Residential Sale

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The Hollywood-based actors Simon Baker and Rebecca Rigg have splashed out $6.5 million on a Bronte home. 

They made the bullish off-market purchase of the recently completed three-bedroom contemporary home last month.

The couple have an apartment on the Ben Buckler peninsula overlooking Bondi Beach and a hide­away at Nashua, in the Byron Bay hinterland.

Before that they owned a Paddington terrace, which was sold in 2007 for $3.3 million.

They had paid $2.63 million for their Bondi bolthole, in an older-style block, in early 2014. The three-bedroom, two-bathroom unit has a staircase to a 135sq m rooftop terrace.

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Ballina-raised Baker is known to enjoy a surf. Their new Bronte pad was designed to capture beach and ocean views, with approval from Waverley Council in late-2012.

The sale of the hillside 380sqm property with flat-roofed home is the highest price in Bronte since last October. The holding, close to Macpherson Rd village, had last sold in 2005 for just $3.1 million.

It is just a short distance to the fashionable Three Blue Ducks cafe.

The top Bronte sale sits at $16.5 million along the exclusive strip known as The Cutting on the ocean side of Bronte Rd overlooking the beach and ocean.

Baker, who recently undertook his first directorial job, is best known for his lead roles as Patrick Jane in TV series The Mentalist, and as Nicholas Fallin in The Guardian.

He has also promoted brands such as Givenchy and Longines and the ANZ Bank — but it seems in this case there was no need for any local mortgage financing.

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The couple relocated to the US in the mid-1990s.

Actors Simon Baker and Rebecca Rigg married in 1998, having met in the early ’90s on the set of Aussie soap E Street in which their characters, Baker’s Constable Sam Farrell and Rigg’s Nurse Amy, were also a couple. Rigg stepped back from her acting career to raise the couple’s children Stella, Claude and Harry.

The couple weren’t sighted around Byron Bay on their recent trip home, perhaps because of their eastern suburbs home search.

But they typically escape­ the paparazzi by heading to their hinterland retreat, having paid $1.5 million for the 7ha property in 2009. The rambling homestead with pool and tennis court was once owned by Northern Rivers royalty, the Scarrabelotti family.

This article and photo first appeared in the Saturday Daily Telegraph.
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Actor Simon Baker upsizes to $6.5 million Bronte trophy home from Bondi Beach apartment

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GUEST OBSERVER
The introduction of new legislative changes on property sales over $2 million will create a new compliance burden and could delay property settlements.
On the 1st of July 2016 the new legislation will come into effect under The Tax and Superannuation Laws Amendment Bill 2015. It introduces a new 10 per cent withholding obligation on the purchasers of properties over $2 million where the vendor is a foreign resident for tax purposes. Sellers are also now required to obtain a clearance certificate to prove they are an Australian resident for tax purposes.
According to data from APM Research and the Australian Bureau of Statistics in the 2016 FYI (up to 31 April) there were 12,072 house and apartment sales in Australia over $2 million.
The legislative changes will put Australian and foreign residents on a level playing field, but will have their challenges. The tax compliance burden for resident taxpayers will significantly increase and conveyancers will need to ensure their clients are abiding by the new laws to limit property settlement delays.
The Federal government is expected to significantly benefit from the new changes as there should be less tax revenue leakage.
From a buyer’s perspective they now have an obligation to withhold 10 percent of the property price to ensure the purchaser is compliant with the new regulations, otherwise they could be liable to pay a penalty which is up to the full 10 percent of the purchase price plus interest.
From a seller’s perspective, they could have less funds available which might otherwise have been available to discharge the mortgage on the property and/or fund a new property purchase. They could end up with only 90 percent of the proceeds on settlement unless they are able to obtain a clearance certificate from the tax office. If there are data irregularities, delays of between 14 to 28 days are expected to obtain a clearance certificate.
The legislative changes were introduced to reduce difficulties that can be associated with collecting tax on gains resulting from the sale of property assets from foreign resident taxpayers. Some of these tax payers have a limited connection to the Australian tax system and may be in a position to transfer proceeds offshore prior to compliance action being taken. Voluntary compliance by foreign residents in this regard is said to be extremely low.
The ATO has just released forms for the following: clearance certificate application for Australian residents; variation application for foreign residents and other parties; purchaser payment notification.
Manda Trautwein is director at William Buck, national accounting and advisory practice and can be contacted <a href="https://www.williambuck.com" target="_blank">here</a>.
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Legislative changes to create new compliance burden and could delay property settlements: Manda Trautwein

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NRL coach Ricky Stuart has sold his Sutherland Shire waterfront property which was listed with $3.5 million hopes.
It was bought in 2011 for $2.65 million from the former champion swimmer Ian Thorpe who paid $2.9 million in 2003 for the Port Hacking waterfront.
<img src="/images/stories/thorpe2.jpg">
Stuart's 2011 purchase of <a href="https://www.realestate.com.au/property-house-nsw-port+hacking-120274921" target="_blank">2 Wallendbeen Avenue</a> marked his return to the sporty shire, having previously owned at Burraneer Bay.
Stuart had been on the receiving end of the weaker property market in Sydney's eastern suburbs, as he sold his former Vaucluse house for $2.3 million in 2011 having paid $2.75 in 2006 while coaching the Sydney Roosters.
He has been coaching the Canberra Raiders since 2014, renting the former home of Kevin Rudd.
Marketed promoting its sporting property pedigree, it is understood around $3 million was secured through Jon Brookes at Brookes Partners.
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Ricky Stuart sells in Sutherland Shire

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Liberal party power broker Walter Villatora has listed his luxury Manly home, but only to upgrade on the peninsula.
Villatora bought the property for $1.85 million in 2011.
Fitted with fingerprint entry, <a href="https://www.realestate.com.au/property-house-nsw-manly-121848310" target="_blank">the freestanding four bedroom new build</a> comes with a new pool.
The white sleek family home has a private garden with an entertaining decking. 
The listing agent Tim Mumford of Stone Real Estate believes interest will come in at over $4.5 million.
Villatora, who is also the managing director for business advisory firm Outcome Group, has campaigned for his local politicians, former Prime Minister Tony Abbott and Premier Mike Baird.
This article was first published in the Saturday Daily Telegraph.
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Manly Liberal powerbroker lists freestanding home

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Bondi Rescue's Dean ‘Deano’ Gladstone has moved closer to work, selling in Randwick and buying at Bondi Junction.
Gladstone is a regular cast member of the long running award winning Channel 10 reality television show which takes place on Sydney’s iconic Bondi Beach.
The celebrity lifesaver and his wife Lilli sold for $2.1 million and paid $2.25 million for their unrenovated 1920s four bedroom purchase with rear pool.
They had bought the Randwick semi in 2008 for $1.04 million and have lived in the home with their two children Lucy and Gus.
The three bedroom King St semi sold through McGrath agent Mark McPherson who said the couple had renovated the home, giving it an open-plan kitchen and dining room that flows out to a courtyard.
The summer saw tensions break out on the sandy workplace when leaked documents showed malcontent over the reality TV sponsorship arrangements. 
This article was first published in the Sunday Telegraph.
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Bondi Rescue's Dean ‘Deano’ Gladstone buys in Bondi Junction

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Clinical nutritionist and wellness coach Jessica Sepel and her husband Dean Steingold, the co-founder of Productify, have quickly sold their Darling Point apartment.
The couple bought the 90 sqm, two bedroom apartment for $923,000 just under two years ago. The couple, who married in late 2015 after meeting in Johannesburg six years ago are off to Los Angeles.
<a href="https://www.realestate.com.au/property-apartment-nsw-darling+point-121757090" target="_blank">Ray White Double Bay listing agent Gavin Rubinstein </a>was expecting between $1.2 million and $1.25 million for the sale with the price remaining undisclosed.
The buyer has also remained unconfirmed, however Gavin suggested the property would appeal to first homebuyers, investors and downsizers.
Jessica put her Bachelor of Health (specialising in Nutritional Medicine) to good use and is now a blogger and author and aims to empower clients to make good choices every day.
Dean's company Productify has built a B2b service that specialises in sharing product information between online retailers and their suppliers. 
This article was first published in the Saturday Daily Telegraph.
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Wellness coach Jessica Sepel sells in Darling Point

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Fashion icon Jenny Bannister has sold her St Kilda home for $3.3 million at auction, exactly 27 years to the day after she bought it.
The property sold after Wilson agents Martin Fox and Brad Ward had set a guide of $2 million plus for the Victorian era property. 
Renovated to the designs of renowned Melbourne architect Allan Powell, <a href="https://www.realestate.com.au/property-house-vic-st+kilda-121871158" target="_blank">80 Wellington Street</a> won Belle Magazine's house of the year in 1991.
Set on a 657 sqm corner block, the solid brick, double fronted family home has four bedrooms and two bathrooms.
The two storey extension features a white painted brick creative studio with Juliette balcony which overlooks the Tuscan-style designer emerald green pool and courtyard.
Bannister lived in the home with husband and economist Paul "Mongoose" Belin.
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Fashion icon Jenny Bannister has sold her St Kilda home for $3.3 million

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A freestanding sandstone terrace in Woollahra listed with $2.7 plus million hopes through Simon Harrison at Belle Property sold at auction.
The <a href="https://www.realestateview.com.au/Real-Estate/4-wallis-street-woollahra/Property-Details-buy-residential-9528754" target="_blank">4 Wallis Street </a>home sits on 280 square metres with a seven metre wide terrace.
"This is Sydney’s version of London’s Chelsea and Kensington, or New York’s Upper West and East Sides mingled," the marketing suggested.
The terrace has three bedrooms, two bathrooms and one car space home is located moments to Queen Street and the Centennial Parklands.
The median price for a home in <a href="https://www.urban.com.au/property-observer" target="_blank">Woollahra is $2,105,000</a>, according to CoreLogic RP Data.
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Freestanding Woollahra sandstone terrace sold

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GUEST OBSERVER
The impending end to the 2015/16 tax year is set to help drive real estate market activity in autumn.
With the end of the tax year fast approaching, many investors and self-managed super funds will be weighing up whether to rebalance in or out of real estate assets and will act well before the  June 30 cut-off.
Throw in the threat of a July Federal Election and we expect appraisal, listing and sales numbers to hold their ground in the lead up to the end of the financial year.
Buyer activity will be consistent in autumn
Real estate has become a round-the-clock market due to the universality of the internet, which means vendors can achieve good sales results regardless of the season.
Buyers are driven to secure a property for a wide variety of reasons, whether it’s to secure a tax-effective investment for a self-managed super fund, or a home to live in – and the season makes little difference to them.  
If the vendor settles on a realistic price and the property is well presented, it won’t matter to buyers whether it’s spring or autumn.
Yet the reality is there will be fewer properties for sale in autumn than in the traditional springtime selling months between September and December, when many owners list properties for sale.
The number of properties for sale in March 2016 was 20 percent less than September 2015, according to Raine &amp; Horne.
If there are fewer properties for sale in April and May than September, and more or less the same number of buyers, it stands to reason that an autumn sale can make plenty of sense.
A more pleasurable experience for buyers
Across much of Australia, autumn is relatively milder than the stickier spring and summer months – although it will be getting chillier in the southern states.
An autumn open home therefore can present a more pleasurable experience for buyers, who will be more likely to poke around properties with more inviting external spaces for longer than they might at the height of the summer.
The colourful backdrop provided by autumn leaves may even strike a chord with some buyers looking for the perfect outdoor experience.
Tumbling autumn leaves, however, means owners need to be diligent with the rake to ensure the exteriors of their properties present in a clean and tidy fashion. 
 
Angus Raine is executive chairman, <a href="https://www.raineandhorne.com.au/" target="_blank">Raine &amp; Horne</a>.
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End of financial year to drive autumn property markets: Angus Raine

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A Bridgeman Downs, Brisbane home has been listed for sale, marketed along the lines that it is along the lines of homes expected in Ascot.
The <a href="https://www.realestateview.com.au/Real-Estate/14-flametree-street-bridgeman-downs/Property-Details-buy-residential-9170002" target="_blank">14 Flametree Street Brisbane</a> property has been listed with $2.425 million hopes through Brian McGrath at Ray White Chermside.
This is the first time this property is offered to the market.
The property sits on 1845 square metre and takes in views over the surrounding suburbs through to the waters of Moreton Bay.
The property also offers a guest-pool house.
Bridgeman Downs, about 14.5km from the Brisbane CBD, recently transformed some areas of open forest into up-market contemporary housing.
The median house price for <a href="https://www.urban.com.au/property-observer" target="_blank">Brisbane Downs is $736,500</a>, according to CoreLogic RP Data.
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