The rating that businesses receive from the iCIRT process is based on an assessment across six categories: capability, conduct, character, capacity, capital and counterparties, and the subcategories of transparency, trustworthiness, experience, track record, financial stability and regulatory compliance.
The rating system ranges from zero to five stars, with three star-rated firms and above given “gold star” status and considered capable of delivering a quality home or apartment. iCIRT publishes a register of any company that has gone through the evaluation and received three stars and above.
TOGA, for its part, has maintained a four-star rating through its initial assessment and subsequent reviews, which Mr Falas characterised as a point of pride as well as an important tool for its current operations.
“Confidence is really important,” Mr Falas said. “The least we could do is ensure that the buyer has everything they need to gain that confidence in a developer.”
Prior to iCIRT, the company relied on its six-decade history to prove its credentials, and that remains an important measure of trust. But TOGA also saw the benefit of having an independent rating to point to.
And beyond the benefits to the individual company, leaders at the firm also saw that their participation could be of benefit to the industry more broadly.
Wicks Place, one of TOGA’s newest developments, located in Sydney’s inner-west. Image: realestate.com.au
Growing confidence beyond individuals
“Seeing some of the issues there are in the industry, we thought it was a very good idea to undertake the journey and get the star rating,” Mr Falas said, knowing it would encourage others to do the same.
“I think all developers should have these accreditations.”
At Sekusui House – a developer of apartments as well as house and land under the SHAWOOD brand – the thought process was similar.
“iCIRT brings transparency and accountability to an industry where consumer trust is paramount,” said Hironobu Seto, CEO of residential communities and home building at Sekisui House Australia.
“By encouraging developers and builders to meet higher standards, it raises the bar for everyone. We believe it will help restore confidence in the market and empower buyers to make informed decisions,” Mr Seto added.
The company also received a four star rating, with Mr Seto characterising it as “a reflection of our capability, integrity, and financial strength”.
“We want consumers to know that this rating is earned through a comprehensive evaluation of our character, conduct, and capacity to deliver. It’s a signal that we’re not just promising quality with our SHAWOOD homes – we’re independently verified to deliver it.”
Mr Seto, like Mr Falas, would like to see wider takeup in the industry. Currently, 198 building and development practitioners are listed on iCIRT’s registry.
Public awareness slow to start
Companies that achieve a three-star rating and above are generally keen to promote their certification, and it’s becoming more common to see builders and developers sharing the iCIRT badge on their promotional material – even as they know that there’s a gap in consumer understanding.
“iCIRT isn’t something that people are inherently aware of at this stage,” said Thomas McGlynn, director and CEO of Sydney property group BresicWhitney, though that’s certainly something he’d like to see change.
The real estate brand not only represents existing homes but also works with developers on their new and off-the-plan homes – generally high-end apartment buildings in the inner-Sydney market such as Wirra in Neutral Bay, which was developed by Podia and built by four-star iCIRT rated builder Ultra Building Co.
Knowing that consumers often raise questions about build quality when buying off the plan, Mr McGlynn said that his team members find themselves doing a lot of education around iCIRT.
“It helps you articulate: let’s look at past performance, let’s look at quality.”
“For us to be able to not only talk to people about the history of the developer or builder, but to have this arm’s length, third-party rating to be able to back that up, is fantastic. I do think it creates an extra layer of comfort for buyers because people can be really sceptical around the quality of new builds,” he said.
With ambitious housing targets to meet, Australia is hoping to increase the pace of building in the months and years to come. Image: Getty
But at this point in time, he describes it as an element that buyers often discover as they do their research, rather than something that people are actively seeking out or bringing into the conversation themselves.
Because of that, Mr McGlynn said that he would like to see consumer-facing campaigns that “communicate what iCIRT is to the buying market”.
Like many in the industry who support iCIRT, he’s aware that it’s a bit of a circular relationship between industry uptake and public awareness.
The more people know about it, the more builders will partake, and then quality will naturally rise.
“If we can get it more mainstream and something that buyers are looking for, I think that will help lift the building standards,” he said.
Are you interested in learning more about building or buying new? Check out our dedicated New Homes section.
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