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There’s some surprise winners and losers among CoreLogic’s 2022 Best of the Best list

Mon, Dec 19, 2022 10:16amGrey Clock 2 min

It’s been the best of times and the worst of times, to paraphrase Dickens, for players in the Australian property market this year.

While areas such as the Adelaide suburbs showed strong growth, with Davoren Park house values rising by 34.7 percent and unit values in Seacliff Park gaining 41.4 percent, CoreLogic data reveals houses in the Sydney suburbs of Narrabeen, Surry Hills and Redfern dropped by more than -25 percent. Unit values in Centennial Park and Mona Vale fell by -23.1 percent and -20.8 percent respectively.

CoreLogic economist Kaytlin Ezzy said the Adelaide market had proven to be remarkably resilient.

“Adelaide’s resilience has been a consistent feature of the housing market in 2022,” she said. “While down -0.9 percent from the July peak, dwelling values across the city are still 13.4 percent above the level recorded this time last year. 

“Adelaide’s relative affordability and persistently low advertised stock levels have helped insulate it from the worst impacts of rising interest rates.” 

In the regions, Bingara in the New England district of NSW experienced 36.2 percent growth in house values, followed by the South Australian towns of Cleve (35.3 percent), Solomontown (34.9 percent) and Streaky Bay (34.7 percent). The NSW town of ​​Gobbagombalin in the Riverina saw house value gains of 33.5 percent.

It has been more of a rollercoaster ride in the popular lifestyle locations of the Illawarra, Southern Highlands and Shoalhaven in NSW and the Sunshine and Gold Coasts in Queensland, which experienced the greatest ‘peak to trough’ values.

Four of the five most expensive Australian suburbs for houses are from Sydney, according to CoreLogic’s 2022 Best of the Best list, with Vaucluse topping the list with a median value of $7,943,965, followed by Bellevue Hill ($6,882,484), Rose Bay ($5,660,910) and Dover Heights ($5,087,211). The Melbourne suburb of Toorak rounded out the top five, coming in at $4,955,630.

The five most expensive unit values were from Sydney’s inner ring, with Point Piper leading the way at $2,895,563. It was followed by Darling Point, Millers Point, Milsons Point and Kirribilli.



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Hong Kong Takes Drastic Action to Avert Property Slump

The city’s real-estate market has been hurt by high interest rates and mainland China’s economic slowdown

Fri, Mar 1, 2024 3 min

Hong Kong has taken a bold step to ease a real-estate slump, scrapping a series of property taxes in an effort to turn around a market that is often seen as a proxy for the city’s beleaguered economy.

The government has removed longstanding property taxes that were imposed on nonpermanent residents, those buying a second home, or people reselling a property within two years after buying, Financial Secretary Paul Chan said in his annual budget speech on Wednesday.

The move is an attempt to revive a property market that is still one of the most expensive in the world, but that has been badly shaken by social unrest, the fallout of the government’s strict approach to containing Covid-19 and the slowdown of China’s economy . Hong Kong’s high interest rates, which track U.S. rates due to its currency peg,  have increased the pressure .

The decision to ease the tax burden could encourage more buying from people in mainland China, who have been a driving force in Hong Kong’s property market for years. Chinese tycoons, squeezed by problems at home, have  in some cases become forced sellers  of Hong Kong real estate—dealing major damage to the luxury segment.

Hong Kong’s super luxury homes  have lost more than a quarter of their value  since the middle of 2022.

The additional taxes were introduced in a series of announcements starting in 2010, when the government was focused on cooling down soaring home prices that had made Hong Kong one of the world’s least affordable property markets. They are all in the form of stamp duty, a tax imposed on property sales.

“The relevant measures are no longer necessary amidst the current economic and market conditions,” Chan said.

The tax cuts will lead to more buying and support prices in the coming months, said Eddie Kwok, senior director of valuation and advisory services at CBRE Hong Kong, a property consultant. But in the longer term, the market will remain sensitive to the level of interest rates and developers may still need to lower their prices to attract demand thanks to a stockpile of new homes, he said.

Hong Kong’s authorities had already relaxed rules last year to help revive the market, allowing home buyers to pay less upfront when buying certain properties, and cutting by half the taxes for those buying a second property and for home purchases by foreigners. By the end of 2023, the price index for private homes reached a seven-year low, according to Hong Kong’s Rating and Valuation Department.

The city’s monetary authority relaxed mortgage rules further on Wednesday, allowing potential buyers to borrow more for homes valued at around $4 million.

The shares of Hong Kong’s property developers jumped after the announcement, defying a selloff in the wider market. New World Development , Sun Hung Kai Properties and Henderson Land Development were higher in afternoon trading, clawing back some of their losses from a slide in their stock prices this year.

The city’s budget deficit will widen to about $13 billion in the coming fiscal year, which starts on April 1. That is larger than expected, Chan said. Revenues from land sales and leases, an important source of government income, will fall to about $2.5 billion, about $8.4 billion lower than the original estimate and far lower than the previous year, according to Chan.

The sweeping property measures are part of broader plans by Hong Kong’s government to prop up the city amid competition from Singapore and elsewhere. Stringent pandemic controls and anxieties about Beijing’s political crackdown led to  an exodus of local residents and foreigners  from the Asian financial centre.

But tens of thousands of Chinese nationals have arrived in the past year, the result of Hong Kong  rolling out new visa rules aimed at luring talent in 2022.


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Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

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