9 Belvedere KEW

Comments on 9 Belvedere KEW

I’ve said a lot about what I feel in the QRate voice memo on Belvedere - a very distinctive high end architectural piece that is a way into the future although built a way in the past. Although multi-level, works for all ages. The light, view and space created are exquisite.

So other than to say this is Asia into Australia and Australia into Asia and 9 represents a world-class home - I will talk about how you go about buying such a trophy home and its neighbour.
A start point:
https://marketnews.com.au/2016/12/how-to-buy-a-10000000-to-20000000-home-well-3/
Have a read of pricing and how it really works at this level:https://marketnews.com.au/2018/03/values-versus-pricing-at-the-highest-end/
It is not a number – it is a feeling and a process. There is no relevant sqm rate due to slope and whilst it's about the land for sure – it’s not about the land size – it’s about the land view.
So how do you price it? I can show you Redmond and I went through it and that says both blocks are $9m and some due to size and quality of view? But was there only one buyer and will he or she ever compete again?
A near neighbour sold a year ago and that says $7m for both, if you think the market has shifted only minimally.
9 looks more than Raheen and that was over $5m.
View – so how do you determine view – panorama and foreground – are you looking at the night sky? You determine view value through process pricing.
Why do you say its Asia into Australia – a serious study would reveal that almost all purchasers of homes in this immediate area, such as Raheen and more, have come from an Asian background. Asian background buyers value this area considerably more than Anglo/European background buyers and the Asian market has returned about 6 months ago.
So Mal, what is the right market price? When we bought 9 Towers for a client at $26m and change in 2016 it was then a record price for Victoria and since then two offers at $33m – so what was the right price – we obviously had no comparables when we bought it – it was feeling. Is it worth $50m now? How repeatable is it? How repeatable is this to you and how long do you have? What are your competition in the form of other buyers and the seller – where are they at?
It’s a process to see where it ends – the only thing I am clear on is where we start, and it will be up to you our buyer, another buyer or the seller to advise me where it will finish.