Property prices have already peaked, CoreLogic data reveals
The days of a quick turnaround on property may have passed
< 1 min
The number of properties selling at a loss is on the rise, CoreLogic reports.
The financial services company’s latest Pain & Gain Report, which examined about 102,000 property sales that happened in the June quarter revealed that profit-making sales plateaued at 93.8 percent compared to the previous three months. In the three months to April, profit-making sales hit a peak of 94.1 percent.
The peak aligned with the first of the RBA’s cash rate increases and consequent interest rate hikes.
“This particular Pain & Gain report provides a line in the sand and confirms the moment when the housing market peaked and started to turn,” head of research at CoreLogic, Eliza Owen said. “The figures align with peak growth in our national Home Value Index and highlights the decline in the rate of profit-making sales, which has been largely influenced by an increase in the rate of loss-making resales in Sydney and Melbourne.”
The greatest losses were felt in Sydney and Melbourne. Loss making sales in Sydney increased by 160 basis points to 6.4 percent while Melbourne experienced a 50 basis point hike.
The news was more positive in some of the smaller capitals, with Hobart and Canberra coming out on top with 99.1 percent of resales experiencing gains.
Perhaps not surprisingly, at a national level longer hold periods were associated with greater gains. The report revealed that property owners who sold after 30 years achieved a median nominal return of more than $800,000.
Luxury carmaker delivers historic revenues, record global sales, and robust profitability amid ambitious product transformation.
Fourth-quarter revenue climbed 24% to 110.61 billion yuan, equivalent to $15.30 billion, but missed estimates.
The 25-room mansion was built for an heiress and later belonged to a socialite and architect on the Empire State Building.
2 min
A 110-year-old Colorado estate that has hosted Frank Sinatra and Lyndon B. Johnson just slashed $10 million off its price tag.
The 12,000-square-foot manor house—with 25 rooms—and its five accessory dwelling in the alpines of Evergreen was relisted on Friday asking $16.8 million, down from its initial $26.8 million price in 2023.
The sellers, Richard and Pamela Bard, who paid $1.3 million for the “legacy property” named Greystone Estate in 1992, have shopped it around on and off for the past 20 years, according to agent Jessica Northrop at Compass Real Estate.
Richard Bard, CEO of his own private equity firm, has “hosted many corporate events and retreats where important business is discussed but they are also able to relax,” Northrop said. “Greystone has a special way of making people feel at ease.”
Bard said “it’s not a casual effort” to sell. He said it’s difficult to find a buyer with the facilities to “take care of it.”
The Bards intend to move closer to their children in Denver.
Before the Bards, Greystone Estate had several eras—as a summer house, a guest ranch and a business base—since it was built in 1915 by Genevieve Phipps, an industrialist’s daughter.
Phipps, who spent her inheritance on the land, built the 54-acre summer escape with the “elegance and feel of a fine Adirondack mansion combined with a mountain rustic style,” according to an online record of the estate’s history.
Its heyday, arguably in the 1940s to 1980s, saw Sinatra, Johnson and Groucho Marx come through its doors, when its owner William Sandifer, a socialite and one the Empire State Building’s architects, operated a guest ranch out of the place.
The Bards, who used a carriage house on the property as their company headquarters, completed Greystone’s full modernization in 1997. They also opened up the living and dining areas to receive more light, raised the ceiling on the upper level and combined several rooms to create a primary suite.
They replaced an outdoor pavilion and its helipad with something more suitable for their daughter’s wedding in 2001, according to Northrop.
The main 25-room manor includes a wine cellar, bar, gym and library.
The additional structures, which include a cottage, a log cabin, a pool house, a carriage house and a pavilion and guest house, surround the pool area and overlook acres of aspen groves and mountains.
Rising along the line where eastern and western Europe divide, a forested mountain range is home to shepherds, villages and plenty of bears.
President Donald Trump’s imposition of tariffs on trading partners have moved analysts to reduce forecasts for U.S. companies. Many stocks look vulnerable to declines, while some seem relatively immune. Since the start of the year, analysts’ expectations for aggregate first-quarter sales of S&P 500 component companies have dropped about 0.4%, according to FactSet. The hundreds …
Continue reading “Health Is Wealth When Tariffs Are Denting Profit Forecasts”
