British buyers lead the way, accounting for one-fourth of all luxury transactions. Read More
BY THE NUMBERS
LISTING OF THE DAY
The 4,000-square-foot brownstone apartment has four fireplaces and a large outdoor terrace. Read More
A cap on hikes has kept taxes low in the western U.S. city. Read More
Canberra, Australia, Rents Now Rival Sydney’s
After notable increases, Canberra prices now stand second in Australia only to Sydney. Rents for homes are up to A$530 (US$411) weekly, which is the highest amount outside of Sydney’s A$550 (US$426). Apartment rents in Canberra have increased 4.7% to A$450 (US$350) per week, the greatest growth per quarter in the country. Overall rents have increased by 6% in the past year, which is the highest rate outside of Hobart. The sharp growth is being attributed to a low vacancy rate as well as a tightening of the rental market.
Housing Prices Around the Globe Increasingly Tied Together
Housing prices are increasingly moving in the same direction across global cities, according to a report from the International Monetary Fund’s Global Financial Stability Report. The research looked at 44 cities and 40 economies and found that housing markets are increasingly being influenced by shifts in other regions. As real estate investors continue to own properties in cities around the world, the housing market begins to mimic the stock market in that disruptions in one area can quickly have consequences worldwide.
Permits Issued to Shanghai Developers
Several residential development projects have been given the green light by the Shanghai housing authority through the granting of pre-sale permits allowing them to begin accepting orders from applicants who will be selected via a lottery in April. The developers, which include Poly Real Estate, China Sunac Holdings and Tahoe Group Co., have waited a considerably long time to get the go-ahead for their projects, but changes like new price gaps and other measures intended to address unaffordability mean developers are likely going to be making a significant amount less than they anticipated.
U.K. Population Wary of Future Housing Market Crash
A new study indicates that many in the U.K. believe that a crash of the housing market is likely to occur in the next five years. Issued by property marketplace TheHouseShop, the survey showed that 17% think there’s a possibility of a crash in the next two years and 45% believe one could happen in the next five. While 33% don’t foresee a crash, 60% think one will happen in the next decade and 66% see one occurring within 20 years.
Toronto Rents Soar
New mortgage restrictions are now impacting rent prices as scared-off potential homebuyers opt to rent, leading to dwindling supply. Average Toronto condo rents increased by 10.7% year-on-year in the first quarter to $2,206 while the number of available rental units decreased 12%, according to research from the firm Urbanation. Listings sat on the market for 18 days, compared to 20 days a year earlier.
AROUND NEWS CORP
L.A.’s New Playa Vista Neighborhood Is Where Silicon Valley Meets Southern California [The Wall Street Journal]
Tax Breaks and Burdens in All 50 States [MarketWatch]
1840s-Era Hamptons Retreat Is for Sale [New York Post]
Beyond the Bar Cart: How Boozy Spaces Are Taking Over People’s Homes [realtor.com]