Australian property market slows as vendors hold off for the summer holidays
It’s beginning to look a lot like Christmas, as auction listings ease off ahead of the holiday season.
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Vendors may be holding off as December comes to a close, with auction listings falling more than -12 percent across the country, CoreLogic reports.
There are 2,373 properties scheduled to go to market this weekend, down from 2,717 last week, representing a -12.7 percent decrease. It is also -50.4 percent less than this time last year when 4,783 homes went under the hammer.
Melbourne once again leads the way, with 1,053 properties listed for auction, while in Sydney, 827 will be put to market. Those figures are more than -14 percent lower than the previous week for both capitals.
Brisbane will actually see an increase in activity this weekend, with 185 homes listed compared with 180 the previous week. In Adelaide, the 178 properties put to market represent a -6.8 percent fall week-on-week. Perth is faring better, with 25 home going to auction, up from 12 the previous week. Tasmania is the only state to record higher auction numbers compared with this time last year, with five properties scheduled this weekend, rather than three last year.
The market is set to slow down even more during Christmas week, with CoreLogic reporting just 380 homes scheduled to go to auction at this stage.
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The actress and her husband, comedy writer Dave McCary, spent more than three years restoring the house, which is one of the priciest properties for sale in the Texas city.
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In 2021, actress Emma Stone purchased a historic estate in Austin, Texas, with a plan to move her family there. Four years later, she has instead decided to put the property on the market.
The actress and her husband, comedy writer Dave McCary, are asking $26.5 million for the newly renovated estate, according to Eric Moreland of Moreland Properties/Forbes Global Properties, one of the listing agents. The 1.25-acre property, located in the upscale Tarrytown neighbourhood, will be among the most expensive on the market in Austin.
Stone and McCary have spent more than three years renovating and restoring the Texas property, Moreland said.
A spokesperson for Stone didn’t respond to requests for comment. Moreland said the couple’s New York business interests have expanded since they started the remodel, and while they hope to live in Austin eventually, it doesn’t make sense for now.
The couple, who are co-founders of the production company Fruit Tree, own a roughly $12 million apartment in lower Manhattan, according to property records. Stone is slated to star in the upcoming contemporary Western film “Eddington.”
It’s unclear what Stone and McCary paid for the Austin property, since Texas is a nondisclosure state . The Georgian-style brick house dates to around 1940, making it one of the oldest estates in the area.
The roughly 10,000-square-foot estate includes a main house with four bedrooms and a two-bedroom guesthouse. The property also has a pool, a hot tub, and a garage with a screening room and entertaining space above.
As part of the renovation, the couple removed, cleaned and reused all the exterior brick. They also reconfigured some of the living spaces, opening the kitchen to the living room for a more modern layout. It took more than a year just to install the millwork in the screening room, said Moreland.
The contractors are now putting the finishing touches on the property, he said.
The “La La Land” actress has a track record of buying and selling her homes for significantly more than she paid. In 2022, she sold her blufftop Malibu, Calif., home for $4.425 million after buying it for $3.25 million in 2018, according to property records.
Last year, she sold her home in L.A.’s Comstock Hills neighbourhood for $4.3 million, significantly more than the $2.3 million she paid in 2019.
Austin saw an influx of new residents during COVID, but many of those are now returning to the East and West coasts, particularly workers in the tech sector.
While the market “has come down to earth a little bit” since the pandemic-era boom, Moreland said, he has seen a number of $20 million-plus deals over the past few months.
Moreland has the listing with colleague Diane Humphreys.
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