Property wrap: The regional property stories making headlines this week

Coastal living is now a distant dream for many renters. Picture: Shutterstock
Coastal living is now a distant dream for many renters. Picture: Shutterstock

A new report out this week has found that a regional NSW renter on an average income can no longer afford to live anywhere on the state's coastline.

The Rental Affordability Index, released by National Shelter, SGS Economics & Planning, the Brotherhood of St Laurence and Beyond Bank Australia, found that the rental crisis in many regional areas had worsened other the past year.

The report singled out Tweed Heads, Woolgoola, Port Macquarie and Kiama, as well as popular inland 'tree change' areas such as Cooma, Orange, and Mudgee as areas where affordability had significantly worsened in 2021.

Regional Tasmania was named the least affordable place for the average renter, excluding capital cities.

Report author Ellen Witte, a partner at SGS Economics and Planning, said that migration from capital cities during the pandemic had worsened affordability in areas along the coast and in popular 'tree change' cities.

"A lot of households chose to escape the cities due to extended lockdowns and as a result of that we saw households moving out and pushing up the rental rates in regional areas," she said.

Mega lake listing

An artist's impression of the approved plans for the Lake Macquarie block. Picture: Supplied

An artist's impression of the approved plans for the Lake Macquarie block. Picture: Supplied

A huge waterfront block on Lake Macquarie's southern tip has been attracting international interest, reports Newcastle Herald journalist Hamish Geale.

Believed to be one of the largest waterfront landholdings to be offered there, the 12.54 hectare property at 160 Kanangra Drive backs on to 285 metres of crystal clear waterfront.

Selling agent Mitchell Thomas, of McGrath Toukley said the property would make a dream private holiday destination.

"I've had interest from international investors and clients from the Eastern Suburbs [in Sydney]," Mr Thomas said.

"There is no price tag because a property like that has never sold in Lake Macquarie - it's so hard to judge such an irreplaceable piece of land.

It's being sold with an approved development application for a house, a shed and a pool.

Canberra buyers smash records

15 Carstensz Street, Griffith sold on Saturday for $4.5 million. Picture: Blackshaw Manuka

15 Carstensz Street, Griffith sold on Saturday for $4.5 million. Picture: Blackshaw Manuka

More than $60 million worth of Canberra property sold at auction last Saturday, with more than 100 auctions held over the weekend, Canberra Times property reporter Brittney Levinson reports.

A new house price record was set in Griffith when 15 Carstensz Street sold for $4.5 million with Blackshaw Manuka. It marked the highest sale price for the weekend.

In Ngunnawal, a five-bedroom home sold for $2,450,000, smashing the previous suburb record by more than $1 million.

With buyers keen to secure a property in the lead up to Christmas, many Canberra properties are selling prior to auction.

Tim Burke of Luton Properties sold 35 James Place, Curtin for $2.8 million last week, cutting the auction campaign short after just 15 days on the market.

The property broke the previous suburb record by $100,000.

No expense spared

'Mountain Springs' in the Kangaroo Valley. Picture: Supplied

'Mountain Springs' in the Kangaroo Valley. Picture: Supplied

Meanwhile, a stunning house in the Kangaroo Valley that looks like its been lifted from a movie set has been listed for sale with hopes of between $9 million and $10 million.

Owned by former investment banker Garren Cronin, the property, which is known as 'Mountain Springs' has only recently been completed.

As well as the sweeping views to the escarpment, features include Italian limestone tiles and custom-made recycled messmate timber vanities in each of the four bathrooms and a stone freestanding bathtub in the master ensuite.

The kitchen features a butler's pantry and Italian aquila marble benchtops, as well as Gaggenau appliances.

It's listed with Carrie Bond of Bond Lifestyle Properties, who said there was "nothing to compare" the property to in the local market.

"It was built to be their own beautiful home and there was no budget," she said.

"When they started it was just a paddock ...The attention to detail is second to none," she added.

This story Property wrap: Regional renters suffer, lake listing garners international interest first appeared on Newcastle Herald.