Hobart Australia’s Frontrunner In Global Cities Index
The southern city outranked the country’s more populous capitals.
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Hobart’s dramatic home price rise has lifted it to the top 20 of Knight Frank’ Global residential Cities Index – outranking all other Australian capitals in terms of growth.
While much of the headlines this year have been fixated on Sydney’s price rise, the Tasmanian capital’s 24.6% growth in home prices during the year to June lifted it to 14th place from 23rd on the global ranking of 150 cities by annual price change.
The Canadian city of Halifax topped the list with a 30.8% price rise in the last 12-months to June while other Canadian cities Hamilton and Ottawa also made the top 10 as Canadian housing supply levels hit low levels.
Sydney, not to be left out, climbed from 55 in March to finish at 28 – reflecting the city’s annual growth from 8.6% in the first quarter to 18.7% in the second.
The NSW capital’s current median value for dwellings surpassed $1 million in June and has risen another $16,500 over the month of September.
Around the country, Melbourne and Brisbane also saw ascendant moves from 70th to 89th on the index to 44th and 54th on the list respectively.
Canberra climbed the global rankings up from 17th to 15th — just behind Tasmania – with a 23.5% lift in property values.
The report also puts the price movement of local cities in a global context and shows the slowdown affecting other markets globally.
A look back at 2016’s report shows 15 Chinese cities averaged 23% growth year-on-year when tracked by Kight Frank’s index. Today the only Chinese city to break 10% growth was Guangzhou.
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The 25-room mansion was built for an heiress and later belonged to a socialite and architect on the Empire State Building.
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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.
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