A northern beaches house with no drive sells for $845,000

A northern beaches house with no drive sells for $845,000

This beach house on Barrenjoey Rd, Bilgola Beach is right on the notorious bends and reached via a flight of steps. A Bilgola house on the notorious Bilgola Bends and with no car access or drive has sold for $845,000 after months on the market. The beach house had neither a drive nor space to park a car. Access was via a steep set of stairs from a busy road. However, the four-bedroom family home has sold for $845,000, to a family with not one but two cars. The house at 517 Barrenjoey Rd, Bilgola Beach, came to market at the beginning of the year with a price tag of $945,000. The selling agent at the time encouraged people to think outside the box to obtain a family home. Now an Avalon Beach family has taken up the challenge and purchased the weatherboard home, which has neither vehicular access nor parking. Seller Rod Taylor said the house enjoyed a lovely situation with ocean views that could not be built out. “And it is one of the slowest parts of the road,” he said, adding there was potential to build a garage, if council agreed, plus a car could be parked in a nearby street. “I think the new owners hope to put in a garage.” The $845,000 price is excellent value for the northern beaches, which has a median house price of $1,535,000. Even the median unit price is more than $777,000. The 1960s beach house with its northerly aspect and 613sq m block has been on and off the market since July last year. It sold last month.   By: Kathryn Welling Published: August 20,...

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Is the risk of settlement as big as it seems?

Is the risk of settlement as big as it seems?

Hype about the risk of property settlement due to tougher bank restrictions is inflated, according to industry insiders who work with Chinese investors. The settlement crisis stems from Australian banks tightening loans to foreign income-earners, coupled with China’s US$50,000 ($65,000) cap on the amount of cash citizens can send out of the country per year – effectively drying out the funds Chinese buyers can access for settlement. But general manager of Basis Point, a financial consultancy handling Australian and Asian capital, CT Johnson called the settlement panic “overblown”. “Their appetite for Australian real estate is more durable than you might expect, because the Chinese have a greater need, and fewer options, than Aussies do for creating financial security… which means it takes a lot more than stamp duty to make Chinese buyers walk away,” he said. “[If] Chinese buyers can’t get funding from Australian banks, they can usually fall back on other resources – mostly their own cash, or loans from friends and family.” Buyers agent Adler Ho agrees the problem has been hyped up especially on the developer’s end of the stick, pointing out that developers which have taken out a loan have a cap on the number of sales they can make to non-residents, reducing the number of troubled foreigners walking away from deals. A report from UBS in June estimated that only 5 per cent of Chinese nationals who have bought property overseas took a mortgage from a bank in the country they were buying in, with a whopping 58 per cent using cash to finance their purchase. “This suggests the risk [of settlement] may be somewhat overstated, albeit the ‘fat tail’ of a bad outcome remains if China sharply tightens capital flows,” UBS economists stated in the report, referring to the damage further restrictions could do to demand for Australian property. Mr Johnson said the findings came as no surprise, as most Chinese buyers may want funds from Australian banks as an option, but they don’t require them. “Local financing… is usually done at attractive interest rates and it removes the need to move currencies...

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The 10 most expensive sales of 2016

The 10 most expensive sales of 2016

Sydney’s super-rich have been on a buying bonanza, splashing out $170 million on just 10 houses since the start of this year alone. Despite talk of Australia’s economic uncertainty, it seems for cashed-up property hunters money really is no object, with elite buyers dropping tens of millions on high-end homes. Data on Sydney’s top 10 sales for the year so far, compiled exclusively for The Sunday Telegraph by CoreLogic, reveals Sydney’s high-end market is dominating the country.   The total dollar value of the sales was nearly double the amount of Melbourne’s top 10 and almost four times Brisbane’s result. Agents said with Sydney stock listings at record lows, wealthy buyers were now prepared to pay millions above the asking price to secure the home of their dreams. Topping the list was 19 Bayview Hill Rd, Rose Bay, which was bought up by billionaire retail king Brett Blundy and his sister Tracey. Mr Blundy, who now calls Singapore home, had originally bought the property three years ago but it didn’t settle until February this year. The mansion is now back on the market with a $45 million price tag. Ranking it at number two was 28A The Crescent, Vaucluse, which was nabbed by Menulog co-founder Dan Katz and his wife Nicole off finance entrepreneur Clive Isenberg and his wife Jennifer. And former restaurant mogul John Szangolies bought 26 Tivoli Ave, Rose Bay, for $16.85 million in March. Mosman’s “golden mile” Burran St saw two of the top sales with former Commonwealth Bank executive Doug Dovey and his wife Debra selling their house at number 25 for $12.8 million in March. A few doors down, mining magnate Jun Qiu and his wife Kun Feng sold their home for $11.8 million the same month to Karen Leon, wife of Infomedia chief ­financial officer Richard Leon. And Delta-Pak managing director Simon Bartter created a new suburb ­record in Longueville when he sold up his family home for $11.88 million in May. Raine and Horne Double Bay agent Max Spartalis, who sold a nine-bedroom mansion on New South Head Rd, Vaucluse, for $20...

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