Expats Fuelling Sky-High Property Prices
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Expats Fuelling Sky-High Property Prices

Returning well-heeled Aussies could be causing top-end market growth.

By Terry Christodoulou
Tue, Apr 6, 2021 11:49amGrey Clock < 1 min

The return of many expatriates from cities with more expensive property markets could be adding to the nation’s unprecedented rise in house prices according to the Property Investment Professionals of Australia (PIPA).

PIPA Chairman Peter Koulizos said expats were returning home en-masse, often with stronger currencies than the Australian dollar, further supercharging their buying power.

“Expats from expensive cities like London, Hong Kong and New York often don’t consider our real estate prices unaffordable and are happy to pay what is necessary to secure a prestigious property in a desirable location,” he said.

In fact, according to CoreLogic’s March National Home Value Index it is the premium end of the market that is leading the acceleration in the rate of capital gains at present.

Across the combined capitals, the upper quartile of the market recorded a 3.7 per cent lift in values in March, according to CoreLogic.

“Indeed, some properties are selling for hundreds of thousands of dollars more than what anyone – including experts – had predicted, which is leaving sellers very happy, but many buyers and property investment professionals scratching their heads somewhat,” added Mr Koulizos.

Real Estate Buyers Agent Association (REBAA) president Cate Bakos pointed to the impact of expats in Melbourne, with local buyers weren’t giving up without a fight.

“Cashed-up expats are certainly contributing to some of our silly runaway prices in Victoria, but we also have a lot of bottled-up energy from local buyers, too, particularly those who have managed to save during COVID,” Ms Bakos said.

She said the cost of borrowed money, combined with the government incentives in Victoria, had exacerbated the supply-demand imbalance, particularly in the $900,000 to $1 million price bracket.

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Jim Carrey Lists L.A. Home of Nearly 30 Years for $28.9 Million

The actor says the ranch-style Brentwood property has been a ‘place of enchantment and inspiration’

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Wed, Feb 8, 2023 2 min

Actor Jim Carrey is putting his Los Angeles home of nearly 30 years on the market for $28.9 million.

Mr. Carrey, who was born in Canada, bought the ranch-style Brentwood home in 1994, around the time of the release of his first major movie hit, “Ace Ventura: Pet Detective.” It wasn’t clear how much he paid.

In a statement, Mr. Carrey said the property had been “a place of enchantment and inspiration” to him over “30 very creative and prosperous years.”

“Every night the owls sang me lullabies and every morning I sipped my cup of joe with the hawks and hummingbirds, under a giant grandfather pine,” he said.

The roughly 12,700-square-foot estate includes a five-bedroom main house with a traditional brick facade and contemporary interiors, according to listing agent Janelle Friedman of Sotheby’s International Realty. Spanning about 2 acres, the property has a gym, a tennis court, a waterfall pool and spa, and a pool house with a sauna and steam room. There is also a dedicated outdoor yoga and meditation platform, she said.

The home is infused with elements of Mr. Carrey’s personality. A custom Art Deco-style home theatre, complete with mohair-covered sofas, burl wood columns and a snack area, features costumes from Mr. Carrey’s films in glass cases on the walls. They include a set of blue overalls from “The Cable Guy” and the Santa Claus costume from “The Grinch.” In an adjacent bar area, his Riddler costume from “Batman Forever” is on display, as well as some of his trophies from the MTV Movie & TV Awards.

The home’s neutral, understated aesthetic is punctuated by dramatic pops of colour, some of which are provided by Mr. Carrey’s own artwork: the actor is also a prolific painter who has gained recognition for his bold, graphic and colour-saturated pieces. On the lawn is “Ayla,” a sculpture by Mr. Carrey that depicts a nude woman peering through a picture frame. The art and mementos aren’t for sale with the house.

In the main house, the primary living space has pitched, beamed ceilings with skylights, while the living, dining and family rooms all have their own fireplaces. French doors throughout the home open to a large courtyard patio. The primary bedroom suite has its own sitting area, fireplace, and a covered balcony overlooking the property.

In a statement, Mr. Carrey said he is selling the property because he no longer spends as much time there. “I want someone else to enjoy it like I have,” he said, referencing a famous song by David Bowie: “Ch-ch-ch-changes!”

Mr. Carrey is best known for films like “The Mask,” “Dumb and Dumber” and “Liar Liar.” More recently, he has starred in the “Sonic the Hedgehog” film franchise.

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