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Herald Sun
11 hours ago
- Business
- Herald Sun
Balwyn North arcade hits market after 50 years
A family-owned retail arcade in one of Melbourne's wealthiest suburbs is up for sale for the first time since 1975. The red-brick Balwyn North Village Arcade at 70 Doncaster Rd has been in the same family for two generations. It's home to Lemongrass Chicken and a decades-old Saki restaurant, both local favourites that have served the community for more than 30 years. Colliers' retail investments services director Tim McIntosh said the strip's old-school charm and compact tenancies had fostered loyalty. from tenants and landlords alike. 'It's been in continuous operation for 50 years and hasn't changed hands once,' Mr McIntosh said. 'This is one of those once-in-a-generation chances that you simply don't see in Balwyn North.' RELATED: Melb buyer's bold plan after forking $2m on home RCA: Kmart set to change everything in Temu war RCA: Buyers circling Melb's forgotten cinema Originally a smaller building, the arcade was transformed in the 1980s with a second storey added during a major renovation. But it retained its classic suburban village feel, with red brick paving, intimate shopfronts and a prime location near the route 48 tram, elite schools and the Eastern Freeway. The property has a 20-metre frontage to Doncaster Rd and visibility to more than 26,000 passing vehicles a day. The two-storey building spans 1365sq m of lettable area on an 888sq m block, and includes a mix of retail, service and hospitality tenants. According to PropTrack, Balwyn North's median house price has climbed more than 33 per cent over the past five years, from just over $2.1m to $2.8m. The demand for high-end family homes and local amenity has continued to surge. Mr McIntosh said the arcade gave a convenience meets character dynamic. 'We're seeing strong early interest from high-net-worth locals, owner-occupiers and value-add investors,' he said. 'This is the kind of investment that appeals to intergenerational buyers who understand the long-term value in location, tenancy and secure income.' Expressions of interest close at 2pm on June 18. Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Block star reveals mistake that devalue homes $250 a day: Melb market 'on like Donkey Kong' Revealed: Melb hot spots for young buyers
Herald Sun
2 days ago
- Business
- Herald Sun
Buyer's plan after forking $2m on Mount Waverley home
10 Inverell Ave, Mount Waverley – for Herald Sun Real Estate A buyer has forked nearly $2m for s four-bedroom home in Mount Waverley, and plans to knock it down to build a single new family home. The sale of 10 Inverell Ave smashed its $1.6m reserve by more than $300,000, following a six-way bidding war that erupted under the hammer on Saturday, with the home eventually selling for $1.915m. Buxton Mount Waverley director Steve Hatzi said the property, with $1.5m-$1.65m price hopes, drew fierce competition from a mix of renovators and knockdown buyers, but it was land and location that ultimately won out. 'We had six active bidders and the energy didn't let up,' Mr Hatzi said. 'It started at $1.4m, and just when we thought it was slowing, someone else would jump in. 'We thought it was done at $1.68m, then it flew past $1.9m.' RELATED: RCA: Buyers circling Melb's forgotten cinema How Melb family's reno smashed record Overlooked VIC suburbs winning in 2025 Mr Hatzi said the buyer, who beat out five other contenders, won't be keeping the original Tasmanian oak floors or the Kent wood burner. 'They're knocking it down and building one brand new home — no plans to subdivide,' he said. 'It shows the premium families are paying for land in this school zone.' The Buxton Mount Waverley director said the 725sq m block is in the Mount Waverley Secondary College catchment and one of the last remaining original homes in a street otherwise filled with new builds. 'This pocket has already undergone a big transformation,' Mr Hatzi said. 'This sale was classic real estate, buying the worst house on the best street.' This family-sized block in the Mount Waverley Secondary College zone has sold for $300,000 over reserve. This four-bedroom Mount Waverley home attracted six fierce bidders. Despite the cosy period charm, the new buyer plans to knockdown and rebuild. Mr Hatzi said uhe vendor had owned the home for more than 45 years, and the sale reflects a growing trend of long-term residents downsizing across Melbourne's east — unlocking tightly held family housing. 'We're seeing more of this every week, owners who've been in their homes for decades are finally making a move,' he said. 'It's opening up opportunities in Mount Waverley where historically listings have been tight. 'It's not just about Mount Waverley Seconday College — it's the greenery, the peaceful streets, the connection to Glen Waverley and Burwood, and the lifestyle. That's what families are chasing.' Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Cricket great's former home hits market Metro Tunnel turns Shrine into hot property No more 'awkward conversations': wild rental crisis solution
Herald Sun
3 days ago
- Business
- Herald Sun
Brunswick: Victorian-era house transforms after major reno
It was a very different world when Matt Smyth and his now wife Emma Rigby bought their first home, a heritage Victorian, in August, 2020. 'We bought the house on the day we went into the second lockdown. It was around the time when everyone was predicting prices would tank due to the 'mortgage cliff', so it felt quite risky at the time,' Smyth says. MORE: 'Biggest challenge' facing popular VIC region Whisk taker: Dessert Masters winner's $100k gamble Myer family reveal new look for $100m estate The three-bedroom Brunswick home was also very different to what it is now. 'The house hadn't been touched since the 1950s but because of the significant work needed, it fell into our price range,' he says. 'With the deep block, we knew that eventually, with a lot of work, it would be a ripper house,' he adds. And that is what the couple set out to achieve through their extensive renovations. Due to the planning, the pandemic, and the shortage of materials, the extension took considerably more time to complete. The extension features a large, open-plan kitchen, dining and living area built on a heated, polished concrete slab, as well as a double garage and the conversion of the old living room into an ensuite and main bathroom. 'The biggest difference from what it was before is the fact that it's warm in winter and cool in summer,' Smyth says. 'Putting in proper insulation, double-glazed windows in the extension, and providing the option of panel heaters, underfloor heating, split systems in all the major rooms and a wood-burning fire has completely changed the enjoyment of living in the classic, draughty Victorian weatherboard.' Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Nation's cheapest home loan hits shock low First-home buyers hit with $40k+ tax bill Why The Block architect says beige is over
Mercury
23-05-2025
- General
- Mercury
Princess Diana's childhood home left to rot
King Charles has been slammed as 'disrespecting' Princess Diana's legacy as her childhood home falls into disrepair. Diana was born at Park House on the Royals' Norfolk estate in 1961 and lived at the mansion until she was 14. Photos obtained by the Mirror show the once grand property now appears to be abandoned, with overgrown grass, peeling window paint and stained bricks. The outlet reports a dilapidated shed with a caved-in roof and smashed windows, while the swimming pool is surrounded by a metal fence to keep trespassers out. RELATED:Insane amount Meghan, Harry pay staff Staggering fortune Harry, Meghan lost exposed 'Lonely': Insiders lift lid on Harry's sad life Locals reacted furiously and accused Charles of 'disrespecting' Diana's legacy. Selina Raines, 38, who lives in the nearby village of Snettisham, told the Mirror: 'It's heartbreaking to learn how the house has been left. 'If locals were aware they would be shocked – but you can't see it [the house] from the road so very few know how it's been left, it's really sad.' An unnamed barmaid, who lives on the estate, said: 'It's disrespectful – the house should be restored to how it was. 'The Estate houses that are hidden from public view don't get what they need.' Diana lived at Park House, which her parents rented from the late Queen, until moving to the family's Northamptonshire stately home Althorp in 1975. The 16-bedroom residence was later donated to charity Leonard Cheshire and ran as a respite hotel for adults with disabilities for over 30 years. But in May 2021 the property was handed back to the estate after spiralling costs post-pandemic and has since remained empty. Several locals told the Mirror they would like to see the house returned to a charity to support the community. A retired occupational therapist, who worked with disabled residents at the house before it shuttered, said: 'It was marvellous – it's very sad [that it has been left to rot]. 'Everything was beautiful, all the equipment was new and they had waiting lists. 'I would like to see it returned to what it was like back then, but I don't think with the health service we've got at the moment that it's going to happen.' Park House is just 500 metres away from Charles' 150-bedroom Sandringham House. Over the years, Charles has funded several projects on the estate. Last June, the King was given the green light to open a 25-acre luxury glamping site, complete with 15 'safari tents' and a Motorhome Club campsite. One local said: 'King Charles has money to put into his caravan site but not to put into the house Diana grew up in.' 'And in November the green-fingered monarch installed 2,000 solar panels in a bid to improve the estate's climate footprint.' The Mirror approached Sandringham Estate and Buckingham Palace for comment. Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. RELATED: Prince Harry's $200m UK secret revealed Shock couple in Prince Andrew-trashed Queen's pad 'Messy': Charles, Camilla 'time apart' exposed
Herald Sun
23-05-2025
- Business
- Herald Sun
Melbourne renter eyes Burwood East units as five per cent deposit scheme offers fresh hope
Kathryn Whiteley has been renting in Melbourne's eastern suburbs for years, but says the thought of owning a home has never felt closer, or more urgent, than it does now. The aspiring artist and retail worker said rising rents and cost-of-living pressures had made her long for stability, and the federal government's updated 5 per cent deposit scheme might finally offer her a way in. 'I'm on a fixed lease and my landlords have been lovely, but it's still not sustainable long term,' Ms Whiteley said. RELATED: REIV CEO Kelly Ryan announces shock departure Melb family's bold plan for six-figure rate cut win Elite Shrublands mansion gets eye-watering price cut 'At some point, something has to give.' Paying $434 a week in rent in Nunawading, below the median for her area, she said she'd reached a point where she was craving more than just temporary shelter. 'It's the emotional toll,' she said. 'You're always thinking, 'Will I have to move again? Can I afford the next increase?' You can't put roots down.' Ms Whiteley said the expanded federal government scheme, which allows eligible buyers to enter the market with a 5 per cent deposit and no lenders mortgage insurance, had made the idea of ownership feel real for the first time. 'And honestly, it feels like now or never,' she said. 'As a single person with no second income to lean on, this might be the only window I get.' Ms Whiteley has her sights set on a two-bedroom unit in Burwood East, drawn by its affordability, public transport access and proximity to shopping hubs. 'I've already looked into Burwood East,' she said. 'It's close to everything — transport, Coles, even Chadstone and Knox. It just makes sense.' Mortgage repayments for the most affordable units in the area could be significantly lower than her current rent. 'That would literally change my life,' she said. 'It would give me breathing room, mentally and financially.' A creative at heart, the aspiring artist said having her own space would be transformative, not just financially but personally. 'I've had to scale back a lot of the things I love,' Ms Whiteley said. 'If I had a place of my own, I could start creating again. It would be life-giving.' Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: How Melb home sold $1m+ above expectations Melbourne ex-home of apocalyptic cult The Family for sale Golden Triangle oasis hits sweet spot for commuters
