CBA Tips Housing Growth
With as much as 16 per cent growth predicted.
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The Commonwealth Bank of Australia is forecasting a surge in house prices over the next two years.
The latest figures to come from the bank indicate as much as 16 per cent for housing prices alongside a unit price growth of nine per cent.
This comes as lending rates have lifted sharply, signalling a housing market is on the “cusp of a boom”.
“The increase in new lending is now feeding into higher prices for bricks and mortar,” says CBA economist Gareth Aird.
In the Bank’s most recent economics issues report, released today, the CBA reported that the predicted boom was to come off the back of record low interest rates and a labour market that is set to rebound sharply.
This, combined with rental yields that arrived well above the borrowing rates means that property markets will, in theory, rise.
“The CBA is reporting positive momentum is building within the property market and “as the market firms, would-be buyers are more confident to purchase and this brings other buyers into the market,” adds Aird.
And although the news is positive for homeowners, it is less so for unit-owners, with a 7 per cent growth disparity between houses and apartments.
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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
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