Luxury Homes Continue To Jump In Sales And Price Growth
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Luxury Homes Continue To Jump In Sales And Price Growth

Prices rose 9.1% across the country in the third quarter of 2021, with Sydney registering the biggest gains.

By V.L Hendrickson
Wed, Jan 19, 2022 12:13pmGrey Clock < 1 min

Australia’s major cities continue to see robust growth in the luxury residential market, according to a report from Knight Frank released Tuesday.

There were 1,971 prime sales—the top 5% of homes in a market—recorded in the third quarter of 2021, a 119% rise compared to the same time in 2020, according to data from the estate agency. The sales number is the second-highest on record.

Australia’s Gold Coast, an area south of Brisbane on the country’s east coast, saw the biggest spike in sales in the third quarter, up 156% annually, followed by Brisbane itself, where sales jumped 135%, according to the report.

In addition, the average number of days a prime property stayed on the market in Australia was 105 in the third quarter, down from 114 days during the second quarter.

Meanwhile, prices for luxury properties across the country rose 9.1% year over year in the third quarter, the figures show. Quarter over quarter, prime prices ticked up 1.5%.

“Australia’s prime annual growth was led by Sydney (10.7%), Gold Coast (10.5%) and Perth (10.4%),” according to the report. “Brisbane followed (8.4%), then Melbourne (6.5%).”

Prices are expected to have grown as much as 11% by the end of 2021, and another 8% in 2022, the report said.

Rents have also increased across Australia, and the country saw a 5.2% year-over-year increase in rates in the third quarter, the data showed. Perth saw the largest growth, registering an annual jump of 11.8% between June and September.

Reprinted by permission of  Mansion Global, Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: January 18, 2022.



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Judge Blocks Effort to Auction Graceland

Family of Elvis Presley was fighting the attempted sale, alleging fraud

By TALI ARBEL
Sun, May 26, 2024 2 min

A Tennessee judge on Wednesday blocked an allegedly fraudulent attempt to auction off Graceland, the former Memphis home of music legend Elvis Presley and a major tourist destination in the state.

Elvis’s granddaughter, actress Riley Keough , says a company that had planned a Thursday sale was fake and trying to defraud the trust that owns Graceland.

Judge JoeDae Jenkins in Chancery Court in Shelby County, Tenn., granted the injunction to stop the auction, according to a court clerk. The court had granted Keough a temporary restraining order on the sale last week.

The auction was initiated by an entity called Naussany Investments & Private Lending. It had filed a public notice for a foreclosure sale in Tennessee, alleging Lisa Marie Presley , Elvis’s only child, defaulted on a $3.8 million loan it made to her. The group said it now owns Graceland because Presley defaulted on the loan.

Presley, Keough’s mother, controlled the Graceland trust until her death in January 2023 . Keough then took over as trustee.

Lawyers for Keough said Naussany’s loan documents are forgeries, and the firm “appears to be a false entity created for the purpose of defrauding” the trust that owns Graceland, Presley’s heirs or any purchaser of Graceland.

Elvis Presley Enterprises, which manages Graceland, has also said Naussany’s claims were fraudulent. “There will be no foreclosure,” said Elvis Presley Enterprises spokeswoman Alicia Dean . “Graceland will continue to operate as it has for the past 42 years.”

Keough’s lawyer declined to comment.

Naussany Investments and Kurt Naussany, named in the complaint as acting on behalf of the entity, couldn’t be reached for comment. A phone number listed in the complaint didn’t work, and emails sent to associated addresses weren’t answered. The Wall Street Journal couldn’t separately find contact information for a Kurt Naussany. A lawyer for the entity couldn’t be identified.

The Graceland complex in Memphis, which includes an exhibition center and a 450-room hotel, attracts hundreds of thousands of visitors annually.

Elvis bought the property in 1957, when he was 22 and an ascendant star. He died in 1977 at the age of 42 and is buried on the Graceland property. Graceland opened to the public in 1982.

Lisa Marie Presley’s mother, Priscilla Presley , reached a settlement in 2023 with Keough over who would control the trust. The settlement came after Priscilla Presley challenged a 2016 amendment to the trust filed by Lisa Marie Presley that removed her mother as trustee.

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This stylish family home combines a classic palette and finishes with a flexible floorplan

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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