On-Demand Webinar: Structuring Your Way to Success

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This webinar is designed specially for property investors and developers who are looking to structure their property investments and developments to maximise tax effectiveness. 

We were joined by Tony Lee from Lee and Lee Accountants, who shared expert tips to help you stay in control of your financial freedom and retirement.

The webinar also featured a real life case study to show you how powerful property development structuring and an SMSF property strategy can help reduce your tax and increase your wealth.


 

The 60 minutes webinar included:

  • Essential strategies to maximise your tax refund
  • The keys to minimising your tax legally
  • 7 key steps to determine the right structure for your property investments and developments
  • 7 common mistakes property developers make and how to avoid them
  • How to take control of your self-managed superannuation fund
  • How to build a property portfolio with your super and pay little or no tax for your retirement
  • Live Q&A session


 Webinar and Q&A recording

You can receive a free 15-minute consultation from the team at Lee & Lee to find out if they can help you:

  • Structure your affairs correctly so you can get the best possible results
  • Work towards your long term property investment portfolio goals.
  • Plan a clear investment strategy for building your property portfolio.

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Agent View: Our property market – where to from here?

Agent View: Our property market - where to from here?

http://www.smh.com.au/domain/real-estate-news/agent-view-our-property-market--where-to-from-here-20151119-gl2a88.html

The past 12 months have been very interesting. We’ve had record-low interest rates, added pressure on prices from Mr Fluffy buyers and growing interest from Sydney investors. It wasn’t unusual to see record prices in some suburbs in a year that saw the job market contract and Canberra’s population decrease.

But what’s ahead? Already we are beginning to see an increase in housing stock. Next year we go into election mode with both federal and territory elections between June and November. Political and economic confidence is lifting, which should translate to higher interest rates – probably in the second quarter of 2016.

On the upside, Gungahlin is positioned for continued growth. Regardless of whether you like it or not, the light rail development is an infrastructure project that will benefit the ACT for many years. Infrastructure brings jobs, which in turn bring growth.   

Jeff Shortland, LJ Hooker: Gungahlin positioned for growth.Jeff Shortland, LJ Hooker: Gungahlin positioned for growth. Photo: Steve Keough

Domain Home Price Guide Find out what your property’s worth

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On-Demand Webinar: Discover How to Use Your SMSF to Invest in Property

SMSFThis webinar takes a detailed look at self-managed super funds and the key benefits they can offer you for long-term wealth creation. 

We have teamed up with the SMSF experts from Anne Street Partners to take a firsthand look at how SMSF differ from other fund structures and how you can successfully use it in your property investment. 

In this blog you will find:

  • A video recording of the webinar and Q&A, which was presented on 14 July 2015 and 18 November 2015.
  • A downloadable copy of the slide deck.

The webinar included:

  • Investment control 
    • Unlike many superannuation funds that have restrictions on investment mixes, or the type of investments you can access – with an SMSF you have complete control over your investment mix – you choose your property investing strategy which can include direct property!
  • Enhanced investment flexibility 
    • An SMSF gives you greater levels of investment flexibility over your portfolio. This gives you a better opportunity of exploiting market conditions or changing tactics as markets change or evolve.
  • Dive into a greater super investment pool
    • With an SMSF you can “pool” or combine your investment resources up to a maximum of four members. This could allow your family to run an SMSF for instance. It can also mean you are exposed to lower administration and fund fees.
  • Increased estate planning benefits
    • Using an SMSF can give you increased levels of estate planning flexibility. You can utilise tax advantages income streams to dependent beneficiaries and SMSFs can make binding death benefit nominations that don’t lapse – reducing the requirement to constantly be updated.
  • Increased taxation management
    • When you use your SMSF, it has some real tax advantages as the rate of tax on income is 15% – one of the lowest of any investment entity in Australia. There can be additional tax benefits with operating a SMSF which could see this rate reduced even further. 


Webinar recording

 

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Get a free 45 minute SMSF consultation from Anne Street Partners and receive a free SMSF eBook

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Apartment living is redefining the Australian neighbourhood

Apartment living is redefining the Australian neighbourhood

http://www.smh.com.au/domain/real-estate-news/apartment-living-is-redefining-the-australian-neighbourhood-20151117-gl0lxp.html

Artists' impression: Sydney residents are taking up apartment living at a faster rate than in any other Australian city.Artists’ impression: Sydney residents are taking up apartment living at a faster rate than in any other Australian city. Photo: Supplied

The swing to apartment living in Sydney is happening at a faster rate than any other Australian city. The square kilometre population grid from the Australian Bureau of Statistics (ABS), based on data from the last census, shows that Sydney is the most densely populated city.

“Sydney has more areas of very high density – there are 21 square kilometres with more than 8000 people per square kilometre – compared to Melbourne’s solitary one square kilometre above this population density,” Alister Nairn, director of geography at the ABS, says.

“Our cities are maturing,” Domain Group senior economist Andrew Wilson says. “They’re spreading and becoming more dense and we’re looking for better quality amenity and typically closer in, rather than further out,” he says of the shift towards apartments.

Artists' impression: Putney Hill will have views towards the water, city and Blue Mountains.Artists’ impression: Putney Hill will have views towards the water, city and Blue Mountains. Photo: Supplied

With apartments typically being less expensive than houses, affordability is one factor making them so popular. Amenity and lifestyle opportunities are also big drawcards. “There are recreational facilities on most new apartment developments now and the very nature of them is that there’s already high levels of infrastructure and residential amenity there,” Wilson says.

Peak at Putney Hill, the latest stage to be released as part of Frasers Property’s master-planned Putney Hill community, is an example of an apartment development benefiting from the existing infrastructure. “Putney is actually an old established neighbourhood of Sydney, it has a long history and heritage and it’s nestled on the Parramatta River. It’s about 13 kilometres from the CBD and typically the profile of dwellings is detached houses with very little density of apartments,”  Frasers Property sales and marketing director Paul Lowe says.

“What’s unique about this is you’re effectively putting a master plan within an established neighbourhood or suburb, whereby suddenly it’s close to transport, it’s close to the city, it’s close to education hubs, close to healthcare but it has its own character and village atmosphere … You’re getting all the underlying infrastructure that was already in the neighbourhood but you’re building new dwellings,” Lowe says.

Artists' impression: Peak apartments is the latest stage to be released as part of Fraser's Putney Hill community.Artists’ impression: Peak apartments is the latest stage to be released as part of Fraser’s Putney Hill community. Photo: Supplied

Putney Hill, at the site of the former Royal Rehabilitation Centre Sydney in Ryde, will eventually be home to 791 dwellings, a mix of detached houses, terraces and apartments. Peak will have 174 apartments, a mix of one, two and a higher than usual number of three bedrooms, over two buildings. “It’s probably the premium of the apartment releases we have completed thus far, due to the fact it is at the highest point of the master plan and it affords the best views,” Lowe says.

Peak residents, expected to be mainly owner-occupiers, will not only enjoy views from generous balconies towards the water, city and Blue Mountains, they will also enjoy wide, open spaces at ground level. “What’s quite unique about Putney Hill is there’s so much green space, so much open space,” says Evan Black, senior associate at Environmental Partnership Landscape Architects, who designed the outdoor community spaces.

“The development has basically 50 per cent open space and very few developments are like that. It does have quite a unique centrepiece of the parkland which is quite appealing to young families and families of all ages,” he says, referring to 2.4-hectare Lardelli Park, which has a pond in the centre, children’s playground, plus walking and running tracks dotted with fitness stations in addition to recreational facilities such as table tennis and basketball courts.

Artists' impression: The outdoor community spaces at Putney Hill were designed by Environmental Partnership Landscape Architects.Artists’ impression: The outdoor community spaces at Putney Hill were designed by Environmental Partnership Landscape Architects. Photo: Supplied

Black says they also kept several of the original trees that were on the site. “That’s something that is unique with Frasers Property, they do have an understanding of retaining trees and how important it is to have them,” he says. Figs dating back to 1910 remain, as does a centuries-old brush box. “It starts right at the doorstep,” he says. “At Victoria Road they have retained all these palms, these giant Canary Island palms and then as soon as you turn in you have this giant 200-year-old tree that’s 30 metres tall and about 30 metres wide and the buildings actually wrap around this tree to retain it and they’ve worked very hard and tirelessly retaining this significance of the landscape prior.”

While apartments are usually associated with high-density living, Lowe says the intention with Putney Hill was to redefine the classic Australian neighbourhood. “In years past, I know when I grew up, it was a cul de sac environment and you were fairly safe playing a game of street cricket, and this is recreating that feeling,” he says. “It’s a fairly quiet and serene environment away from the main roads and the first thing that hits people when they come to the community is the amount of greenery and open space”.

Peak apartments start at $650,000 for a one-bedroom, $820,000 for two-bedroom and $1.325 million for three-bedroom. Completion is expected to be mid-2018.

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Brisbane Market Update and Preview of Boutique Project Opportunity

brisbane market updateLearn how you can benefit from investing in the growing Brisbane market and maximise growth and yield potential through selecting and investing in boutique projects.

This webinar will help you understand how to evaluate and research the key investment fundamentals, when thinking about investing in new projects.

We will give you an update on the growing Brisbane market and profile a new, boutique project in the affluent suburb of Sherwood, just 11km from the Brisbane CBD.  

The 60 minutes webinar included:

  • A detailed update on the key investment fundamentals of the growing Brisbane market.
  • Essential tips on how to evaluate off-the-plan projects including property and suburb investment fundamentals, historical capital growth rates, projected expenses and cashflow, population demographics, suburb amenities and planned infrastructural developments.
     
  • A preview of a boutique project opportunity in Brisbane’s Sherwood suburb, a short commute from Brisbane’s CBD. 

    Project detailsoff the plan sherwood project

  • Large floor plans: 2 bed, 2 bath units with up to 105 sqm of total unit/balcony area. 3 bed, 2 bath units with up to 118 sqm of total unit/balcony area.

  • Units priced from $456k upwards.

  • Rental estimates: 2 bed apartments, $450 – $490 p/w. 3 bed apartments $530 – $560 p/w.
  • Cashflow: Gross yields estimated at 4.92% for 3 the bed apartments, and 5.13% for the 2 bed apartments.

  • Boutique size: Only 24 apartments in this secure complex, with up to 2 basement car parking spaces included. 

  • Location: Only 11km from Brisbane’s CBD. Sherwood enjoys excellent amenities and well-connected public transport links.

  • Suburb growth performance: 12-month growth rates of 4%. 

  • Estimated completion date: 3rd quarter 2016.


 Webinar and Q&A recording

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On-Demand Webinar: Ten Tips to be a Successful Property Investor

 Ten Essential Tips To Be A More Successful Property Investor

You will learn the approach, principles and rules that the most successful property investors live by and apply to their investments, which the vast majority of us are unaware of.

Dennis Wong was joined on the webinar by Ken Raiss, director of Chan & Naylor, Australia’s leading property tax accounting and wealth advisory group.

They shared their expert knowledge of property investing, asset protection, business and tax planning matters in this content rich, educational webinar.  

The 60 minutes webinar included:

  • The ten rules that every property investor should follow if they want to achieve success.
  • The reasons why people stop at owning just one property and how you can avoid them.
  • What you can do to grow and protect your property portfolio through structuring and asset protection strategies, creating a robust platform for growth.
  • How to improve growth, returns and cashflow on your property investment(s).
  • How to play the game of tax – legally reducing your tax bills.
  • How to get better results as a property investor, and why you need to think and act differently.
  • How to treat your property investing like a business and the key rules you should follow.


 Webinar and Q&A recording

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Utopia Space towers to become first Australian apartment project to use nano-glass

Utopia Space towers to become first Australian apartment project to use nano-glass

http://www.smh.com.au/domain/real-estate-news/utopia-space-towers-to-become-first-australian-apartment-project-to-use-nanoglass-20151110-gkukf5.html

Artist's impression: Utopia Space is the first Australian apartment project to use nano-glass.Artist’s impression: Utopia Space is the first Australian apartment project to use nano-glass. Photo: Supplied

A decision by Brisbane apartment developers to use a self-cleaning wonder glass that eliminates skin cancer-causing UV rays has been hailed as an important breakthrough by one of Australia’s leading experts in molecular science.

Professor Huai Yong Zhu, an authority on nanotechnology at Queensland University of Technology, says incorporating nano-glass in a 25-level apartment tower project in Fortitude Valley “will set a precedent for future residential construction in Australia”.

The nano-glass technology reduces UV rays – the major cause of skin cancer, which takes 1700 Australian lives each year ­– by 99 per cent. It also shields heat by up to 67.1 per cent and keeps rooms up to 8.3 degrees cooler.

Artist's impression: Utopia Space tower in Wickham Street, Fortitude Valley.Artist’s impression: Utopia Space tower in Wickham Street, Fortitude Valley. Photo: Supplied

“Titanium dioxide is the main component of nano-glass and it essentially acts as a coating which absorbs UV light and breaks down the organic compounds,” Professor Zhu says. “Normal glass only cuts UV rays by about 10 per cent, so nano-glass will offer significantly greater protection from harsh Australian UV light.

“The titanium dioxide coating also creates a self-cleaning function, which eliminates the need for manual cleaning, saving an otherwise substantial cost. It’s an astute move by the developer considering Brisbane’s climate and Australia’s high rates of skin cancer.”

Nano-glass technology originated in Japan in 1995, and has since been used in Asia, Europe and the United States. Professor Zhu says its Australian introduction showed the sun-smart message was being embraced.

Artist's impression: The rooftop garden will include an open-air cinema, yoga lawn, open-air kitchen, barbecue area, extensive planting and an alfresco dining area.Artist’s impression: The rooftop garden will include an open-air cinema, yoga lawn, open-air kitchen, barbecue area, extensive planting and an alfresco dining area. Photo: Supplied

“But we haven’t embraced it to the extent of the rest of the world. In Asia, for example, people are very astute when it comes to sun protection.”

Sandt Developments’ $180 million Utopia Space tower in Wickham Street, Fortitude Valley, is the first Australian apartment project to use nano-glass. Development manager Bill Wang says it was more than 50 per cent pre-sold in the weeks after its launch in late September and has attracted a high proportion of investors.

“We concentrate on developing in Brisbane because we see a potential for capital growth as well as population growth,” he says. “It’s a much more secure market compared with Melbourne, which we see as already reaching its capacity.

“Sales have been more to investors than owner-occupiers, mainly because the age demographic of Fortitude Valley is about 30 years old with few families and mainly single-income professional people. That makes it a good place to attract tenants, but Utopia’s luxurious lifestyle will also appeal to owner-occupiers.”

The Utopia Space tower will house 300 apartments. One-bedroom versions are priced from $399,000 and two-bedrooms from $580,000. Communal areas include a recreation deck with an infinity pool, steam room, gym, sauna and reading room.

A rooftop garden will include an open-air cinema, yoga lawn, open-air kitchen, barbecue area, extensive planting and an alfresco dining area.

Mr Wang says Brisbane City Council relaxed the 20-level height limit in its urban renewal plan due to the site’s importance. “It’s a significant corner, one of the landmark spaces in the valley and coming down from Brisbane CBD you can’t miss it,” he says.

The tower’s architect, Kris Kowalski of Kris Kowalski Architects, describes it as a beacon of a building. “It will stand on the corner of a very prominent intersection and what I wanted to do was to make it something special,” he says.

Another unusual twist to Utopia’s apartments – given Brisbane’s climate ­– is that they all have balconies that can be fully enclosed with folding glass partitions.

“It gives residents the right to choose,” Mr Kowalski says. “The balconies can be fully furnished to extend the interior living space, and then opened up to enjoy balmy sub-tropical evenings. We’re also in a very popular entertainment precinct, that’s part of the attraction for residents, but they will be able to shut the noise out when they wish.”

The project’s sales office is on-site and has a full two-bedroom display suite with parking available.

For more information visit utopiaspace.com.au.

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CV development the ‘Camberwell of the future’

CV development the 'Camberwell of the future'

http://www.smh.com.au/domain/real-estate-news/cv-development-the-camberwell-of-the-future-20151110-gkuz3u.html

Artist's impression: Blueprint Projects' CV development is on a one-acre site at 11 Porter Street.Artist’s impression: Blueprint Projects’ CV development is on a one-acre site at 11 Porter Street. Photo: Supplied

Saturday will be a great day for former Collingwood football player Paul Tuddenham, officially marking the end of a two-year battle with the Victorian Civil and Administrative Tribunal (VCAT) and Boroondara Council to see his dream of two gleaming apartment towers rise behind Camberwell Junction.

Mr Tuddenham is a director of Blueprint Projects, which will launch a display suite on November 14 for its $175 million Camberwell Village (CV) development in Hawthorn East, just behind Bourke Road shopping centre about 300 metres up from the junction.

His victory follows a number of drawn-out fights, in which the council’s opposition to high-density residential developments in the area has been over-ruled by VCAT on the basis that such projects are needed to cope with Melbourne’s population growth.

There will be one-, two- and three-bedroom apartments.There will be one-, two- and three-bedroom apartments. Photo: Supplied

Boroondara Council fought against the Aerial development at Camberwell junction, which involved 144 apartments and nine retail tenancies across two towers, one of which reached 14 levels.

Aerial was finally approved in 2009. At the time, The Age quoted VCAT senior member Anthony Liston saying: “The time has come for Camberwell to play its part in the 2030 solution to Melbourne’s housing needs. If a development such as this one cannot locate in this expansive Camberwell Junction, where can it go?”

Blueprint Projects’ CV development is on a 0.4-hectare site at 11 Porter Street. The 12-storey CV Tower will house one, two and three-bedroom apartments along with boutique offices and food and retail outlets. The other 11-level tower, CV One, will have 94 one- and two-bedroom apartments.

Artist's impression: Architect Callum Fraser of Elenberg Fraser says CV's two towers will reflect golden light from its shimmering glass exterior.Artist’s impression: Architect Callum Fraser of Elenberg Fraser says CV’s two towers will reflect golden light from its shimmering glass exterior. Photo: Supplied

In over-ruling council’s objection to the project, VCAT said the site was appropriate for the type of intense development proposed and pointed to a “diminished pool” of potential sites to meet the needs of future population growth.

Tuddenham says that even before Saturday’s official launch, interest from owner-occupiers wanting to combine two dwellings into one has been so high that he’s not sure of the eventual number of apartments.

“The number is still evolving,” he says. “CV Tower has already come down from 81 to 72 apartments. That level of interest from owner-occupiers wanting a bigger apartment, even though they’re already very large, is good news for us.”

Domain senior economist Dr Andrew Wilson describes East Hawthorn as a prime target for high-density residential development. “There’s been a regeneration of sites,” he says. “Hawthorn generally is characterised by a mixed profile of dwelling types.

“That diversity means there isn’t the same sort of neighbourhood environment that can act as a barrier, with residents saying ‘not in my backyard’ like they do in Camberwell.

“The site ticks all the boxes for amenity. It’s close to a major strip shopping centre, close to train and tramlines, and there’s the cache of ‘I’m living in Hawthorn or East Hawthorn’. It’s an aspirational inner-eastern suburb.”

The architect, Callum Fraser of Elenberg Fraser, says the two curved towers – one reflecting golden light from its shimmering glass exterior and the other blue light – will feature luxurious interiors and 360-degree views over Camberwell valley.

“With CV we’re trying to imagine the Camberwell of the future,” he says. “Luxury is about having very high levels of amenity, having natural daylight and generous room dimensions that flow naturally into view corridors.”

The taller tower will have a 20-metre pool on a landscaped podium deck, along with a spa, sauna and barbecue areas with views to the city. A concierge will be on duty at morning and evening peak periods and a building manager will be permanently on site.

CV’s prices range from $490,000 for one-bedroom apartments, from $875,000 for two bedrooms and from $1.19 million for three bedrooms. Construction will start early next year and completion is scheduled for the end of 2017 or early 2018. For more information visit www.cvapartments.com.au.

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Chatswood development a ‘neighbourhood within a neighbourhood’

Chatswood development a 'neighbourhood within a neighbourhood'

http://www.smh.com.au/domain/real-estate-news/chatswood-development-a-neighbourhood-within-a-neighbourhood-20151109-gkua6y.html

Artist's impression: Chatswood Place, at 260 Victoria Avenue.Artist’s impression: Chatswood Place, at 260 Victoria Avenue. Photo: Supplied

It will be at least five years until Sydney’s apartment building boom meets underlying buyer demand and reaches a more balanced market, according to Robert Mellor, managing director of leading property analysts BIS Shrapnel.

“In three years, apartment construction has gone up by about 120 per cent, so there’s a boom going on,” he says. “But there was such massive undersupply in Sydney’s market by 2012, that it’s taken until now to even start to eat into it.

“The supply has improved for land, but it’s been drip-fed to a degree because the developers don’t do large-scale projects as big as Melbourne’s. They tend to release things in small stages, but the speed of apartment projects has improved significantly.

Artist's impression: The $300 million development at Chatswood by Platino Properties is described as a 'neighbourhood within a neighbourhood' close to the Chatswood CBD.Artist’s impression: The $300 million development at Chatswood by Platino Properties is described as a ‘neighbourhood within a neighbourhood’ close to the Chatswood CBD. Photo: Supplied

“Even by 2009, there was more than half a year’s undersupply in terms of underlying demand, and that figure just skyrocketed between 2011 and 2013. The trouble is you’ve got this pent-up demand for 50,000 or 60,000 dwellings.”

Mr Mellor says about 60 per cent of the demand for apartments in Sydney comes from investors and only 40 per cent from owner-occupiers.

One major Sydney developer to leap enthusiastically into the apartment boom is Platino Properties, which is about to launch its biggest project yet, a $300 million development at Chatswood that it describes as a completely new neighbourhood.

Artist's impression: The new precinct will have its own amenities, shops, a dining precinct and community facilities.Artist’s impression: The new precinct will have its own amenities, shops, a dining precinct and community facilities. Photo: Supplied

Chatswood Place, at 260 Victoria Avenue, covers almost an entire block a short stroll from the heart of Chatswood’s CBD and will include 223 apartments over five buildings, released in two stages.

Platino Properties residential director, Jonathan Leib, says the new precinct will have its own amenities, shops, a dining precinct and community facilities including childcare services.

“We like to think of it as a neighbourhood within a neighbourhood,” he says. “We’ve created a symphony of architectural styles, including an original heritage house on the corner that we’ll be restoring and re-adapting for modern use.

Artist's impression: Chatswood Place, at 260 Victoria Avenue.Artist’s impression: Chatswood Place, at 260 Victoria Avenue. Photo: Supplied

“Our development sits on the edge of Chatswood CBD, so consequently on one side we have very modern urban architecture and on the other, opposite the suburban part of Chatswood, we’ve gone for a more traditional style.

“In the centre is a heritage house that has been sitting on that corner for more than 100 years, so the challenge for the architects was to create a variety of styles that all sit within a common architectural language.”

Leib says the buildings range from two to nine storeys. Studio apartments start at $725,000, one bedrooms range from $750,000 to $995,000, two bedrooms from $1.2 million to $1.6 million and three bedrooms from $1.95 million to $2.5 million.

“In addition we have these two magnificent four-bedroom penthouses in the $3.5 million to $4 million range. They are just enormous.

“The development has a one or two-level podium, depending on which part of the site you are in, and that’s basically where the commercial and shopping district is situated. The five apartment buildings sit on top of that podium.

“When you come to the bottom of the residential area there’s a private communal garden. On the apartment rooftops there’s the pool, gymnasium, barbecue areas and sheltered entertainment pavilion that’s also for the residents’ exclusive use.”

Selling agent David Milton, of CBRE, says a display unit at the site will be open for viewing on November 14 and sales will start on November 21.

“It covers nearly a whole street block, which has allowed an enormous opportunity for views, garden corridors, light and space,” he says. “It spans the buyer market but will appeal particularly to owner-occupiers.

“You’re not in a high-rise tower and everything around is two-storey housing, so you have these really open views that you don’t normally get – and the convenience is just absolute. It’s only 100 metres walk to Chatswood Chase.”

For more information, visit chatswoodplace.com.au.

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Auction watch: crowds gather across the territory

Auction watch: crowds gather across the territory

http://www.smh.com.au/domain/real-estate-news/auction-watch-crowds-gather-across-the-territory-20151107-gkteax.html

Auction watch at 4 Rowntree Crescent, Isaacs, Auctioneer Jason Roses sold the property for $1.4 million.Auction watch at 4 Rowntree Crescent, Isaacs, Auctioneer Jason Roses sold the property for $1.4 million. Photo: Elesa Kurtz

Crowds gathered outside homes across the territory on Saturday in what Canberra’s agents described as “ideal auction weather”.

As the sun warmed the capital, homes went under the hammer and records were broken.

Luton Jason Roses recorded 13 bidders for the home at 4 Rowntree Crescent in Isaacs. It sold for $1,400,000, the highest price paid in the suburb in the last five years.

4 Rowntree Crescent, Isaacs sold for the highest paid price in the suburb in the last five years.4 Rowntree Crescent, Isaacs sold for the highest paid price in the suburb in the last five years. Photo: Elesa Kurtz

The four-bedroom, three-bathroom home complete with swimming pool boasted a luxury kitchen and stunning features, in a premium location.

“It was a home that was completely knocked down and rebuilt,” Mr Roses said.

“The owner is a Canberra local, a business owner in Canberra and he was extremely happy with the purchase.”

Mr Roses said the bidding was competitive with Chinese buyers in line for the home. In the end, it was purchased by Tuggeranong locals, he said.

“Luton has 24 auctions and we sold 17 under the hammer,” Mr Roses said.

“Leading up until Christmas we’re finding the market extremely strong, there are more buyers around and we’re anticipating properties will be selling right up and right through Christmas. There is certainly a bit of buoyancy in the market, I think the weather has helped.”

Another southside auction saw 197 Ellerston Avenue, Isabella Plains sell under the hammer for $610,000. 

The four-bedroom family home is located close to schools, shops and public transport and featured two covered outdoor areas ideal for summer entertaining.

LJ Hooker agent Michael Martin said six registered bidders took part in the auction.

“A very nice young couple bought it so it will be a first home for them,” he said, adding the property set a new record price for the busy street.

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