The auction market keeps spinning, with 3439 scheduled across Australia this week – a 30 per cent year on year increase. Sellers may be stuffing the week because of the upcoming Queen’s Birthday holiday. Nonetheless, records will be set in Sydney and Melbourne. Sydney has 1264 auctions, a record of seven weeks over 1000 this year. Melbourne also has more than 1200 scheduled, Canberra has 45 auctions, Perth has 27, Brisbane has 192, Adelaide has 83 and 16 auctions are scheduled in Tasmania. Read the full story here.
Auction market may be too hot to freeze this winter
For the last two years, more properties sold in winter than in autumn in South Australia, and for more money, according to RP Data. Last winter 8441 homes sold across South Australia for $3.34 billion combined, compared to $3.29 billion from 8378 sales in autumn. “Buyers don’t want to wait until spring, and savvy sellers will take advantage of that to get greater exposure in a competitive marketplace,” said LJ Hooker South Australia regional manager Rod Adcock. Read the full story here.
Melbourne on a list of ‘prime cities’ for global elite property investors
London-based developer Candy & Candy, working for Deutsche Bank, put Melbourne on a list of 12 “prime” cities of the world for multi-millionaire investors looking for outperforming returns. The cities account for 40 per cent of the $2.36 trillion of global property investments held by the world’s ultrahigh net worth individuals. Read the full story here.
Developers preserving history … and their bottom line
Australand’s painstaking work on Brisbane’s former migrant centre, Yungaba House, and The Anthony John Group’s plans for Collins Place are examples of heritage redevelopment. While challenging and costly, they’re also incredibly attractive to buyers looking for something distinct. Yungaba House is part of a $150 million urban renewal project with luxury residences, apartment buildings, cafe, heritage gardens, pool and riverside walk, for example. Each exclusive apartment inside will sell for millions of dollars. Read the full story here.
North shore faces high-rise huddle
Sydney’s North Shore may be well known for its leafy suburbs and restrictive planning regimes but local mayors are facing an assault their electorate will NOT be happy with. Pru Goward, NSW’s new Minister for Planning told the SMH that residents of the wealthy North of the city should be expecting company. “"You can't live in one part of Sydney and demand that you be in a little oasis of a garden suburb and yet demand that there be greater economic growth because you want job opportunities for your children," Ms Goward said. "We all have to share the burden, as well as the benefits, of growth. You can't start exempting the north shore,'' she continued. ''We've all got to take our share.''
Forecasts place another 1.6 Million in the harbor city in the next 15 years, and with 100,000 new arrivals annually, everyone will be getting new neighbours. The first in line for more high-density highrises will be transport hubs and anywhere near the railway line. New political code word for high density living? Urban Activation Precincts. Read More
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