Your timeline and type of property might make this method make sense. Read More
BY THE NUMBERS
LISTING OF THE DAY
The 7,055-square-foot condo is on Seven Mile Beach. Read More
An abundance of ready-made villas, many with landscaped gardens, can be found in this upscale neighborhood. Read More
Hong Kong Sales Rose 21.6% in June
In spite of recent government market cooling measures, Hong Kong sales increased by 21.6% month-to-month in June, according to data from Knight Frank. Residential prices have also been increasing for 26 months straight, and are up 25% from September 2015. Lack of supply is helping push up prices, and developers may also be raising prices to make up for the new government-imposed vacancy tax on empty properties.
Demand From Retirees Has Increased Vacation Home Prices in Canada
Prices for Canadian vacation properties, including ski chalets and waterfront homes, increased by 13% year-over-year in June, driven in large part by high demand from baby boomers. The largest jump was in British Columbia, where prices rose 19%, while Tofino waterfront prices rose 112% up to C$1.4 million (US$1.07 million), and prices in ski destination Whistler rose 21% up to C$790,000 (US$604,680). However, prices on the Prairies fell 4% in the same period.
U.S. Home Price Appreciation Hits Its Slowest Pace Since Early 2016
The median sales price of U.S. single-family homes and condos was $255,000 in the second quarter of the year, a record high and a 6.3% year-over-year increase, according to ATTOM Data Solution’s second quarter U.S. Home Sales Report. However, this still marked the slowest rate of price appreciation since Q2 2016, and the fifth straight quarter of slowing growth. Nationwide, San Jose, California; Flint, Michigan; Seattle; Boise, Idaho; and San Francisco saw the fastest rates of price growth.
New Restrictions on Foreign Buyers Slow New Zealand’s Luxury Market
Tighter rules on the purchase of “sensitive land” greater than five hectares has had a cooling effect on luxury sales in New Zealand. “[The luxury] end of the market has taken a pause to try and understand the [finance] minister’s directives and the new legislation to be passed,” said Michael Pleciak of Legacy Partners. In addition to tighter scrutiny on purchases of large plots of rural land, the Overseas Investment Amendment Bill, which would ban foreign buyers from purchasing existing residential properties, is expected to pass by the end of the year.
Hong Kong’s Market Flooded With 5,000 New Flats in the Second Quarter
Hong Kong saw a 317% spike in the number of completed flats in the second quarter, with 5,000 new units coming on the market, compared to just 1,200 in the first quarter of the year. “Home price growth will slow in the second half of this year as more new flats go on sale,” said an analyst with Midland Realty. And 3,900 more flats are expected to be ready by the end of the year, with developers rushing to fill unsold units in anticipation of a looming vacancy tax on empty properties.
AROUND NEWS CORP
A New Career and House With the Help of Over 1 Million Instagram Fans [The Wall Street Journal]
Half of U.S. Homes Are Now More Valuable Than Before the Real-Estate Bubble Burst [MarketWatch]
The High Price of Natural Beauty [The Times of London]
The Key Questions Buyers Need to Ask a Real Estate Agent [realtor.com]