Mansion Global

Global Update: Sydney is Sizzling

News from luxury-home markets around the world

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The sky's the limit for the Sydney real estate market at the moment.

Getty Images
The sky's the limit for the Sydney real estate market at the moment.
Getty Images

The winds of fortune are blowing for Vornado. The realty trust has garnered commitments for $1.1 billion for 220 Central Park South, its new luxury residential property in Manhattan, selling a third of the building’s capacity. [Crain’s] Election prediction time! Central London real estate agents confident that a Conservative victory would unleash a torrent of “pent up demand” from foreign property investors. [OPP Today] Another item for the ever-growing list of things we can blame on Millennials. The demand for luxury homes is growing at home and abroad, but economists for National Association of Home Builders the predict that the trend could be short-lived, due to the needs of Millennials. [ConstructionDive] Mixed news in the Magic City. Miami home prices rose in March…but average prices are still about 31% less than their value at the height of the real estate bubble. [Miami Herald] Malaysians are making a play in London property investment, due to “clarity in British rules and regulations” for foreign buyers, according to global property consultancy, Knight Frank LLP. [The Star Online] The red hot Sydney real estate market could get red hotter. Experts expect yesterday’s interest rate cut to push prices even higher, with the possibility of median house prices exceeding $1 million by June 2017. [Australian Financial Review] Mayweather won in the ring, but when it comes to property portfolios, Pacquiao is the unanimous decision. [HousingWire]