Inside Kew's Grand "Prague House"

The landmark Victorian slate-roofed residence, “Prague House”, formally known as “Dunboe” is arguably one of the finest period mansions in Kew, Melbourne.

Set back from Sackville Street, the circa 1880s-built home of 6-bedrooms, 6-bathrooms and 4-car parking is set on approximately 3400sqm of lush gardens with beautiful mature trees that speak to an era of gracious living undertaken on a grand scale.

Today, Prague House offers a heady combination of Victorian elegance — through the restoration of character features such as the original staircase, arches and mantles — and modern amenities for entertaining and living.

Inside, the home’s generous proportions are complemented by 4.5-metre ceilings and exquisite period attributes including ornate external rendering, stained glass windows and ceilings ornately decorated cornices, arches and columns.

Downstairs the entrance hall features a tessellated tile that leads to a large study, formal sitting room and dining room with an arched bay window and Black Belgian mantle alongside a billiards room. The home sees 12 (yes, 12) marble mantels, with eight of them in original condition.

Central to the home’s function is the expansive contemporary family domain boasting herringbone parquetry floors and incorporating a kitchen equipped with stone benchtops, an island bench and prestige Smeg appliances plus a butler’s pantry.

Upstairs features the flexibility of five bedrooms including a sumptuous main with walk-in-robes, and a glorious ensuite with a floor-to-ceiling glass wall overlooking the rear gardens as well as a retreat or playroom and a family bathroom.

The covered pool helps the home’s entertaining space transition from indoors to outdoors and accompanies the alfresco entertaining area that is completed by a barbeque kitchen that overlooks the night-lit tennis court.

Also found on the grounds are large lawn areas, retreats and rebuilt Victorian stables uses as a pavilion, outdoor entertainment area or possible self-contained guest accommodation or home office.

The listing is with Marshall White’s Marcus Chiminello (+61 411 411 271) with a price guide of $16.5m – $17.5m; marshallwhite.com.au

Advertised rents on houses and apartments have risen by more than 40 percent nationwide since the pre-pandemic period, with a shortage of rental homes and record levels of net overseas migration pushing weekly rents higher and reducing vacancy rates to historical lows, said Proptrack senior economist Eleanor Creagh.

However, Ms Creagh said the pressure in Australia’s rental market should ease over the next year as overseas migration falls, with the Federal Government expecting it to halve from here. Meantime, home values have continued to lift because the supply versus demand imbalance is now so great it is trumping the traditional dampening effect of rising interest rates on prices. Proptrack data showed the national median value lifted for the 17^th consecutive month in May.

“Despite a rise in the number of homes for sale this year, strong population growth, tight rental markets, and home equity gains are all contributing to demand, while the supply side of the housing market has fallen short and as a result, home prices reached a fresh peak in May as robust demand has continued to push prices upwards,” Ms Creagh said.

More investors are in the property market this year due to strong rental yields and continually rising values. Ms Creagh said lending to investors had reached record levels in Queensland, South Australia and Western Australia, which are the strongest states at the moment for capital city price growth and rental demand.

Proptrack has published data showing the top suburbs for rental yields in both the capital cities and regional areas of each state, as well as the suburbs with the highest capital growth over five years.

Here are the results for the five mainland states.

NSW

The suburbs with the highest rental yields for houses in Greater Sydney are Killarney Vale 4.2 percent, Watanobbi 4.1 percent, Blue Haven 4.1 percent, Woongarrah 4.1 percent and Airds 4.1 percent.

In the regions, the top rental yields can be found in Broken Hill 9 percent, Cobar 8.5 percent, South Lismore 8.3 percent, Boggabri 7.5 percent and Moree 7.2 percent. The top suburbs across NSW for capital growth over the past five years are Finley 126 percent, Culcairn 123 percent, Hay 108 percent, Broulee 106 percent and West Wyalong 105 percent.

Victoria

In Greater Melbourne, the suburbs with the highest rental house yields are Wollert 4.4 percent, Coolaroo 4.3 percent, Dallas 4.3 percent, Koo Wee Rup 4.2 percent and Roxburgh Park 4.2 percent. In the regions, the best rental yields for houses can be found in Red Cliffs 6 percent, Mooroopna 5.9 percent, Numurkah 5.9 percent, Stawell 5.8 percent and Morwell 5.6 percent.

The top Victorian suburbs for five-year capital growth are Warracknabeal 119 percent, Orbost 108 percent, Beechworth 102 percent, Myrtleford 100 percent and Euroa 99 percent.

Queensland

The suburbs with the highest rental house yields in Greater Brisbane are Laidley North 6.1 percent, Laidley 5.6 percent, Churchill 5.5 percent, North Booval 5.5 percent and Russell Island 5.4 percent. In the regions, the top rental-yielding suburbs are Collinsville 10.4 percent, Moura 10.1 percent, Moranbah 9.7 percent, Pioneer 9.6 percent and Blackwater 9.5 percent.

The Sunshine State’s fastest-growing suburbs for home values over five years are Mount Morgan 157 percent, Woodford 126 percent, Dysart 122 percent, Mount Coolum 121 percent and Worongary 114 percent.

South Australia

The suburbs with the highest rental yields for houses in Greater Adelaide are Eyre 5.6 percent, Elizabeth North 5.6 percent, Smithfield Plains 5.6 percent, Munno Para 5.4 percent and Salisbury North 5.4 percent. The best rental yields in regional South Australia can be found in Whyalla Norrie 7.9 percent, Risdon Park 7.8 percent, Port Pirie South 7.8 percent, Whyalla Stuart 7.7 percent and Port Augusta 7.6 percent.

The top South Australian suburbs for five-year capital growth are Elizabeth Downs and Elizabeth North – both at 135 percent, Elizabeth South 127 percent, Elizabeth East 123 percent and Hackham West 117 percent.

Western Australia

The suburbs with the highest rental yields for houses in Greater Perth are Hilbert 6.4 percent, Medina 6.3 percent, Stratton 6.3 percent, Balga 6.3 percent and Dayton 6.2 percent. The best rental yields across regional areas can be found in Kambalda East 12.2 percent, Kambalda West 11.2 percent, Nickol 11 percent, South Headland 10.9 percent and Newman 10.7 percent.

The top West Australian suburbs for capital growth over the past five years are South Hedland 135 percent, Rangeway 116 percent, Darlington 115 percent, Cooloongup 114 percent and Spalding 113 percent.

Inside Kew’s Grand “Prague House”

The expansive pile is one of the finest Victorian-style homes in Melbourne.

High rents and rising values are inspiring greater investor activity this year