Australian home values bounce back for third consecutive month
Capital cities lead the way as median home values see clear upswing
2 min
Home values continue their upwards trajectory, recording the strongest monthly growth in 18 months, CoreLogic data shows.
The property data provider reports that their Home Value Index has noted a third consecutive rise in values in May, accelerating 1.2 percent over the past month. This is on the back of a 0.6 percent increase in March and 0.5 percent rise in April.
Sydney recorded the strongest results, up 1.8 percent, the highest recorded in the city since September 2021. The fall in Sydney’s home values bottomed in January but have since accelerated sharply by 4.8 percent, adding $48,390 to the median dwelling value.
Melbourne recorded more modest gains, with home values increasing by 0.9 percent, bringing the total rise this quarter to 1.6 percent. It was the smaller capitals of Brisbane (up 1.4 percent) and Perth (up 1.3 percent) that reported stronger gains.
CoreLogic research director Tim Lawless said the lack of housing stock was an obvious influence on the growing values.
“Advertised listings trended lower through May with roughly 1,800 fewer capital city homes advertised for sale relative to the end of April. Inventory levels are -15.3 percent lower than they were at the same time last year and -24.4 percent below the previous five-year average for this time of year,” he said.
“With such a short supply of available housing stock, buyers are becoming more competitive and there’s an element of FOMO creeping into the market.
“Amid increased competition, auction clearance rates have trended higher, holding at 70 percent or above over the past three weeks. For private treaty sales, homes are selling faster and with less vendor discounting.”
Vendor discounting has been a feature in some parts of the country, particularly prestige regional areas that saw rapid price rises during the pandemic – and subsequent falls as people returned to the workplace in major centres.
The CoreLogic Home Value Index reports while prices appear to have found the floor in regional areas, the pace of recovery has been slower.
“Although regional home values are trending higher, the rate of gain hasn’t kept pace with the capitals. Over the past three months, growth in the combined capitals index was more than triple the pace of growth seen across the combined regionals at 2.8% and 0.8% respectively,” Mr Lawless said.
“Although advertised housing supply remains tight across regional Australia, demand from net overseas migration is less substantial. ABS data points to around 15% of Australia’s net overseas migration being centred in the regions each year. Additionally, a slowdown in internal migration rates across the regions has helped to ease the demand side pressures on housing.”
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The penthouse unit at 80 Columbus Circle in Manhattan spans 8,000 square feet and once set a price record for the city.
2 minEight is definitely someone’s lucky number—especially when a few zeros are tacked on at the end.
The top-floor unit of the 80-storey 80 Columbus Circle in Manhattan is coming to market for the first time in more than 20 years and asking a nice round $80 million.
The full-floor unit spans over 8,000 square feet and is part of the Mandarin Oriental Residences above the hotel in the Deutsche Bank Center. It has eight rooms with eight ensuite baths, each with its own walk-in shower.
It last sold in 2005 for a hair under $30 million to cosmetics executive Sandie Tillotson, a founding member and senior vice president at the Utah-based Nu Skin Enterprises. She agreed to purchase the unit in 2001 while the complex was under development as the Time Warner Center.
Today, the six-bedroom apartment features spacious living areas and views from every room, including a close-up view of Central Park and panoramic 360-degree vistas stretching to the Mario M. Cuomo Bridge, according to listing agent Eva J. Mohr of Sotheby’s International Realty.
“There are windows all the way around,” Mohr said. “The views are spectacular and there are no obstacles in front of the windows.
The apartment comes with a library and cinema, a primary bedroom with its own lounge, an oversized kitchen, a corner breakfast area with two glass walls and a utility room with caterer-level equipment and two sinks—one for prepping flowers and the other for bathing pets.
The 80th-floor unit has never been resold and was rarely used by the seller, according to information provided by the listing agency. The corresponding top-level unit in the complex’s second tower just sold. That unit once belonged to Related Companies boss Stephen Ross and sold for $50.7 million in an off-market deal last week.
“The one that went for $55 (sic) million was completely redone with marble and it was beautiful, but you don’t have the views,” Mohr said.
When Tillotson bought the property, the $30 million contract was a record price for a condominium, according to the New York Times. In 2005, the apartment was delivered as “8,200 square feet of raw space” and Tillotson brought her own team to do the interiors, the Times reported.
Tillotson’s Nu Skin is a seller of anti-ageing and wellness products that was founded in the 1980s and is active in more than 50 international markets, particularly in China. The publicly traded company has also recently expanded into India. Nu Skin has several thousand permanent employees at its Provo, Utah, headquarters as well as tens of thousands of salespeople worldwide.
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