Luxurious Slice Of The Sunshine Coast
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Luxurious Slice Of The Sunshine Coast

This Queensland apartment offers the best in resort-style living.

By Terry Christodoulou
Fri, Feb 26, 2021 5:16amGrey Clock 2 min

Set on the dazzling Noosa River comes a world-class development of three luxurious apartments inspired by the idyllic climes of the Sunshine Coast.

On the market is the largest of the three, a ground floor residence offering 445sqm.

Here, exquisite craftsmanship and contemporary design meet in an intelligent layout that boasts expansive terraces and free-flowing living spaces throughout the 3-bedroom, 3-bathroom 2-car garage residence.

The work of multi-award-winning designer Chris Clout, the home sees natural light feature prominently with lofty ceiling heights and multiple, seamless connections to the outdoors. Elsewhere, wide eaves maximise the use of the wrap-around terraces while expansive outdoor entertaining spaces further elevates the offering.

Inside a considered, coastal palette is delivered by oak flooring and the use of timber fixtures alongside porcelain tiles, a stone finished kitchen and bathrooms – fitted with European appliance and bespoke joinery throughout.

The master suite proves a decadent retreat replete with a private balcony, large walk-in robe and luxurious stone and timber ensuite.

The residence is privy to a stunning horizon pool, while the park-like landscaped gardens highlight Noosaville’s sub-tropical appeal. The oversized terrace makes al-fresco entertaining effortless.

A basement offers secure parking while the complex is home to a gym, sauna and powder room.

The address is close by to the Sunshine Coast’s favourite cafes and bars, with a ferry stop to Hastings Street, Noosa Main Beach and Noosa Marina nearby.

The listing is currently with David Connolly (+61 438 259 956) and Lisa McKenzie (+61 417 776 361) of Century 21 Connolly Hay Group.
1/217-219 Gympie Terrace, Noosaville, $6million; Century21noosa.com

 



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Hong Kong Takes Drastic Action to Avert Property Slump

The city’s real-estate market has been hurt by high interest rates and mainland China’s economic slowdown

By ELAINE YU
Fri, Mar 1, 2024 3 min

Hong Kong has taken a bold step to ease a real-estate slump, scrapping a series of property taxes in an effort to turn around a market that is often seen as a proxy for the city’s beleaguered economy.

The government has removed longstanding property taxes that were imposed on nonpermanent residents, those buying a second home, or people reselling a property within two years after buying, Financial Secretary Paul Chan said in his annual budget speech on Wednesday.

The move is an attempt to revive a property market that is still one of the most expensive in the world, but that has been badly shaken by social unrest, the fallout of the government’s strict approach to containing Covid-19 and the slowdown of China’s economy . Hong Kong’s high interest rates, which track U.S. rates due to its currency peg,  have increased the pressure .

The decision to ease the tax burden could encourage more buying from people in mainland China, who have been a driving force in Hong Kong’s property market for years. Chinese tycoons, squeezed by problems at home, have  in some cases become forced sellers  of Hong Kong real estate—dealing major damage to the luxury segment.

Hong Kong’s super luxury homes  have lost more than a quarter of their value  since the middle of 2022.

The additional taxes were introduced in a series of announcements starting in 2010, when the government was focused on cooling down soaring home prices that had made Hong Kong one of the world’s least affordable property markets. They are all in the form of stamp duty, a tax imposed on property sales.

“The relevant measures are no longer necessary amidst the current economic and market conditions,” Chan said.

The tax cuts will lead to more buying and support prices in the coming months, said Eddie Kwok, senior director of valuation and advisory services at CBRE Hong Kong, a property consultant. But in the longer term, the market will remain sensitive to the level of interest rates and developers may still need to lower their prices to attract demand thanks to a stockpile of new homes, he said.

Hong Kong’s authorities had already relaxed rules last year to help revive the market, allowing home buyers to pay less upfront when buying certain properties, and cutting by half the taxes for those buying a second property and for home purchases by foreigners. By the end of 2023, the price index for private homes reached a seven-year low, according to Hong Kong’s Rating and Valuation Department.

The city’s monetary authority relaxed mortgage rules further on Wednesday, allowing potential buyers to borrow more for homes valued at around $4 million.

The shares of Hong Kong’s property developers jumped after the announcement, defying a selloff in the wider market. New World Development , Sun Hung Kai Properties and Henderson Land Development were higher in afternoon trading, clawing back some of their losses from a slide in their stock prices this year.

The city’s budget deficit will widen to about $13 billion in the coming fiscal year, which starts on April 1. That is larger than expected, Chan said. Revenues from land sales and leases, an important source of government income, will fall to about $2.5 billion, about $8.4 billion lower than the original estimate and far lower than the previous year, according to Chan.

The sweeping property measures are part of broader plans by Hong Kong’s government to prop up the city amid competition from Singapore and elsewhere. Stringent pandemic controls and anxieties about Beijing’s political crackdown led to  an exodus of local residents and foreigners  from the Asian financial centre.

But tens of thousands of Chinese nationals have arrived in the past year, the result of Hong Kong  rolling out new visa rules aimed at luring talent in 2022.

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