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World's most expensive house up for sale

A French chateau, once owned by a member of the Rothschild family and, later on, the King of Morocco, has gone up for sale with a £363 million (AU$699) price tag. Chateau d’Armainvilliers located at Seine-et-Marne, 48km east of the Eiffel Tower, is the world's most expensive home. Built upon the foundations of a 12th century castle, the sprawling mansion boasts 1,000 hectares of land, 100 rooms across 2,500 square metres of living space, a private lake, and plenty of sequoia trees - the largest trees in the world. Ignace Meuwissen, a self-acclaimed "real estate advisor to the global elite" described the property as a display of "opulence and grandeur". "It is the most expensive castle in France and perhaps in the world. The price of €425million is justified by the property itself but also by the 1,000 hectare land which offers numerous possibilities," he told Paris Match magazine. "An investor could build thousands of apartments there if he wanted." The chateau was first bought by the Rothschild banking empird in the late 19th century, before King Hassan II of Morocco bought it in the 1980s. He then made the chateau more fit for a king, adding a hammam spa, a beauty and hairdressing salon, and a fully-equipped medical and dental facility. The Moroccan King also added a basement level, which has a network of tunnels, kitchens, cold rooms, storage spaces and staff quarters. The lucky owner will also find Moroccan mosaics and wall tiles decorating the home, and for any avid equestrians, the home also has a stable big enough for 50 horses. However, some luxury property agents have expressed their doubts on whether the property would sell with its nine-figure sum, with one saying it was an "unrealistic" price tag. "It doesn’t make sense, it’s absurd Properties of this type could sell for 20-25 million, or even 30 million if we really fall in love with them. I’m not even sure that Vaux-le-Vicomte (a Baroque French château), which has no marketing plans, would sell at this price," one agent told French real estate publication Le Figaro Immobilier. Others were unsure whether the changes made by the King in the 1980s would suit modern tastes. Images: Whisper Auctions

Real Estate

Samantha Armytage lists lavish holiday home

Samantha Armytage has listed her stunning holiday home in Hyams Beach for $3.2 million. The Farmer Wants A Wife host previously leased the lavish three-bedroom, two-bathroom property as a holiday rental for $1200 a night. Armytage bought property which sits on 658sqm of land in 2018 for $1.765 million, and she has extensively renovated the property since, which includes adding a new roof and redesigning the interiors. The property boasts plenty of natural light, and is just minutes away from Hyams Beach, which you can see from the balcony of the home. All the rooms feature plenty of natural light, with the master bedroom boasting ocean-views, which makes it perfect for families or couples looking for a holiday home. The home has a cottage aesthetic, with bright white walls and floorboards, that when combined with bamboo tables, woven storage baskets, and neutral-coloured furniture looks like the ideal beach retreat. It also features a large private backyard with an outdoor entertaining area and pergola. Armytage previously sold her $2.8 million Bondi home in 2020, the same year she got married to Richard Lavender. Her and Lavender have relocated to the Southern Highlands and are currently living on a 40-hectare farm in Berrima, which Richard purchased in 2007 for $ 1.95 million. Images: realestate.com.au / Getty

Real Estate

Iconic Victorian Sphinx Hotel up for sale

The iconic Sphinx hotel is in Geelong, Victoria is up for sale for the first time in over 50 years. The Ramia family, who built a 14m-high replica sphinx on the roof of their pub, are looking to sell their property after 53 years of ownership. “We’ve got to the stage where we all want to do our own thing and it’s quite a large family,” George Ramia, the owner of the hotel said. “We’re up to nearly 53 years here and I think we’re getting a bit tired. “I started work here when I was about 14. I recall those days I wasn’t allowed in the pub but I used to do all the beer lines. “Johnny O’Keeffe used to play a lot and he always asked me to play pool, and I was a pretty good player because it’s all I was allowed to do.” Ramia who started working at the former Golf View Hotel when he was 14, saw the venue change throughout the decades from a home for live music to a bistro and recently renovated sports bar. He also saw the venue grow in popularity, after a period of financial difficulties, when the pub was remodelled with the 14m-high Sphinx on the roof, completed with Egyptian-style motifs including hieroglyphics and even a mock gold pharaoh’s tomb in the 1990s. The pub continues to host live bands and events, including the Geelong Elvis Festival. The Sphinx Hotel is positioned on a 15,000sq m freehold land parcel, with 16-rooms of various configurations, with approvals in place to develop a further 24 rooms. It also features 67 electronic gambling machines, multiple bar areas and function rooms, an outdoor beer garden, a TAB and a recently renovated sports bar. The sale of the property also include the drive-through bottle shop and a licence capacity for 1010 patrons. The hotel is available as either a new long-term lease or a freehold going concern, which is currently being managed by CBRE Hotels’ senior director Scott Callow. “Geelong’s Sphinx Hotel presents a compelling investment opportunity in the thriving gaming and entertainment industry,” the CBRE Hotels’ senior director said. “We anticipate strong interest from a range of investment segments seeking to gain a significant foothold in Victoria’s tightly held gaming market.” Images: Sphinx Hotel / Facebook

Real Estate

Mission: Impossible Sydney mansion sells for eye-watering price

One of Sydney's most iconic properties, known as the Boomerang in Elizabeth Bay, has sold for $80 million. The mansion is featured in the second instalment in the Mission: Impossible franchise, with the 2000 movie starring Tom Cruise being set and filmed in Sydney. It was the first house to officially sell for above $1 million in 1978, before setting another record in 2002 when it fetched $20.7 million. Now, multiple sources have confirmed it has been snapped up by a purchaser, originally from Asia, for four times what it last sold for. The property has long been rated as one of Sydney’s Top 50 homes, and has been in the name of Katrina Fox, the daughter of Melbourne-based billionaire trucking magnate Lindsay Fox, since 2005. The impressive home was put up for sale by Ray White in 2017 with hopes of selling for $60 million and then again with Brad Pillinger of Pillinger for $80 million in 2021 — the last agent to have it listed. Pillinger couldn’t be contacted ahead of publication, but other sources have confirmed the property has sold for the $80m asking price, while speculation from other sources that the result was $105 million have been dismissed. Boomerang sits on 4233 square metres of waterfront land, and features 25 rooms including a private cinema modelled on the State Theatre. Image credits: realestate.com.au / Paramount Pictures

Real Estate

Better Homes and Gardens star's dream rural property up for grabs

Better Homes and Gardens star Charlie Albone and his wife interior designer Juliet Love, have listed their dream Ourimbah home. The 2.07ha property located on the Central Coast has been listed by McGrath Gosford agents Peter Morris and Nate Waters with a $3m to $3.2m price guidance. The four-bedroom, three-bathroom home sits deep behind a gated entry, which ensures privacy and is surrounded by plenty of greenery with its garden alcoves, a stunning wisteria-covered arbour, fruit trees, and a few garden beds for vegetables. There is also a feature dry-stone wall fire pit built by Scottish stonemason Callum Grey, that's perfect for winter and colder nights. The English cottage-style home comes with a separate self-contained unit that includes a bedroom and kitchenette. The home is every animal lovers' dream with five paddocks that come with animal shelters, plumbed water troughs and a three-stall stable. For those hot summer days, whoever the new owners are can dip into the saltwater pool located on the property. The property is equipped with 100,000-litre tanks and has town water. Albone and his family bought the property in 2012 for $840,000 which means that if it was sold at the price guide then it's almost four times the original price they bought it at. The top acreage sale at Ourimbah currently sits at $3,725,000 for a 13.93ha Dog Trap Rd six-bedroom house, which sold in 2021. Images: news.com.au

Real Estate

Former home of Kylie Minogue and Michael Hutchence for sale

The stunning Sydney apartment that Michael Hutchence and Kylie Minogue shared for two years has hit the market. The late INXS frontman and the Aussie pop princess lived in the Liverpool Street apartment from 1989 to 1991, with the building boasting a colourful history. The current owner and director of AusMed Innovations Gavin Holland, who owns the Longevity Lounge in Double Bay, believes the picturesque apartment overlooking Hyde Park and the harbour was the scene of some wild parties. “I know that back in those days there was a lot of socialising that went on, for want of a better word,” says Holland. “In this building, there’ve been suicides, murders, famous and infamous people — all sorts of stuff." Despite the past history of the building, the two-bedroom two-bathroom apartment boasts new finishings and stunning views of the city. “But what we’ve done recently is spend two-and-a-half million dollars on refurbishing the rooftop pool and jacuzzi, so that’s obviously an expense the new owners won’t need to fork out.” Hutchence is known to have lived in the apartment with Minogue on level 27, just two floors below the communal rooftop pool, for two years during their whirlwind romance. The apartment at <a href="https://www.realestate.com.au/property-apartment-nsw-sydney-144104704">2704/187 Liverpool Street, Sydney </a>has a $3.3 million guide, and will be auctioned at the end of February. Image credits: Getty Images / realestate.com.au

Real Estate

Tenants forced to pay landlord after fleeing their “uninhabitable” rental

A family has been ordered to pay their former landlords $3,000 after they “abandoned” they “uninhabitable” rental property. Bechara Rizk and Ariye Atayi Juma claimed that the Sydney home was unlivable, given the unrelenting infestation of cockroaches and other bugs. When the couple moved into the home with their young daughter on April 29th 2023, they immediately noticed “tiny insects and small cockroaches” in the linen cupboard, living area, master bedroom, second bedroom and main bathroom. They said the house was completely inundated with insects, as they found them on the walls, doors, skirting boards, carpets and in the toilets. Rizk emailed the real estate agency saying he did not consider the property habitable — especially for his young daughter. “(We) went to the property an hour ago for the first time since we received the keys yesterday and there were tiny insects and cockroaches alive and dead in every room,” the email said. “I have taken some videos if you need to see evidence but, most importantly, we are not comfortable bringing a small baby who is crawling to live in this apartment.” “I am writing to formally pull out of the lease and wanting to understand what the repercussions are for us.” The real estate offered to arrange a pest control service, to which the couple turned down as they believed the problem was too far gone to be fixed easily. After returning the keys on May 1st, Rizk sent an email the next day requesting their bond and deposit be returned. A pest controller treated the home on May 3rd, recording that a “small amount of (insect) activity” had been located and treated. In a letter to Rizk and Juma the next day, the real estate agency said the pest controller had found “no evidence of a pest infestation in the property” and the couple’s claim the property was uninhabitable was without merit. Rizk replied, “We have pulled out of our lease not due to a change of mind, it is uninhabitable and simply not what we signed up for. “We cannot live in an insect-infested apartment with a young baby.” “As any parent should understand, our child is our first priority and at the very least it would be irresponsible and the most could potentially put her in harm.” The matter between the family and the landlord ended up in the NSW Civil and Administrative Tribunal, with the couple seeking repayment of their bond while the landlords asked for compensation for the couple’s “abandonment” of the lease. Tribunal member Ross Glover found that the couple did in fact abandon the property, and were ordered to pay their former landlord $3,000 in compensation. The amount was deducted from the couple's bond which left no remaining balance to be refunded to them. Image credits: Shutterstock

Money & Banking

Real estate agency slammed for "greedy" rental increase

Real estate agency Nelson Alexander has come under fire after increasing the weekly rent to one of their vacant properties on the day of the viewing. The property, located in the inner suburbs of Melbourne, had a scheduled viewing on Thursday and many hopeful tenants were keen to check it out. Unfortunately, their interest came at a cost, as the agency sent out a text just hours beforehand saying that they were increasing the weekly rent from $600 to $650 due to "overwhelming" demand. Journalist Jacqueline Felgate shared the text on social media, and many branded the agency's move as "greedy" and "disgraceful" and even accused them of perpetuating the rental crisis. The exact location of the property and the number of bedrooms it has is unknown, and after receiving all the backlash, the ad has since been pulled. The real estate agency also apologised and said that they "do not solicit or encourage any form of rental bidding". "Whilst the current issue at hand is not a breach of legislation, it fell short of our commitment to fair and transparent practices," the statement read. "We are deeply aware of the moral and social responsibility we have to our community during these challenging times." They also added that they are currently reviewing their processes to "ensure this doesn't ever happen again". It is unclear whether the property has been put back on the market and for what price. <em style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; color: #323338; font-family: Figtree, Roboto, 'Noto Sans Hebrew', 'Noto Kufi Arabic', 'Noto Sans JP', sans-serif; background-color: #ffffff; outline: none !important;">Images: Instagram

Money & Banking

Women forced to do shocking act for $100 rent reduction

Two women in Queensland have claimed that they were forced to use a makeshift "temporary shower" outdoors, while renovations are being carried out in the property's only bathroom. The pair, who were expecting a porta-loo style shower to use during the four-to-six weeks renovation, were horrified when they found out the makeshift shower was just a blue tarpaulin attached to the side of the house. Electrical cords and plumbing pipes can be spotted hanging down in front of the open cubicle, and has no curtain for privacy or a lock, raising questions for their privacy and safety. To make matters worse, the women revealed on Facebook that they initially tried negotiating for a rental discount of $200 per week during the renovations, but their landlord said "no way" offering only a $50 discount, "then $100 as final offer". Dr Chris Martin, Senior Research Fellow in the University of NSW's City Futures Research Centre, slammed the landlord for "a bunch of possible breaches". "There is a big question about whether the temporary arrangement meets the minimum standards that apply to rented premises in Queensland under the Residential Tenancies and Rooming Accommodation Act," he told Yahoo News. "Those minimum standards include that the bathroom and toilet facilities must provide privacy and that a premise must be weatherproof and structurally sound, and there's a standard about security," he added. He also claimed that "there's a bunch of possible breaches of the minimum standards of this temporary arrangement," as intruders could also potentially get in. The Senior Research Fellow also slammed the $100-a-week reduction in rent, calling it "grossly insufficient". "What a professional landlord who takes a bit of pride in themselves as a reputable housing provider would have done, is hire one of those portable bathrooms that come on a little trailer with a little heater and hook it up, and also do a rent reduction for the hassle of having to trot out to the trailer to shower," he said. "That would be the appropriate response." He encouraged the tenants to speak to Tenants Queensland or a local tenants advice service about what to do, adding that they could say that the current temporary arrangements could be deemed "unlivable or uninhabitable". "I suggest they should also be telling the landlord that this arrangement may place the landlord in a further breach of the agreement and for the liability for an even bigger rent reduction and the prospect of compensation if they don't do this better," Dr Martin told the publication. Images: Facebook

Money & Banking

"Eviction season": Real estate slammed for callous Christmas email

A real estate agency has been forced to apologise after tenants were sent a callous email about paying their rent on time over the Christmas period. The email, which is believed to be sent by Professionals Taylor Lakes in Melbourne, referred to the festive period as "eviction season", and encouraged renters to make timely payments to ensure "your living arrangements are not jeopardised over this festive period". "Christmas is a fantastic time of year and also a very busy time," the email begins. "Christmas time is also known in property circles as 'eviction season' as so many people choose to use their rental payments for Christmas spending instead of ensuring that their family accommodation remains top priority over this period. "We see so many tenants fall behind in their rent and then get into the position where they are not able to catch up, as this is their biggest financial obligation." The agency said it didn't want to be tasked with the "unfortunate job" of having to remove and evict them from their homes over Christmas. "We find this action very unpleasant for everyone concerned and we all enjoy our Christmas much less because of it," it said. "We urge you to pay careful attention and ensure that throughout December and January, you pay your rent on time, every time!" The email was met with a wave of backlash online, with many calling the message "thoughtless" and "not professional". "This is just appalling," Anti-Poverty Network SA wrote on Facebook. Professionals chief executive Katherine Gonzalez-Cork said the email was brought to her attention on Wednesday morning, and offered an apology to the recipients. "The email was distributed to tenants directly from the Taylors Lakes office and the content was not endorsed by me or the Board of Professionals and does not represent our company's expectations of communication with our property renters," she said. Image credits: Getty Images

Money & Banking

Flower tycoon pays $76 million in CASH for epic mansion

A Sydney businessman and flower mogul has expanded his real estate portfolio, snapping up one of NSW's most prestigious properties. Leo Lynch and his wife Christina have bought a Federation mansion in Sydney's Bellevue Hill, with the eight-bedroom eight-bathroom property boasting impressive views of Sydney Harbour. The mansion, which was built in the 1890s, also showcases a pool, tennis court, and endless luxury amenities for the well-off buyers. "Designed by architect Walter Vernon," read the listing for the property, "the home is considered his most significant residence. Other heritage buildings designed by Vernon include the Australian Museum, the Art Gallery of New South Wales and Central Railway Station. A truly rare offering to earn a piece of Australian history." While securing the house seems like a huge feat in itself, the Lynch's decided to take the purchase to the next level, buying the home for $76 million in cold hard cash. Despite paying the whopping eight-figure for the mansion, the home needs work and is set to undergo renovations. The purchase of the property, named Leura, comes just after the Lynch's sold their former home for $52.4million more than he bought it. The same night he made the enormous purchase for the Leura estate, he sold his mystery home, just blocks away, for $61.5 million after rebuilding the property he had bought for just $9.05 million in 2014. Leo Lynch, 60, is a third generation of the wholesale flower family's company, founded in 1915 and for which private equity group Next Capital took a majority interest in 2015, before it was publicly listed in 2021. Image credits: Domain

Real Estate

Three-bedroom home on the market for unbelievably cheap price

A three-bedroom home located on the border of Victoria and South Australia is up for sale for just $65,000. But there is a catch to future homeowners who want to experience the “quiet and cheap country living”, as they might need to be handy with a hammer. “If you’re a handyman and willing to put some elbow grease into it, then this one might be for you,” the listing read. The home itself is located on two plots of land measuring 2,100m2 in Serviceton, Victoria, and is only 16 minutes away from Bordertown, South Australia. “Being on two titles, you can utilise both or sell the vacant allotment as all the dwellings are on one,” the listing read. It also features a large lounge room with wood-fire heater, and a centrally located bathroom with a bath and vanity. There's plenty of room to cook in the massive kitchen, despite it needing a lot of work, it features a formal dining area that has a sliding servery window which connects to the lounge room. Outside, the future homeowner can find a large shed, rain water storage, and a gate that opens up to a park. “It went under contract ... an hour and a half (after it was listed),” Ray White agent Hayden Obst told 7News. The condition of its electrical, plumbing and appliances are unknown, but people are still expressing their interest. Despite this, many people from different parts of the country and a few investors are still calling the real estate agent, just in case the contract falls through. Images: 7News.com.au

Real Estate

Historic lighthouse keeper's cottage up for sale

A cottage next to Macquarie Lighthouse has been put up for sale, and one lucky buyer will have the chance to say they live next to one of the country's oldest lighthouses. Located on beautiful South Head Vaucluse, the lighthouse itself has stood since 1883 and it is the second tower built there after the first convict-designed one deteriorated. You don't have to worry about any noise as there's only one neighbour in sight. "How many houses can you buy with a lighthouse next door," McGrath sales agent Robert Alfeldi said. For $12 million, the lucky buyer will get the heritage home that was built 1881, with most of its original fittings still in tact and an old stables building, perched on 2600 square metres of land. Although the property has kept most of its original elements, the interior - specifically the kitchen and bathroom - have been updated into more modern versions of the original. However, those looking to renovate the property and add a second floor should look for a different property as it is a heritage home, so it limits what future owners can add. “It’s quite a unique property. People show up thinking they can put a second storey on. But it is what it is for a reason," Alfeidi said. Iconic properties like this don't go for sale often, and tends to create a buzz among wealthy potential buyers. The property was previously sold in October 2016 for $7 million. Images: Domain/ Nine

Real Estate

James Packer's insane $132-million mansion up for grabs

Aussie billionaire James Packer has put up his $132-million mansion up for sale. The 12-bedroom Beverly Hills home was previously owned by Hollywood star Danny DeVito, before Packer bought it off him in 2018 for $93-million, according to realtor.com. Dating back to the 1930's, the luxury estate has been named “Beverly Hills at its finest," as it sits on 2260 sqm and boasts a three-storey accessory dwelling, a separate maids quarter and a guesthouse. “Boasting living space across multiple structures, enjoy an unparalleled gem in one of the most coveted neighbourhoods in Southern California," the listing read. It's the embodiment of luxury and "iconic L.A. living", with a home theatre that's fully equipped with a bar, a game room, wine cellar, resort-style pool and cigar lounge. The primary suite has a fireplace, sitting room, dual bathrooms, and access to a terrace. With 18 bathrooms you don't need to worry about whether they are occupied as the master suite itself features two master baths, double vanities, a linen closet, powder room, and the option of a shower or a sub and steam shower. Not only that, the private balconies allow you to take in the magnificent views of the estate's lush yard, but also the surrounding canyons, so there's never a boring day in the multimillion dollar mansion. According to The Daily Telegraph, the billionaire is selling the home because he has no desire to live in LA if his kid's won't be visiting, after his ex-wife Erica Packer and their three kids moved to London earlier this year. Images: realestate.com.au/ Getty

Real Estate

Inside Bec and Lleyton Hewitt's new $10-million dream home

Bec and Lleyton Hewitt have headed back to Sydney after stints in Melbourne and the Bahamas, with hopes that their new $10.3 million dream home in the semi-rural suburb of Glenhaven, will provide more stability. "I'm a Sydney girl, I love Sydney," said Bec, who swapped the busy inner city life for a more secluded one with her husband their three kids, Mia, 17, Cruz, 14, and Ava, 12. Their new home is close to Bec's family, and one of their neighbours is none other than Bec's former Home And Away co-star Lynne McGranger. Their six bedroom home comes with a host of features, including an inground swimming pool with a cabana, a tennis court, guest cottage and office. It also includes a space that will be used as a "boys room" for Lleyton and his son Cruz. The home sits on just over two hectares, and even features a secret room hidden in the loft, if they want to escape and have some peace and quiet. The couple's lavish purchase comes after they sold their Melbourne mansion in the ritzy suburb of Toorak for $16 million in 2021. They didn't require a mortgage for their new home. A local insider told Woman's Day that "the house is tucked away on a quiet, dead-end road in a sleepy suburb, which will give them a bit more privacy." Images: @threebirdsrenovations / Instagram

Real Estate

"It's just unbelievable": The Block winners become instant millionaires

Warning! Spoilers ahead The Block 2023 has official drawn to a close, with mixed emotions hitting the renovation couples at a chaotic auction day. Two teams became instant millionaires on Sunday night, while one couple walked away with nothing as their house failed to sell. NSW childhood sweethearts Steph and Gian emerged victorious as this year's winners, pocketing $1.65 million in a record-breaking auction. Their house was purchased for a whopping $5 million after the reserve was set at $3.35 million. Steph and Gian's win is the biggest in Block history, surpassing the $1.586 million last year’s winners Omar and Oz made over their reserve. On top of their auction earnings, the couple also take home the $100,000 prize money. Also becoming instant millionaires were Melbourne sisters Liberty and Eliza, pocketing $1.05 million after their house sold for $4.3 million. WA team Leslie and Kyle placed third in the competition, taking home a more modest profit of $130,000 after their house sold for $3.1 million. All three of those houses were bought by serial-bidder Adrian Portelli, who also purchased last year's winning house. In a bizarre twist, Portelli even bid against himself, repeatedly raising the price by $100,000 despite already having the highest bid. “That’s...never happened before,” said a dumbfounded Scott Cam, while the auctioneer called it “the strangest auction I’ve ever done.” Despite three major auction successes, South Australian couple Kristy and Brett only made a $65,00 profit for their hard work on the season, after their house sold for $3.035 million. In a devastating blow, Queenslanders Leah and Ash failed to sell their home after bids failed to climb above their $2.97 million reserve. After tense negotiations, the team decided to pass a low offer, with the home still on the market. There is some hope for the Queenslanders, as their house could still sell for more than its reserve after auction. Two of the three houses that were passed in during last year’s auctions eventually sold for well over their reserve, scoring their teams respective profits of around $170,000 each. Speaking after their win, Steph and Gian said their were “overwhelmed” and described auction day as “surreal.” “This will change our lives,” they said of their $1.75 million win. “We have no idea what we are going to do with the money yet. It’s going to clear our debts in Sydney. It’s going to set us up for whatever the next stage is. It’s just unbelievable.” Image credits: Instagram

Money & Banking

Princess Diana's childhood home up for rent

The house Princess Diana spent her childhood and teenage years in is now available for the public to rent. Althorp House, located in West Northamptonshire in England, is owned by Diana's brother Earl Spencer, who has lived on the sprawling property as custodian of the estate since 1992. The expansive property has been listed for royal fans with deep pockets to rent on <a href="https://www.elysian-estates.co.uk/althorp/" target="_blank" rel="noopener">Elysian Estates</a>, an upmarket equivalent of Airbnb. Althorp House, which is a 90 minute drive out of London, was built in 1508 and has been in the Spencer family for 19 generations. Lady Diana lived in the 90-room stately home for most of her childhood and teenage years, before she married the then-Prince Charles in 1981. Not just one grand property, the estate covers 13,000 acres of countryside as it encompasses cottages, farms, woodlands and villages, which are open to visitors but only at certain times of the year. Now, the home is once again available to rent via Elysian Estates. "Althorp offers unparalleled levels of service, privacy and luxury to rival the finest properties anywhere in the world; yet retains the truly welcoming and homely feel that makes Althorp so special," the listing says. "Walk in the footsteps of kings and queens, feast or celebrate in spectacular surroundings, marvel at the sense of history and artwork, and slumber in pure luxury." In the main house, there are six state bedrooms to choose from offering "a level of opulence befitting royalty, with these very rooms playing as much a part of English history as any royal palace". Prices for the rental are not yet publicly available as an enquiry must be sent to reserve the opulent property. The listing stated that the stay includes "butler service, a team of private chefs and housekeeping, with a dedicated concierge service". Althorp is today most famous for being the final resting place of Princess Diana following her death in Paris. Image credits: Getty Images / Instagram

Real Estate

Royal family's 175-year-old right to hunt comes to an end

The royal family can no longer hunt at the five-century old Abergeldie Estate that is next door to Balmoral Castle. Abergeldie's new owner, Alastair Storey, has terminated the royal family's sporting rights lease, established by Prince Albert in 1852, which means they can no longer go hunting, deer stalking or fishing at the estate, ending the 175-year-old tradition. Storey reportedly has plans to "transform" buildings on the estate into private accommodation and hunting lodges, according to the Daily Telegraph. Planning documents filed with Aberdeenshire council confirmed this: "For the last 175 years the Royal family have leased the sporting rights at Abergeldie but this has now ceased, and will be actively run by the new Laird. "To facilitate the transformation and to effectively run the estate, new facilities will be required." The documents also stated that the buildings around the farmhouse "facilitate accommodation for the running of the estate and will include a social space for paying visitors to support the sporting activities on the estate". This is a huge change from the original agreements Prince Albert drew up with the Gordon family, who previously owned the estate. This also comes after the late Queen agreed to pay more for the shooting and hunting rights on the sporting estate 25 years ago, after she was asked to increase the nominal rent that was being paid by the royal family for access. The 11,532-acre estate is nestled between the late Queen Elizabeth's former estate and the King's residence, Birkhall. It was sold in 2021 after the death of the 21st Baron of Abergeldie, John Gordon, to Storey who bought the estate for £23 million. Although Storey purchased 34 properties dotted around the vast estate, he has not bought out Abergeldie Castle, which still belongs to the Gordon family. Storey, 70, is a Scottish businessman and chief executive of WSH, and was labelled the "most influential man in the UK hospitality industry" in 2012. He was made an Order of the British Empire (OBE) by Queen Elizabeth in 2017. Images: Getty

Family & Pets

Eye-watering price tag for Melissa Caddick's penthouse

A penthouse formerly owned by fraudster Melissa Caddick is on the market for an estimated $5.5 million. The apartment, which was previously occupied by her parents Ted and Barbara Grimley, was listed for auction on October 10 and boasts stunning panoramic views of the city skyline. “Spacious throughout and stylishly presented with understated contemporary finishes, this is the perfect opportunity for downsizers, executives and families who seek undeniable quality and convenience,” read an online listing. Viewings for the apartment located in Eastpoint Tower at Edgecliff are only available through appointments, according to managing agents Richardson and Wrench. Liquidators hope that the sale of the penthouse will help recover some of the money Caddick stole from over 50 investors as part of her ponzi investment scam. The 49-year-old lived a life of luxury after stealing up to $30 million from the investors, many of whom were reportedly her close friends and family. Jones Partners, the accounting firm in charge of liquidating Caddick's former assets, have already recouped $3 million to investors after the sale of her share portfolio and Dover Heights cliff-top mansion. At the time, Jones Partners principal Bruce Gleeson said that it wasn't rare for investors to not get anything back from ponzi schemes. However, he has said that the sale of the Edgecliff apartment in Sydney's eastern suburbs, would allow for further significant distributions to investors. Caddick disappeared in November 2020, just days after her home was raided by ASIC investigators. She is believed to be dead after her badly decomposed right foot was found washed up on a beach in the south coast of NSW on February 2021, but the rest of her body has not been found. Images: Richardson & Wrench

Real Estate

The rental housing crisis is hurting our most vulnerable and demands a range of solutions (but capping rents isn’t one of them)

<a href="https://theconversation.com/profiles/andrew-beer-111469">Andrew Beer</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> and <a href="https://theconversation.com/profiles/emma-baker-172081">Emma Baker</a>, <a href="https://theconversation.com/institutions/university-of-adelaide-1119">University of Adelaide</a> Roughly <a href="https://www.abs.gov.au/statistics/people/housing/housing-occupancy-and-costs/2019-20">one in three Australians</a> rent their homes. It’s Australia’s fastest-growing tenure, but renting is increasingly unaffordable. From 2020 to 2022, our <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4253168">research</a> found a large increase in the proportion of renters who said their housing was unaffordable. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=217&fit=crop&dpr=1 600w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=217&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=217&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=273&fit=crop&dpr=1 754w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=273&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=273&fit=crop&dpr=3 2262w" alt="horizontal bar chart showing changes in Australian renters' assessments of affordability form 2020 to 2022" /></a><figcaption>Change in Australian renters’ assessments of affordability from 2020 to 2022. Baker, Daniel, Beer, et al, forthcoming, The Australian Housing Conditions Dataset, doi:10.26193/SLCU9J, ADA Dataverse</figcaption></figure> Australians are concerned about the <a href="https://www.theguardian.com/australia-news/2023/jul/05/rents-rise-again-across-australia-with-sydney-seeing-fastest-rise-in-20-years">pace</a> of <a href="https://www.sbs.com.au/news/article/how-much-has-rent-increased-around-australia/8ljlnf0zm">rent rises</a>. Prime Minister Anthony Albanese <a href="https://www.pm.gov.au/media/national-cabinet-meeting">says</a> increasing housing supply and affordability is the “key priority” for tomorrow’s national cabinet meeting. The crisis has impacts well beyond affordability. The rental sector is where the worst housing accommodates the poorest Australians with the worst health. <h2>The unhealthy state of rental housing</h2> Forthcoming data from the <a href="https://dataverse.ada.edu.au/dataverse/ahcdi">Australian Housing Conditions Dataset</a> highlight some of these parallel challenges: <ul> <li> it’s often insecure – the average lease is less than 12 months, and less than a third of formal rental agreements extend beyond 12 months </li> <li> rental housing quality is often very poor – 45% of renters rate the condition of their dwelling as “average, poor, or very poor” </li> <li> poor housing conditions put the health of renters at risk – 43% report problems with damp or mould, and 35% have difficulty keeping their homes warm in winter or cool in summer </li> <li> compounding these health risks, people with poorer health are over-represented in the rental sector. Renters are almost twice as likely as mortgage holders to have poorer general health. </li> </ul> Measures that potentially restrict the supply of lower-cost rental housing – such as rent caps – will <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4253168">worsen these impacts</a>. More households will be left searching in a shrinking pool of affordable housing. <h2>It’s all about supply</h2> Fixing the rental crisis needs more than a single focus on private rental housing. The movement between households over time between renting and buying homes means the best solutions are those that boost the supply of affordable housing generally. No one policy can provide all the answers. Governments should be looking at multiple actions, including: <ul> <li> requiring local councils to adopt affordable housing strategies as well as mandating <a href="https://www.ahuri.edu.au/analysis/brief/understanding-inclusionary-zoning">inclusionary zoning</a>, which requires developments to include a proportion of affordable homes </li> <li> improving land supply through better forecasting at the national, state and local levels </li> <li> giving housing and planning ministers the power to deliver affordable housing targets by providing support for demonstration projects, subsidised land to social housing providers and access to surplus land </li> <li> boosting the recruitment and retention of skilled construction workers from both domestic and international sources. </li> </ul> <h2>The biggest landlord subsidy isn’t helping</h2> More than <a href="https://data.gov.au/data/dataset/taxation-statistics-2020-21/resource/ebbd32e3-4556-41e1-a8b9-33387457d518">1 million Australians</a> claim a net rent loss (negative gearing) each year. Even though negative gearing is focused on rental investment losses, it is not strictly a housing policy as it applies to many types of investment. The impact of negative gearing on the housing system is untargeted and largely uncontrolled. As a result, it’s driving outcomes that are sometimes at odds with the need to supply well-located affordable housing. The most impactful action the Australian government could take to deliver more affordable rental housing nationwide would involve refining negative-gearing arrangements to boost the supply of low-income rentals. These measures may involve <ul> <li>limiting negative gearing to dwellings less than ten years old</li> <li>introducing a low-income tax credit scheme similar to the one in the United States.</li> </ul> We can learn much from the US, where the Low-Income Housing Tax Credit (<a href="https://www.huduser.gov/portal/datasets/lihtc.html">LIHTC</a>) scheme subsidises the acquisition, construction and renovation of affordable rental housing for tenants on low to moderate incomes. Since the mid-1990s, the program has supported the construction or renovation of about 110,000 affordable rental units each year. That adds up to over <a href="https://www.taxpolicycenter.org/briefing-book/what-low-income-housing-tax-credit-and-how-does-it-work">2 million units</a> at an estimated annual cost of US$9billion (A$13.8billion). This scheme is much less expensive per unit of affordable housing delivered than Australia’s system of negative gearing. Closer to home, the previous National Rental Affordability Scheme showed the value of targeted financial incentives in encouraging affordable housing. This scheme, available to private and disproved investors, generated positive outcomes for tenants. The benefits included better health for low-income tenants who were able to moved into quality new housing. A <a href="https://cityfutures.ada.unsw.edu.au/documents/81/Next_moves_report.pdf">raft</a> of <a href="https://apo.org.au/node/260431">evaluations</a> have <a href="https://www.ahuri.edu.au/research/final-reports/267">demonstrated</a> the achievements of this scheme. <h2>Crisis calls for lasting solutions</h2> Short-term measures such as rent caps or eviction bans will not provide a solution in the near future or even the medium or long term. Instead, these are likely to worsen both the housing costs and health of low-income tenants. Reform focused on ongoing needs is called for. Solutions that can be implemented quickly include the tighter targeting of negative gearing and the introduction of a low-income housing tax credit. Talking about change, as the national cabinet is doing, will begin that process of transformation, but it must be backed up by a range of measures to boost the supply of affordable housing. This, in turn, will improve the housing market overall as affordable options become more widely available.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/211275/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/andrew-beer-111469">Andrew Beer</a>, Executive Dean, UniSA Business, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> and <a href="https://theconversation.com/profiles/emma-baker-172081">Emma Baker</a>, Professor of Housing Research, <a href="https://theconversation.com/institutions/university-of-adelaide-1119">University of Adelaide</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-rental-housing-crisis-is-hurting-our-most-vulnerable-and-demands-a-range-of-solutions-but-capping-rents-isnt-one-of-them-211275">original article</a>.

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The rental housing crisis is hurting our most vulnerable and demands a range of solutions (but capping rents isn’t one of them)

Our Partners

News

Shop

Catalogues

Newspaper

Contests

Entertainment

Travel

Health

Lifestyle

Finance

Property

Compare

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Information

Keep up to date

Search

World's most expensive house up for sale

Samantha Armytage lists lavish holiday home

Iconic Victorian Sphinx Hotel up for sale

Mission: Impossible Sydney mansion sells for eye-watering price

Better Homes and Gardens star's dream rural property up for grabs

Former home of Kylie Minogue and Michael Hutchence for sale

Tenants forced to pay landlord after fleeing their “uninhabitable” rental

Real estate agency slammed for "greedy" rental increase

Women forced to do shocking act for $100 rent reduction

"Eviction season": Real estate slammed for callous Christmas email

Flower tycoon pays $76 million in CASH for epic mansion

Three-bedroom home on the market for unbelievably cheap price

Historic lighthouse keeper's cottage up for sale

James Packer's insane $132-million mansion up for grabs

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Princess Diana's childhood home up for rent

Royal family's 175-year-old right to hunt comes to an end

Eye-watering price tag for Melissa Caddick's penthouse

The rental housing crisis is hurting our most vulnerable and demands a range of solutions (but capping rents isn’t one of them)

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