Apartment Prices Poised To Rise

The divide between house and unit prices is starting to close as apartment prices across the country’s major capitals begin to lift.

Analysis by CoreLogic indicates that apartment price growth is hastening with house prices out of reach for many home buyers.

Apartment prices lagged behind the rapid rise of house prices through the first quarter of the year with capital city house prices rising 1.1% faster than units each month.

However, by August that gap had shrunk to an average of 0.7% per month – according to CoreLogic data.

In Sydney, the growth gap between houses and units is averaged at 1.6% this year. However, it is narrowing with the price differential peaking at 2.2% in March this year – down to 0.6% in August.

The other capitals have seen a more moderated narrowing with Melbourne seeing house values rise 1.3% faster than units in May, reduced to 0.9% in August.

In Brisbane, the gap has narrowed from 1.5% in June to 0.7% in August.

Former Google CEO Eric Schmidt is selling his Northern California estate, which was listed Monday for $24.5 million.

Located in Atherton, an extremely affluent town northwest of Palo Alto and about 30 miles south of San Francisco, the 3.36-acre property is made up of three parcels that Schmidt acquired over the years, according to public records and Compass, who has the listing.

Schmidt, 69, and his wife, businesswoman Wendy Schmidt, purchased the main home in 1990 for $2 million, according to public records accessed via PropertyShark. They remodelled the 1969 home in 2007, and at that time, bought a neighbouring parcel of land, allowing an expansion of the main house and the addition of a guest house, according to Compass, who holds the listing. A third parcel was later acquired, on which the Schmidts added an English garden house and landscaped grounds overlooking the Eastern Hills.

“Finding three contiguous parcels in Atherton is rare. Even rarer are those with views of the Eastern hills,” said listing agent Katharine Carroll of the reSolve Group at Compass. “The location of this residence is ultra private, at the back of a cul-de-sac with the main house built into a hillside that provides privacy and very good security.”

Across the estate, there are five bedrooms, five full bathrooms and six half bathrooms.

The 5,265-square-foot main house also offers a number of private outdoor spaces on its upper level, including a large terrace off the primary suite, another large terrace off a secondary bedroom, plus a third smaller terrace and two balconies.

Behind the main house is a patio with a pool and spa. For even more outdoor space, there’s an entertaining pavilion, an open lawn and an outdoor fireplace area near the guest quarters.

The grounds themselves are also a standout feature, with an array of mature plants and specimen trees. The upper portion of the property’s landscaping is designed around an Amdega-designed conservatory, which was imported from the U.K. Around the greenhouse, there is a garden of raised beds and fruit trees, Carroll said.

“From the moment you step onto the grounds, it feels as if you’ve been transported to a private botanical sanctuary,” she said.

Schmidt served as Google’s CEO from 2001 to 2011, and then became the company’s executive chairman until 2015. He could not be reached for comment.

This article first appeared on Mansion Global

Apartment Prices Poised To Rise

As housing affordability becomes an issue, unit prices close the gap.