Top End Residential Continues to Grind

AUSTRALIA’s prestige property market appears to still be in deceleration mode.

In Sydney, the Vaucluse mansion being offloaded by the Cattell family has been reduced from $21 million to $18 million. Nearby, property developer Paul Smith sold his Bellevue Hill home for a price believed to be “a heavy discount” to the $14 million he first asked last year.

SQM Research managing director Louis Christoper said the Sydney and Melbourne prestige market are recording modest price falls.

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Top End Market May be Deflating Faster Than First Thought

MELBOURNE’s top-end may be deflating faster than some agents would have you believe.

In St Kilda West, a historic waterfront four-level mansion with six bedrooms on Beaconsfield Parade has just been discounted to $4.95 million after failing to sell last June for $7 million.

Around the corner in tree-lined Mary Street, Channel Nine managing director Jeff Browne is asking $3.975 million for his outgoing terrace after it failed to sell at auction in February, with price expectations of up to $4.4 million.

At another Mary Street, in Hawthorn, a modern family home was discounted this week to $4.65 million after being advertised for most of the year at $4.95 million.

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Former home of Sir Owen Dixon Subdivided, Offered For Sale

ANOTHER block of land in Hawthorn East’s ritzy Harcourt precinct has been sliced and diced.

This time, at 4 Higham Road, an estate that was formerly home to Hawthorn born chief justice of Australia Sir Owen Dixon has been split into nine blocks.

Two of the blocks measuring 615 square metres have now been listed for sale with an asking price of $1.4 million. The vendor is esteemed senior counsel John H Karkar QC.

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Preston’s Oakover Hall Mansion, North of Melbourne, Listed For Sale

PRESTON’s landmark Oakover Hall at 12 Stafford Street will be offered for sale for the first time in 53 years.

The six bedroom, double storey bluestone and brick home, completed in 1849 and owned by just four families, was built on a hilltop adjoining the Merri Creek (on an approximate 140 hectare estate which has since been subdivided and sold) and offers 360 degree views.

Original features of the National Trust protected mansion include interior arches dividing 12 main rooms, fireplaces, timber balustrades, and a leadlight window on the staircase landing.

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Unlived in Waterfront Apartment, Penthouse, For Sale at $3.2 Million

Rooftop pool at 174 The EsplanadeHONG Kong based company director Sheena Wong is selling a penthouse apartment on Brighton’s waterfront.

Apartment four at 174 The Esplanade, includes three bedrooms, a study, a large open plan living and dining area, two car spaces, and rooftop terrace with spa bath.

Refrigerators, ovens, the microwave and a coffee machine are built into the apartment’s Poliform kitchen.

The kitchen, like the adjoining lounge and dining room, captures postcard views over Port Phillip Bay.

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