Australian residential property market is on the up in capital cities
The local landscape is still hard to predict as interest rate rises loom
2 min
The property downturn in Australia may have turned a corner, information from data analytics company Neoval suggests, with capital city prices increasing by 1.9 percent since December.
Ray White chief economist Nerida Conisbee said while it’s unlikely increases will happen at the same pace that they did during the pandemic, the market appears to have stabilised, with Sydney leading the way. Neoval data showed Sydney prices have increased 2.7 percent, followed by Canberra and Melbourne, which both saw a 2.0 percent rise. Hobart and Brisbane prices went up by 1.8 percent, while Adelaide (1.4 percent), Perth (1.3 percent) and Darwin (1.1 percent) rounded out the capitals.
Ms Conisbee noted that the increases reflected different circumstances in each capital, making it harder to predict price movements going forward. While a resources boom in Perth and less sensitivity to interest rate rises in areas like Darwin may have contributed to higher prices, flooding in Brisbane last year will continue to put pressure on accessibility to trades in that city as homeowners try to rebuild.
The impact of further interest rate rises and fixed rate home loans soon ending for a substantial number of borrowers across the country was also yet to be felt. The RBA is scheduled to meet tomorrow, with most experts predicting a further rate rise.
“If house prices do now show a continual increase from this point forward it highlights the complexity of property markets,” Ms Conisbee said. “House prices are very sensitive to interest rates and there is almost complete consensus that these will continue to increase for a bit longer.
“We also have a lot of loans coming off fixed rates and this is likely to make some investment properties less financially attractive. It will also mean that holding a vacant property such as a holiday home, less desirable. It is likely more properties will come to market.”
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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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