Larry Ellison, Ken Griffin and Other Rich Buyers Kept the Luxury Market ‘Separated From Reality’ in 2022

The luxury real-estate market may have returned to earth slightly in 2022 following a whirlwind pandemic-induced free-for-all in 2021. Still, some of the country’s richest buyers managed to log big-ticket deals.

There were at least seven deals closed for $100 million or more in 2022, down from the eight closed the prior year, according to data from appraisal firm Miller Samuel and The Wall Street Journal’s reporting. In total, there were 44 sales across the U.S. closed for $50 million or more. While that’s down from 48 in 2021, it’s still the second highest total on record and a significant uptick from the 23 recorded in pre pandemic 2019, according to Miller Samuel’s Jonathan Miller.

The flurry of major transactions, despite a general normalisation of the broader market, rising interest rates and recession jitters, shows that, at the very highest end, the ultra luxury market “is separated from reality,” Mr. Miller said. “It has nothing to do with the normal housing market.”

Read on for a closer look at some of the year’s biggest deals, which were concentrated in three states, New York, California and Florida.

1. The Gemini estate in Manalapan, Fla.

Buyer: Oracle‘s Larry Ellison

Seller: Netscape’s Jim Clark

Sold: $173 million

Listed: Off-market deal

Oracle co-founder Larry Ellison is known for his expensive taste in real estate, the tech billionaire owns a swath of homes in trophy property markets like Malibu, Lake Tahoe, in Silicon Valley and on the Hawaiian island of Lanai. It was no surprise then that Mr. Ellison topped the list of 2022’s largest residential deals with his record-setting $173 million June purchase of an oceanfront estate near Palm Beach. The deal is the largest ever closed in the state of Florida.

The deal was also evidence of how the Palm Beach ultra luxury market continued to escalate in value, even as pandemic restrictions began to wind down. Mr. Ellison purchased the property from another billionaire, internet entrepreneur and Netscape co-founder Jim Clark, who purchased it for $94.2 million in 2021.

Known as Gemini, the roughly 16-acre property was long owned by the Ziff publishing family. It is on a barrier island in Manalapan and has about 1,200 feet of ocean frontage and around 1,300 feet on the Intracoastal Waterway. There are several structures, including a 62,200-square-foot main residence and a seven-bedroom guesthouse. The structures are connected via tunnels that run underneath a road that cuts through the estate.

Lawrence Moens of Lawrence A. Moens Associates brokered the deal.

2. The One estate in Los Angeles

Buyer: Fashion Nova’s Richard Saghian

Seller: DeveloperNile Niami

Sold: $126 million

Listed: Auctioned off with no reserve; outstanding debts on the property totalled $190 million

The $126 million sale of a Bel-Air estate known as The One in March marked the end of a nearly decade-long saga that had captivated the Los Angeles real-estate community. Once slated to list for an asking price of $500 million, the property eventually sold at a no-reserve auction conducted by the company now known as Sotheby’s Concierge Auctions. (The price including the auction premium was $141 million.)

The property was the brainchild of embattled real-estate developer Nile Niami, who ran afoul of his lenders on the project amid cost overruns and eventually put the property into bankruptcy in October 2021. Outstanding debts on the property totalled around $190 million at the time of the auction, records show. The buyer was Richard Saghian, the chief executive of fast-fashion giant Fashion Nova.

The enormous property spans around 105,000 square feet with 20 bedrooms, a 30-car garage, a bowling alley, five swimming pools and a beauty salon.

Rayni and Branden Williams of The Beverly Hills Estates and Aaron Kirman of Compass represented the seller, while the Williamses also represented Mr. Saghian alongside Stuart Vetterick of Hilton & Hyland.

3. A Holmby Hills assemblage in Los Angeles

Buyer: Snap’s Evan Spiegel

Seller: Developer Ian Livingstone

Sold: $119.868 million

Listed: Off-market deal

In July, a company tied to Evan Spiegel, the co-founder and CEO of Snap, closed on the $119.868 million purchase of a Holmby Hills estate in Los Angeles, according to property records and people familiar with the situation.

The property, which sits behind iron gates at the end of a long drive, includes a European villa-style main house with an Olympic-size indoor pool, a spa and massage rooms, as well as an outdoor pool with a waterfall, according to a listing description on the website of listing agents Stephen Resnick and Jonathan Nash, who were formerly of Hilton & Hyland but have since moved to Carolwood Estates. Inside, there is a two-story entry foyer with fireplaces on each end, a step-down living room, a formal dining room and a library and screening room, according to the listing. The seller was a company tied to British developer Ian Livingstone, who tapped developer Max J. Fowles-Pazdro to oversee the project, according to records and a person familiar with the property. Drew Fenton, then of Hilton & Hyland but now with Carolwood, represented the buyer.

Property records show that Mr. Spiegel’s company paid an additional $25 million for the site next door in 2021. Neither Mr. Spiegel nor Mr. Livingstone could be reached for comment.

4. A compound in Watermill, N.Y.

Buyer: Developer Michael Karp

Seller: Apparel executive Arthur Rabin and his son, apparel executive Jason Rabin

Sold: $118.5 million

Listed: Off-market deal

In January, a large estate comprising two separate homes in Watermill traded for $118.5 million in an off-market transaction, marking the biggest Hamptons deal of the year, records show.

The sellers were Arthur Rabin and his son Jason Rabin, records show. Jason Rabin is the CEO of the apparel company Centric Brands. His father was the founder of Wear Me Apparel, which was purchased by Hong Kong-based global consumer goods exporter Li & Fung Limited in 2009. The buyer is Philadelphia real-estate developer Michael Karp, according to two people familiar with the situation.

Information on the property is scarce since it was never formally listed, but aerial images show that it includes two large residences as well as two pools and multiple sports courts. A few months after the sale, Mr. Karp put a piece of the property back on the market for $72 million; that piece includes a 17,000-square-foot house with 21 bedrooms, according to the listing.

Hedgerow Exclusive Properties brokered the deal. Neither the Rabins nor Mr. Karp responded to requests for comment.

5. A historic estate in Coconut Grove, Fla.

Buyer: Citadel’s Ken Griffin

Seller: Philanthropist Adrienne Arsht

Sold: $106.875 million

Listed: $150 million

If Larry Ellison is among the country’s most active acquirers of trophy homes, one of his primary rivals is hedge-fund billionaire and Citadel founder Ken Griffin, who owns some of the most expensive homes in the world. He added an estate in Miami’s Coconut Grove area to that lineup in September, when he purchased an estate for $106.875 million, a Miami-area record. The seller was businesswoman and philanthropist Adrienne Arsht, who put the property on the market for $150 million in January.

The waterfront estate includes two separate homes, totalling 12 bedrooms and about 25,000 square feet. The main residence was built around 2000 by Ms. Arsht, and has a great room for entertaining as well as a formal dining room with seating for up to 20 guests. The second property dates to 1913, when it was constructed for three-time presidential candidate and onetime U.S. Secretary of State William Jennings Bryan. Since purchasing, Mr. Griffin has proposed a potential relocation of the older home on the property to another location, where the public would have access to it for the first time, according to his spokesman.

Ms. Arsht was represented by Ashley Cusack of Berkshire Hathaway HomeServices EWM Realty. Mr. Griffin was represented by Jill Hertzberg of the Jills Zeder Group at Coldwell Banker Realty.

6. A Penthouse in Manhattan

Buyer: Julia Koch

Seller: Estate of Microsoft co-founder Paul Allen

Sold: $101 million

Listed: Off-market deal

In July, the estate of late Microsoft co-founder Paul Allen sold a pair of apartments for $101 million in an off-market deal at a boutique building in Manhattan’s Lenox Hill neighbourhood. The buyer was Julia Koch, the widow of late Koch Industries billionaire David Koch, according to people familiar with the situation.

The sale included the building’s penthouse as well as a second unit on a lower floor. Records show Mr. Allen purchased the penthouse unit for $25 million in 2011, though it wasn’t clear what he had paid for the second unit.

Betsy Messerschmitt of the Corcoran Group represented Mr. Allen’s estate in the deal. Leighton Candler of Corcoran represented Ms. Koch.

7. A Blufftop Property in Malibu, Calif.

Buyer: Media mogul Byron Allen

Seller: Self-storage billionaire Tammy Hughes Gustavson

Sold: $100 million

Listed: $127.5 million

In October, a roughly 11,000-square-foot compound in Malibu’s tony Paradise Cove enclave sold for $100 million to billionaire media mogul Byron Allen, the latest in a line of major real-estate buys by the entrepreneur. The seller was self-storage billionaire Tammy Hughes Gustavson, who put the property on the market for $127.5 million in May.

The Malibu estate, formerly owned by Ms. Gustavson’s late father, B. Wayne Hughes, includes a large four-bedroom residence as well as two guesthouses. There is also a screening room, a dining room and a winding path leading to the beach.

Ms. Gustavson was represented by Jade Mills of Coldwell Banker Realty. Mr. Allen was represented by Terence Hill of BT Equities, an in-house broker with Mr. Allen’s family office.

8. A trio of homes on Golden Beach in Fla.

Buyer: InterSystems’ Phillip Ragon

Seller: Multiple sellers, including fashion photographer Bruce Weber and his wife Nan Bush

Sold: $93 million

Listed: Off-market deal

In June, Phillip Ragon, founder of the technology company InterSystems, paid $93 million for three separate homes on Florida’s Golden Beach, near Miami. The deal set a record for Golden Beach.

Together, the three properties spanned about 1.7 acres with about 275 feet of ocean frontage. Mr. Ragon plans to tear down all three homes and build a new trophy residence on the site, according to people familiar with the situation. The sellers of the homes included fashion photographer Bruce Weber and his wife and collaborator, Nan Bush, records show.

The agents who worked on the deal include Danny Hertzberg and Jon Mann of the Jills Zeder Group at Coldwell Banker Realty as well as Eloy Carmenate and Mick Duchon of the Corcoran Group.

9. A Malibu estate with minigolf

Buyer: Movie producer Edward H. Hamm, Jr.

Seller: British videogame designer Jonathan Burton and his ex-wife, Helen Musk

Sold: $91 million

Listed: $125 million

A 6.6-acre estate in Malibu’s Paradise Cove enclave sold for $91 million in December, rounding out a year of big-ticket sales in Malibu. The sellers were British video game designer Jonathan Burton and his ex-wife, Helen Musk, who bought the property for $36.5 million in 2012. The estate has direct beach access with roughly 340 feet of ocean frontage and about 17,000 square feet of living space comprising a main house and a separate guest quarters. The property also includes a tennis court, a swimming pool and a 9-hole miniature golf course. The buyer is film producer Edward H. Hamm, Jr., who is known for films like “Get Out.”

The house first came on the market for $125 million in February but the price was later lowered to $110 million.

Kurt Rappaport of Westside Estate Agency and Lisa Laughlin of Sotheby’s International Realty had the listing. The buyer was represented by Paul Lester and Aileen Comora of the Agency.

10. An oceanfront mansion in Palm Beach

Buyer: Could not be determined

Seller: A partnership that included financier Scot French and real-estate agent Lawrence Moens

Sold: $85.977 million

Listed: $115 million

An oceanfront property in Palm Beach sold for $85.977 million in June, records show. It was listed briefly early in the year for $115 million but wasn’t on the market at the time of the sale, according to the local multiple listings service.

The seller was a partnership that included financier Scot French, managing director of HPS Investment Partners, and real-estate agent Lawrence Moens. The partnership paid just over $64 million for the house the prior year, according to a person familiar with the situation. The identity of the buyer couldn’t be determined.

Sitting on just over an acre of land, the estate has roughly 18,000 square feet of living space, including covered outdoor areas, according to the MLS. The seller had the interior completely redesigned by a prominent Los Angeles interior designer following their purchase, according to the person familiar with the situation.

Mr. Moens of Lawrence A. Moens Associates represented the seller. Dana Koch and Paulette Koch of the Corcoran Group represented the buyer.

You May Be Able to Buy a Self-Driving Car After All

A year ago, investors were wildly optimistic about the potential of automotive technologies such as automated driving. They now risk swinging to the opposite extreme.

Anyone looking for an idea of the cars that might be on sale in five years’ time likely found the news from this year’s CES in Las Vegas more muted than usual. Stellantis showed off new concept electric vehicles on Thursday, including a highly anticipated Ram pickup truck, but in reality it is playing catch-up with peers such as Ford and General Motors. Sony unveiled a brand for its new automotive joint venture with Honda, Afeela, but didn’t give many details of the much-hyped EV they expect to start selling in North America in 2026.

As Stellantis Chief Executive Officer Carlos Tavares pointed out in his keynote speech, more than $1 trillion of market value was wiped off automotive technology stocks last year. This isn’t just about Tesla: Shares in early-stage companies that don’t make profits have been even worse hit. That makes car makers understandably reticent about putting too much weight on—or money behind—the gizmos CES is best known for. Autonomous vehicles, the focus of much futurism in the industry, have taken a public beating, particularly since Ford and Volkswagen in October pulled the plug on their driverless-taxi joint venture.

Investors shouldn’t mistake the cautious turn in communication and funding for a lack of technological progress, though. Driverless taxis run by Alphabet’s Waymo and GM’s Cruise continue to roam the streets of San Francisco and Phoenix, albeit very cautiously and with strict limitations. The problem with these projects is that they are hugely expensive, with no proven business model or clear route to commercial scale. Unless this changes, they could suffer in a tighter financial environment.

Two Western companies above all make meaningful profits from the automation of driving today: Tesla and Israeli supplier Mobileye.

The former now charges $15,000 for its so-called “full self-driving” software package that automates most mundane driving tasks but, crucially, requires drivers to keep their eyes on the road as a backup. Tesla said late last month that 285,000 Tesla owners in North America had bought what it refers to as FSD, though far from all of them will have paid the latest price.

Mobileye, which was spun out of chip giant Intel last year through an initial public offering, has a comparable “eyes-on, hands-off” offering it calls SuperVision, in addition to the more basic assisted-driving technology that generates most of today’s profit. In an update at CES on Thursday, co-founder and CEO Amnon Shashua said SuperVision had a cumulative revenue pipeline of $3.5 billion through 2030, based on the production estimates of car makers that have included the technology in coming models.

Mr. Shashua also gave a levelheaded account of how Mobileye would move into the more adventurous realm of extended “eyes-off” autonomy, at least on and between highways. By adding a second sensor suite and then testing the finished product in an eyes-on “shadow” mode, Mobileye expects to deliver in 2026 the kind of provably safe automated driving that would actually give consumers time back. It said it already had “line of sight” toward $1.5 billion in revenue from one vehicle program that will likely include the product.

It is frustrating that Mobileye can’t yet reveal which brands are backing its latest products, beyond its Chinese launch partner Zeekr, but the supplier’s technological path to a more useful self-driving future seems much clearer than Tesla’s. The car maker run by Elon Musk has no plan to include backup sensors and doesn’t publish data on how often its system requires the human driver’s intervention—an approach unlikely to win over regulators or the broad public.

But the real appeal of Mobileye for investors is that it doesn’t demand an all-in bet on full autonomy: SuperVision and basic driver-assistance packages should underpin profitable growth for years. A forward earnings multiple of 44 times is ahead of 33 times for Nvidia, arguably its closest peer, but Mobileye should grow faster. Plus, a small premium doesn’t seem a big stretch for a company that could, maybe, let you read a book on your future commute.

Are Trendy Fractured Mirrors Too ‘Psycho’ for the Home?

For the recurring series That’s Debatable, we take on a contentious issue of the day and present two spirited arguments—one in favor and the other emphatically opposed.

Are fractured mirrors cool or creepy? Stylish or sinister? We asked pros for their takes on this interior design trend. Plus, five picks for split mirrors worth considering.

No, their slices and shifts make them art objects
 Kelly Wearstler  (Photo by Amy Graves/Getty Images)

FOR KELLY WEARSTLER, mirrors with intentional slices or shifts in their glass offer uninterrupted pleasure. The interior designer hung Lee Broom’s “graphic and playful” Split Long Mirror in the dining room of her Beverly Hills home (left). Large chunks of its capsule shape slip out of line, and its simple black frame follows. Ms. Wearstler said she likes how the mirror refracts light and remixes the reflection of the room and its inhabitants: “Fracturing a mirror into segments immediately alters how you perceive yourself in it, shifting its basic function into an experience.”

Any object that breaks from its traditional form adds a “cool” element of interest and texture to a room, said Suki LaBarre, vice president of merchandising and e-commerce at New York-based ABC Carpet & Home, which sells similarly constructed looking glasses. “The style transforms what is typically a utilitarian object into a statement décor piece.”

Peter Spalding, an interior designer in Portland, Ore., and co-founder of design trade marketplace Daniel House Club, points to a celebrated precedent, the “glamorous” wall of alternating angled strips of mirror in British Art Deco designer Syrie Maugham’s 1930s London apartment. It’s an idea he’d gladly borrow. “A wall of fractured mirrors behind a banquette to define a dining area would be pretty dreamy,” he said, noting that such elements of surprise “elevate [design] from the mundane.”

Instagram and Pinterest have catalyzed interest in fragmented mirrors in recent years. As Los Angeles interior designer and social media influencer Dani Dazey points out, the mirrors “make for a great outfit selfie. The more unique the photo, the more your content is going to stand out.”

Yes, it’s creepy to look at your fractured self

THE SUPERSTITIOUS among us believe broken mirrors bring bad luck—or worse. “There are stories of fractured reflections capturing your soul in very early Roman history,” said Kara Phillips, an interior designer in Fort Worth, Texas, who prefers her mirrors retiring and intact. Ominous mythology aside, these designs create an unwelcome dark and edgy mood, said New York City designer Emma Beryl Kemper, who avoids the style because of the “hardness” and “sharpness” it brings to a space. Another detractor, Sydney interior designer Kate Nixon, agrees. “I seek to create homes that feel warm and inviting, not jarring or uncomfortable,” she said.

It’s this disturbing quality that turns off many naysayers. Think of the opening credits sequence of Alfred Hitchcock’s “Psycho,” where fragmented typography portends a psychotic break. While no one is suggesting such mirrors will lead you to over-identify with your mummified mother, “it’s creepy to look at your fragmented self,” objects Steffie Oehm, an interior designer in San Francisco. They irk Toronto designer Rivki Rabinowitz for different reasons. “For something as benign as a mirror, I am inexplicably irritated by them,” she said, adding that she can’t help but feel they’re “reminiscent of a closeout sale where rows and rows of overly gilded mirrors are featured alongside…literally fractured ones.”

Others reject the specificity of the design. Said Ms. Nixon, “They’re difficult to install in a sophisticated way and to mix-and-match with other styles and eras.” But for San Francisco designer Tay BeepBoop, the bottom-line is that such mirrors can’t even perform their core function: competently reflecting one’s image. “If I need a mirror, I don’t want to look into something wonky,” she said.

IMAGE SPLITTERS

Five more mirrors that break with tradition

Massimo Mirror, $1,250, ArteriorsHome.com

John Richard A Tale of Two Exotic Gold Mirror, $2,363, GraysonLiving.com

Seletti Double Sense Mirror, $699, Lightology.com

Hidden Mirror, $7,315, PoruStudio.com

Revne Mirror, $2,530, JohnRichard.com

The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets.

Americans Can’t Stop Pampering Their Pets—Companies Want In

Attention, CEOs: If not enough people are using your product, maybe animals will.

“Have you seen the numbers? They’re staggering,” said Jenna Mutch, a vice president at portable-ultrasound maker Butterfly Network Inc., referring to the rush of Americans who have brought home pets since the pandemic began. About 23 million households did, according to the American Society for the Prevention of Cruelty to Animals.

Spending to pamper them is one of a few areas of the economy managing to defy inflation and avoid a post-lockdown pullback.

As a result, some companies that normally cater to humans are high-tailing it to pets.

Ms. Mutch heads commercial development for a newly created unit of her ultrasound company that sells scanners for animals.

Adapting human products for animals can be complicated. There’s the matter of animals’ size. Also, their shape.

Butterfly’s ultrasound machines can scan things ranging from as small as the reproductive organs of tree frogs to chonky mammals, including polar bears, according to Ms. Mutch. “We have to be very versatile,” she said.

Hilton Worldwide Holdings Inc. is adding hundreds of hotels where animals can stay the night. It offers virtual “pet expert teams” to address health and behaviour issues they might have while traveling, teaming with Mars Inc., the parent of veterinary operator VCA and Purina pet foods.

Snack-bar maker Clif Bar & Co. this summer started selling a line of jerky treats for dogs. Global food giant Mondelez International Inc. took over Clif in August. More pets and growing demand for all-natural dog food prompted the move, a spokeswoman said.

Petco Health & Wellness Co. gets dozens of proposals from companies looking to adapt their products to animals, said Chief Executive Ron Coughlin. Not all the ideas are fully baked. He passed on bringing acupuncturists to the company’s stores.

Although some consumers struggling with inflation are cutting back on nonessentials, they don’t seem to put pet stuff in that category. Spending on pet food was up more than 18% in the last year, and spending on supplies rose 8%, according to Jefferies Research Services.

Mr. Coughlin of Petco is confident the spending will continue as Americans become ever closer to their animals.

“If you look at 100 years ago, pets were in the wild. Forty years ago, they’re in our yard, and 20 years ago in the house,” he said. “Now they’re in the bed.”

Rebecca Goldberg, a physician assistant in Manhattan, has a mixed-breed rescue dog named Stella. When it comes to pampering dogs, Ms. Goldberg is middle of the pack. Hers sleeps on a dog bed, eats kibble as opposed to fresh or human-grade food, and enjoys regular treats.

But Stella, 5, also has a high-end, Carhartt-brand vest to keep her warm outdoors. And lately, Stella has become a remote patient for a veterinary telehealth company called Pawp.

Ms. Goldberg signed up for Pawp as part of a temporary deal offered by T-Mobile. She gets free telehealth services for a year and pays $14 a month to cover emergency visits.

The deal was attractive, she said, because Stella has a sensitive stomach and a propensity to eat things she shouldn’t, a combination that made for frequent vet visits. “Having a veterinary clinic in your pocket is amazing,” Ms. Goldberg said.

Pawp’s founder, Marc Atiyeh, is a veteran of a few industries, none of them animal-related. Before starting Pawp he worked in fintech, finance and mobile analytics.

“There is definitely a flock of players getting into this space,” he said. “You’re getting folks who are veterans of human healthcare or personal finance.”

Peggy Roe, who oversees customer experience and new ventures for Marriott International Inc., said the chain in 2021 started noticing more people asking animal-related questions as they sought vacation lodging—“people asking, ‘Are hotels pet friendly?’ ‘What size dog can I bring?’ ”

Seeing the queries, the company surveyed customers, and of around 300 respondents, 85% said they had pets and more than half planned to travel with them. And not just dogs. Customers expressed interest in traveling with cats, birds and even fish.

“We have hotels that accept all kinds of pets—they don’t discriminate,” Ms. Roe said.

She took Riley, her newly acquired golden retriever, on a road trip, stopping at Marriott properties along the way. There were some worries. How would the stay go over with other guests—and with Riley?

“There was that anxiety,” she said. “Is this going to be good for my dog? Are our other guests going to be upset? Is the staff going to be nice?”

She realised it wasn’t enough to simply provide options for people and their animals. Marriott had to ensure the comfort of both.

“There are the people who love pets, the people who love pets and don’t want to travel with them, and people who don’t want pets anywhere in their space,” she said.

Under a partnership with Petco, Marriott will highlight home-rental properties that are especially well-equipped for pets. Travellers can buy products such as dog beds and bowls from Petco and have them delivered.

“Inflation or not,” Ms. Roe said. “People aren’t going to leave their pets behind.”

The 2024 must-haves for every kitchen

As a new year kicks off and summer holidays stretch out before you, it’s the perfect time to reassess your home, your property and your investments. Whether it’s time to sell or renovate, putting a kitchen renovation at the top of your to-do list for 2023 will set you up for a successful year. There’s no better time than now to start planning for a spring sale or summer entertaining so that, no matter the size of your space, you can have a beautiful, hardworking kitchen. Check out these three Sydney kitchen case studies in large, medium and small.

Large kitchen: The drinks are on us

By the time award-winning kitchen design duo Darren Genner and Simona Castagna from Minosa started working on this generously proportioned kitchen, their clients already had a pretty firm idea of what they wanted.

Overlooking the Bay Run in Sydney’s inner west, the property had already been partially renovated in a palette of steel blue and soft grey, setting the palette for the kitchen colours. 

“They wanted something really beautiful and the kitchen had to reflect what we had already done in the parents’ retreat, which was a contemporary feel with a bit of colour,” says Genner.

Part of a larger open plan living area, the original kitchen was characterised by a walk-in pantry and corridor, which shut down the floorplan and did not serve the owners’ needs given cooking wasn’t necessarily the highest priority.

“They are not really big cooks, they prefer to order in,” says Genner. “So the kitchen becomes more furniture-like.”

Streamlined joinery and integrated appliances ensure the kitchen naturally feels a part of the living area. Curved edges on the central island bench ensure easy circulation and straightforward access to the Vintec wine fridge, as well as a concealed bar for the owners’ gin collection.

“We call it hidden bling,” says Castagna. “They are really unassuming people who appreciate the finer things but they don’t like to show off. 

“We’ve worked with them before and every time we do a renovation, they go away and leave us to it.”

The kitchen was completed over a 10-week period. Joinery is finished in dark stain American oak while the splashback is polished concrete render. For the island benchtop, Genner and Castagna specified Laminam, a hi tech porcelain product ideal for areas where large, hardwearing slabs are required. The project was highly detailed to achieve such a clean, streamlined look. 

“There’s a lot of little detail,” says Genner.

Medium kitchen: The spice of life

Kitchens are hardworking spaces but it’s important that they say something about the people who live there. Interior designer Monique Sartor from Sartorial Interiors was keen to lean into the owners’ Sri Lankan heritage and their love of cooking to create this contemporary open plan space packed with storage at their home in Maroubra.

“The brief was ‘modern Sri Lankan’,” Sartor says. “The old kitchen was U-shaped and did not relate to the living room. It was cluttered and they felt it was dated but they still needed lots of storage.”

Sartor opened the space up, replacing the U-shape design with floor-to-ceiling joinery and a spacious central island bench with waterfall edge overlooking the dining area. Integrated appliances, including a French door fridge enhance the sense of continuity between the kitchen and living spaces. 

“Everything is integrated,” she says. “The dishwasher is under the island bench, and the cooktop is all induction except for one gas burner so that they can keep doing wok cooking. Appliances are not particularly attractive so the less you can see, the better.” 

Instead, attention is on surfaces, which have been selected for their natural look and feel.

“The kitchen is finished in Laminex Rural Oak. It needed to have that hand worked feel to it to give it some texture and warmth,” she says. “For the benchtops, Smartstone is so beautiful. This one had been discontinued and we tracked down the last five slabs.”

Key to the success of this space, however, is something that serves no practical function but brings the clients joy. Sartor chose a custom designed mural-style wallpaper from Kingdom Home to run the full length of the dining space.

“As a plain wall, it had no personality and it didn’t help to bring any interest into the space,” she says. “You want something that will reflect their story, and their heritage. It’s a vintage etching but it’s also very contemporary, especially with the design of the kitchen.”

Small kitchen: Making every centimetre count

Pictures: Jacqui Turk

If  large kitchens require an abundance of materials, small kitchens insist on an abundance of planning. The owner of this kitchen in the inner Sydney suburb of Darlinghurst loves to entertain but with just a narrow galley space to work with, design director at Bondi Kitchens, Charlotte Riggs, had her work cut out to pack everything in.

Fortunately, Riggs understood the space almost immediately.

“When I walked in I knew how the kitchen had to be configured,” she says. “It’s very narrow with a small nib wall, which was the perfect spot for a full height pantry. The most practical pantries are shallow because you don’t lose anything.”

Because it is separate from the dining room, which is on another level, Riggs says the kitchen needed to be a pleasure for the owner to work in, just on her own.

“There’s a little terrace just outside so when it gets warmer, she can eat outside,” she says. “But there’s things like a sink near the window and a fridge to the far right and a bi-fold nook next to the pantry for the kettle and toaster. 

“It’s very practical and logical as a layout.”

Given its location in the heart of the city, the owner was keen to create a sophisticated ambience in the kitchen. All appliances such as the fridge, rangehood and microwave are either hidden or integrated for a clean look. Riggs opted for navy cabinetry in a Shaker profile with classic cup door pulls in brass – the kitchen equivalent of a tailored suit with brass buttons.

“It’s all in the little details,” she says. “All the drawers and panels are 35mm thick for that extra deep Shaker cut out.”

Underbench strip lighting ensures that the benchtops are well lit when the kitchen is in use as a workstation while wall sconces provide optional mood lighting for later in the evening.

Andy Warhol’s Portraits of Reigning Queens to Lead Phillips’ Editions Sale

A set of 1985 Andy Warhol portraits of four female monarchs reigning at the time, alongside works by David Hockney, Picasso Pablo, Banksy, and Cecily Brown and other British contemporary artists, will highlight Phillips’ editions sale in London later this month.

Warhol created a total of 16 royal-edition screenprints of the four Queens, including Queen Elizabeth II of the U.K., Queen Beatrix of the Netherlands, Queen Margrethe II of Denmark, and Queen Ntfombi Tfwala of Swaziland. The so-called royal editions have different colour schemes, but all feature glimmering diamond dust, which accentuate the outline of the portraits.

This set of four images is being offered by a private, anonymous Dutch collector, who acquired them from Holland Art Gallery in Eindhoven in 2003, according to Phillips.

The set has an estimated total between US$260,000 and US$395,000. The highest-priced in the set is the portrait of Queen Elizabeth II, who died last September at the age of 96 after a seven-decade reign. It has a presale estimate of between £200,000 and £300,000 (US$240,000 and US$360,000)

A similar portrait from Warhols’ Reigning Queens series sold for C$1.14 million (US$855,000) last November at Canadian auction house Heffel, setting a record price for an editioned print by the American Pop artist.

Warhol’s portraits of Queen Elizabeth were based on photographs. A drawing of Queen Elizabeth said to be by Warhol was pulled 24 hours before its scheduled auction last week because of authentication doubts.

Phillips editions (prints and multiples) sale, in celebration of the 10th anniversary of the Editions Department in London, will feature 310 lots across two sessions from Jan. 18-19. Online bidding is open now and highlights will be on view to the public starting next Wednesday in Phillips’ galleries on Berkeley Square.

Another highlight of the sale is Hockney’s 1998 Dog Wall, a large-scale etching of his dachshunds, Stanley and Little Boodgie. It is expected to sell for between £200,000 and £300,000.

A selection of 15 works by Picasso, including important etchings and linocuts, will be led by Minotaure aveugle guidé par Marie-Thérèse au pigeon dans une nuit étoilée (Blind Minotaur Guided Through a Starry Night by Marie-Thérèse with a Dove). This 1934 work, depicting Marie-Thérèse Walter, his lover and muse at the time, holding a dove, has a presale estimate between £60,000 and £80,000.

In all, the January auctions will “feature some of the titans of 20th and 21st century printmaking and explore the broad spectrum of techniques that make collecting editions so enjoyable,” Rebecca Tooby-Desmond, a specialist and auctioneer at Phillips London, said in a news release.

In 2022, the auction house realised US$40 million in editions auctions globally, the highest total in its history, Tooby-Desmond said.

Their Home Renovation Was Almost Complete. All That Was Missing Was a Turret.

On a leafy lane in Audubon Park, in Louisville, Ky., sits a house that looks like it could have once belonged to Rapunzel. With a fairy-tale turret and Dutch Colonial Revival architecture, the home stands apart from its neighbors. But when Heather and Stefan Rumancik, both 43, purchased the 1930s home in 2009 for $225,000, it was a far cry from its present-day version.

“We bought the house from its second owners, who had owned it since the 1940s, but the home itself hadn’t been updated in 30 years,” says Mrs. Rumancik, a competitive intelligence executive at a pharmaceutical company, who shares the home with Mr. Rumancik and their daughter, Adrienne.

Although the Rumanciks renovated the original 3,025-square-foot home in parts over the years, the turret remained an unfulfilled wish for Mrs. Rumancik until 2020, when Mr. Rumancik, a builder and general contractor, was forced to pause his business due to the pandemic.

“Our ongoing projects were halted by clients, so it was an ideal time to pivot to working on something that had been kept on the back burner for far too long,” says Mr. Rumancik, adding that the turret addition was appealing both for its aesthetic value and because it challenged him to try something new. For Mrs. Rumancik, the turret was a great way to expand the home’s footprint: She and Mr. Rumancik agreed on having a banquette on the first floor, the primary bathroom shower on the second, and a cocktail tasting room in the basement. They set a budget of $350,000 for the three-story addition.

To help with the architecture of the addition, Mr. Rumancik tapped friend and longtime collaborator, architect Mark Foxworth of Foxworth Architecture, for $35,000. Together, the two sheathed the turret in the same materials as the rest of the house: cedar shakes and Kentucky limestone, the latter removed and repurposed from the home’s exterior. “We made it special by capping it with a copper finial,” says Mr. Rumancik. “I think what’s unique is that you can’t see the turret or the addition from the street. It’s at the back, so the original architecture is really unchanged.” To minimise the extension’s energy consumption, Mr. Foxworth specified insulated concrete forms and high-performance glazing on the windows.

For the interior design of the addition, including the turret and the surrounding spaces, the Rumanciks enlisted Bethany Adams, founder and principal of her eponymous Louisville-based interior design studio, who had previously engaged Mr. Rumancik and his company, Designer Builders Inc., to help renovate her 1897 Victorian home. They agreed on a fee of $35,000, excluding material costs. “We told Ms. Adams to take our ideas and make them better,” says Mrs. Rumancik.

“She proposed layout ideas that we hadn’t thought of, and also simplified some of the structural changes I thought we’d need, which ended up saving us quite a lot of money,” Mr. Rumancik says.

It was important for the Rumanciks that the home’s heritage be honoured. “Audubon Park was developed at the height of the Arts and Crafts movement when there was a true appreciation for the beauty of natural materials,” says Ms. Adams, who introduced a lot of walnut wood, stone, and decorative glass to pay homage to the craftsmanship of that period. To optimise the flow between the addition and the main house, she designed a large vestibule with arched openings leading into the various spokes: namely, the mudroom, the kitchen, the living room, and the hallway.

Additionally, Ms. Adams mirrored the turret architecture in the main home by using curved handles in the bathroom and powder room. “I also used circular mirrors and light fixtures, and there’s a circular motif on the marble bathroom floor too. It’s a subtle reminder of the geometry of the addition,” she says. In the same vein, the original foyer and hallway were painted the same colour as the new kitchen and mudroom. For the floor, Mr. Rumancik installed white oak planks that perfectly matched the rest of the house.

In the kitchen, the turret was built to accommodate a banquette. Mr. Rumancik made the breakfast table himself as a Christmas gift for his wife using walnut wood from his father’s farm in Danville, Ky., and leftover quartzite from the kitchen counters. Ms. Adams arranged for custom navy blue cabinetry, a walnut island, and a bar top, which collectively cost $58,000. She also upholstered the banquette in the same chartreuse fabric as the West Elm bar stools, which cost $500 apiece. The banquette cost a total of $10,000.

For Mr. Rumancik, the tiling of the circular shower walls was an exercise in both mathematical proficiency and patience. “Even though the shower tile came on a mesh backing, many pieces had to be cut and placed individually in order to follow the curve of the walls and afford uniform grout joints. We spent four weeks tiling that shower,” he says.

All in all, the Rumanciks say the 2021 renovation—completed just before the holidays to the tune of $425,000—was compensation for a year gone awry. “Despite the challenges of the previous year, it was quite possibly the best Christmas of all,” says Mrs. Rumancik.

Knowing when to stay in your home – and when to go

You’ve been successfully climbing the property ladder, leapfrogging towards the prized dream home. But lifestyle or family circumstances can change and a volatile market can make choosing between renovating or moving unclear. Do you take the renovation plunge? Or just avoid potential pitfalls and for peace of mind – and your hip pocket – simply seek that ready-to-go turnkey dream house instead?  

Carl Wilson from Home Estate Agents has been a Sydney realtor for 35 years. He’s well acquainted with this dilemma. 

“They’re at a crossroads,” he says. “Houses are around but they’re price prohibitive. Any reasonable free-standing house in Sydney’s east is $3m upwards – even semis are attracting $2.5-3m.” 

Despite a recent downturn, he says there has been price growth everywhere from Brisbane and Melbourne to Sydney. 

“There was a completely rundown Coogee semi that sold in 2020 for $3.75m, now on the market after reno for $5.5m – but then, they’ve spent $2m on it.” 

So, is the ‘renovate or move up’ conundrum more about growing family needs or profit potential? Wilson agrees that families requiring more space is often the overriding motivation. 

COVID, living and material cost rises have shifted peoples’ expectations even more. 

“All of those are a determining factor and they are deterrents to renovating,” he says. “Plus, there’s the DA process, compliance, build-time blowouts, unforeseen added cost – it’s two years of pain.”

It might seen reasonable for investors, Wilson says, but it’s not so much fun if you’re living in your family home as it’s renovated. 

“It can destroy marriages,” he says. “A turnkey might be $1million up on where they are but at least there’s certainty.”

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Building cost increases have also taken their toll. 

“Five years ago you could renovate a semi for $300,000 to $400,000 but it’s now $1million and potentially $2 million,” he says. “There’s also the issue of pricing by postcode. The overcharging of clients in affluent areas is a reality. 

“Alternatively, longtime city residents may sell out and buy up or down the coast. But now, NSW coastal houses worth $400,000 a decade ago can now be $1.5m. 

“Ready-to-go residences are becoming a necessity, but there’s never enough around.”   

To further muddy the waters, chances are it’s probably going to get worse. The pandemic has given people that didn’t previously have the money more capital, says Wilson. They accessed superaunnuation and halted spending on travel, new cars or entertainment. Plus, lockdowns and families all stuck at home together has given people pause.

 “When COVID hit, some moved out of units into houses to alleviate living pressures,” he says. “Now, they’re moving back into units but craving the extra space.”

Builder Gregg Jowett from iRenov8 has been in the industry for 33 years, building from the ground up, managing reality TV builds. He now focuses primarily on bespoke renovations mainly in Sydney’s east and inner west. 

“My typical clients are married parents of younger children, remortgaging because they’ve invested so much equity in their property,” he says. “My builds are a combination of creating more space, as well as purely aesthetic work. I do three to four jobs a year, typically six to eight months each. 

He says most of his clients are on their second property, renovating and staying put for a while. 

“There’s two types,” Wilson says. “One has renovated before and they tend to trust us completely. But to those new to renos, it’s never as streamlined as they think. They watch lifestyle TV shows and think they can do a lot themselves.” 

He says COVID  gave people pause to consider their options. 

“It’s about finding the right builder/architect combo,” he says. “Some people don’t spend money on decent architectural drawings, but they’ve still got to get through council and the ambiguity makes it hard for builders.”

Hector Abbott is a commercial property developer living in his third property since starting a family. He upgraded from a semi to a four-bedroom, freestanding home in Coogee eight years ago, a 1920s cottage that had been fully-renovated by an owner/builder. “He lived in it for a decade before we found it,” he says. “We needed more space to accommodate our teenage daughters. We searched for two years, coming across several houses that ticked boxes but not enough. When you have to donate a six-figure sum to stamp duty, it’s not a decision made lightly.”

The thought of renovating as opposed to buying a turnkey held no appeal at all.

“I work from home,” he says. “I need an office and being disrupted whilst in a renovation, or renting another property while overseeing a build, is too much to contemplate. 

“That said, four years ago we did an exterior renovation. We repainted the house, landscaped and rebuilt a pergola.”

The endgame for Abbott was always about a long-term abode. 

“I’ve no desire to own a $25m mansion,” he says. “The house is centrally located. The kids have grown up here and we have no desire to downsize. Investment return was never an issue, even though this area is bulletproof. Why on earth leave?”

 

Can’t decide whether to move or improve? Ask yourself these questions

Do you love where you live? If the kids are in school or there’s a great sense of community, staying where you are and renovating may offer a better lifestyle for everyone

What are house prices doing? If property prices in your area have risen significantly and you’re looking to downsize, or you’re after a seachange, you could sell up and unlock some of the equity in your property

Is your place unlivable? This means different things to different people – it may be too small, too old or too rundown. If you’re thinking of renovating, consider the rising costs of building materials and access to trades

Will selling and buying cost you more? ‘Dead money’ like stamp duty could be ploughed into a renovation. Check what costs you may be up for before making a final decision

When ‘Drop It’ Is the Best New Year’s Resolution

Millions of people spend the final days of December coming up with ambitious tasks for the new year. In 2023, resolve to take something off your plate instead.

Physical and mental health—including eating habits, self-care, exercise and weight loss—are among the most common focuses for resolutions. But nearly two-thirds of people who set New Year’s resolutions abandon them within the first month, according to research published in the International Journal of Environmental Research and Public Health.

Part of the problem is that designating vague goals often sets us up for failure, physical- and mental-health professionals say. Consciously removing some of them from your mental to-do list can help alleviate stress and improve focus, says social psychologist Jessica Ayers.

“By taking off one of those big, lofty goals, you’re giving yourself the freedom to actually pursue the goals that are most important to you,” says Dr. Ayers, who is based in Boise, Idaho.

Here are four anti resolutions that will help you enter 2023.

Stop Worrying About Being Night Owl

If you are one of the many people whose bedtimes shifted later during the pandemic, you might be resolving to go to bed earlier. Getting more sleep is a worthy goal, but being a night owl isn’t necessarily the problem, according to sleep researchers.

People have individual chronotypes, or natural tendencies for waking early or sleeping in. When it comes to sleep health, quality, quantity and consistency are the most important metrics, sleep experts say.

If you go to bed at midnight but get between seven and nine hours of good-quality sleep, there is probably no need to worry about moving your bedtime up, says Shelby Harris, a Westchester, N.Y.-based clinical psychologist specialising in behavioural sleep medicine.

Dr. Harris says she has noticed a stigma around being a night owl, compared with morning larks, who are often viewed as more productive and in sync with the nine-to-five schedule. She tells patients they should only embark on the often difficult work of shifting their circadian rhythms, which she says can cause anxiety and insomnia in the early stages, if they are suffering from sleep deprivation.

Stop Weighing Yourself

Many people resolve to lose weight in the new year only to end up obsessing over the number on the scale or give up altogether, doctors and dietitians say.

For those whose doctors have urged them to monitor their weight at home, including people working to prevent or manage chronic conditions, patients undergoing cancer treatments and certain people who are underweight, it is a good idea to keep the scale handy, according to health experts.

Otherwise, consider ditching the scale altogether, says Gregory Dodell, an endocrinologist in New York City who sees many patients for weight-related matters. Self-weighing has been associated with weight loss, but also lower levels of self-esteem and higher levels of stress, according to a meta-analysis of 23 studies published in the journal Health Psychology Review in 2016.

“Stepping on a scale without any other health markers is not very impactful,” says Dr. Dodell.

He recommends giving priority to healthy behaviours, such as incorporating more movement into your day and eating enough protein, fruits and vegetables, which can improve health indicators even if they don’t affect weight. Patients who like tracking health metrics might want to focus on other quantifiable characteristics such as blood pressure and blood-sugar levels, he says.

Caroline Susie, a registered dietitian in Dallas, says she has focused on celebrating what she calls non-scale victories with clients, which can include sleeping better, having regular bowel movements, or feeling more energetic.

Stop Worrying That You Don’t Have Enough Friends

Many resolution-setters aim to meet new people and make new friends, but when it comes to friendships, psychologists say, quality matters more than quantity.

We have a limited amount of time and energy to invest in our relationships, says Dr. Ayers, the social psychologist. Keeping a smaller circle of friends allows us to invest more time into meaningful conversations with them, she says.

“Think of deepening instead of broadening,” says psychologist Marisa G. Franco.

As we age and become aware that the end of our lives is drawing closer, we tend to care less about having more friends, a phenomenon known in the field of social science as socio-emotional selectivity. To start forging closer bonds, increase the amount of time you spend with your close friends. That can mean scheduled dates, such as weekly dinners or book clubs, but should also include last-minute hangouts, says Dr. Franco.

“It’s a sign of intimacy when we believe people won’t reject us,” she says.

In a 2020 study of women published in Adultspan Journal, those who visited with close friends a couple of times a week felt younger and had significantly higher levels of life satisfaction than those who visited with theirs a couple of times a year or not at all.

Stop Wasting Money on Fitness

Planning to join a pricey health club or fitness program this year? Don’t rely on the price tag to motivate you.

“Meaningful, lasting, positive change doesn’t come from shame, blame and guilt,” says Darlene Marshall, a personal trainer and wellness coach in Valley Falls, N.Y.

Before you hit “subscribe” on a membership you might not make the most of, ask yourself what you are hoping to get out of it. For many, the answer goes beyond losing weight or looking good in their jeans, says Ms. Marshall. Getting outside, even for short periods, can provide mental and physical health benefits.

“If the question is, ‘Which is going to help with my well-being: the walk in the park or 20 minutes on the StairMaster?’ The walk in the park is going to have a better outcome,” she says.

About 20 minutes of daily moderate-intensity aerobic physical activity, which could include a brisk walk or pushing a lawn mower, provides the same health benefits as running for 60 to 75 minutes a week, according to guidelines from the Centers for Disease Control and Prevention and the American College of Sports Medicine.

Outdoor activities, such as group walks, hiking or biking, became more popular during the pandemic, according to the ACSM’s 2023 fitness trends report.

“Outdoor activity doesn’t take any technology and they don’t have to rely on an instructor instructing them from who knows where,” says Dr. Walt Thompson, former president of the ACSM and author of the report.

Get Ready for the Richcession

Economic downturns are usually horrible for poor people, bad for the middle class and an inconvenience for the rich. But if the economy enters a recession in 2023, or even if it manages to narrowly evade one, it might be the well-heeled who take a bigger hit than usual.

Call it the richcession.

Other than a small number of ascetics, nobody likes being poor. Doing without, living with so little savings that setbacks such as illness or job loss can be debilitating, is an ever-present source of stress. But for many poorer people, the years since the Covid crisis struck have been a bit easier financially than the years that preceded it. Several rounds of government relief helped them weather the early stages of the pandemic, and now a tight job market is providing them with wage gains that are reducing inflation’s bite. Federal Reserve figures show that the net worth of households in the bottom fifth by income was 42% higher in the third quarter than at the end of 2019, and up 17% from the end of 2021.A wage tracker developed by the Federal Reserve Bank of Atlanta shows that the 12-month moving average of annualised monthly wage growth for workers in the bottom quartile by income was 7.4% as of November.

With the important caveat that they were starting off from much higher bases, percentage gains for the rich have been more muted. Household net worth for the top fifth was 22% higher in the third quarter than before the pandemic, and was down 7.1% from the end of 2021—a consequence of the falling stock market. Paychecks haven’t risen as much, either, with the Atlanta Fed measure showing average annualized monthly wage growth for workers in the top quartile was 4.8%.

Recent layoffs have also inordinately affected higher-income workers. Many of the tech companies that have made headlines with layoff announcements pay extremely well. Securities filings show that the median worker at Facebook parent Meta Platforms made $295,785 in 2021, for example, while the median worker at Twitter made $232,626. And layoffs at those places where the typical worker is less well paid, such as Amazon.com, have largely been aimed at white-collar workers.

The consolation for higher-income workers who are laid off is that it should be relatively easier for them to find new work than it is for poorer people who lose their jobs. That is because the job skills of the more highly educated are generally more transferable than the skills of other workers. But they will still be in for a period of belt tightening, and they might not get paid quite so well at their new jobs as they were at their old ones.

Meanwhile, even though big-company layoffs have been making headlines, so far they haven’t made much of a dent in overall employment statistics. This is in part because industries that aren’t as well-represented in the stock market, and that typically employ more lower- and middle-income workers, are still straining to hire workers. In November the leisure and hospitality sector was 980,000 jobs short of its February 2020 employment level. Employment in healthcare and social assistance only recovered to its prepandemic levels in September. This is a job category that, in part because of the needs of an ageing population, grew even when overall U.S. unemployment shot higher after the 2008 financial crisis. To return to its growth trend over the decade preceding the pandemic, it would need to add about 1.1 million jobs.

That need for workers—especially as more Americans engage in services such as dining out—is part of why even among those economists expecting a recession in the coming year, many don’t think the job market will take a severe hit. This makes poorer Americans better positioned than usual to handle a weak economy. Not only are their finances in relatively good condition, they might be less likely to experience severe job losses.

Heading into the new year, businesses that cater to the well-off might be in for disappointment, while those that favour the hoi polloi over the hoity-toity might do better. And if there is a recession, the economy could be on much more equal footing as it begins to recover than is usually the case.

Australian housing values finish the year on a low

Australian housing values experienced their greatest falls in 2022 since the 2008 Global Financial Crisis, CoreLogic data released today reveals.

After the monthly rate of decline moderated through September and November, values dropped a further -1.1 percent in December to record a -5.3 percent drop over the calendar year. It’s the biggest drop since 2008, when values were down -6.4 percent. The falls were greatest in Sydney, where values fell by -12.1 percent, followed by Melbourne at -8.1 percent and Hobart at -6.9 percent. The ACT also recorded a decline in values of -3.3 percent, while in Brisbane it was -1.1 percent.

However, values increased in other capitals, with Adelaide seeing a rise of 10.1 percent. Gains were more modest in Darwin at 4.3 percent and Perth at 3.6 percent.

After steady growth at the start of 2022, the downturn in housing values closely aligned with eight consecutive interest rate rises announced by the RBA since May.

“Our daily index series saw national home values peak on May 7, shortly after the cash rate moved off emergency lows,” said Corelogic’s research director, Tim Lawless. “Since then, CoreLogic’s national index has fallen -8.2 percent, following a dramatic 28.9 percent rise in values through the upswing.”

Predictably, the most significant falls were at the highest end of the market.

“The more expensive end of the market tends to lead the cycles, both through the upswing and the downturn,” Mr Lawless said. “Importantly, recent months have seen some cities recording less of a performance gap between the broad value-based cohorts.  

“Sydney is a good example, where upper quartile house values actually fell at a slower pace than values across the lower quartile and broad middle of the market through the final quarter of the year.”

Despite the downturn in many parts of the country, CoreLogic reports that housing values still remain 11.7 percent higher in the combined capitals and 32.2 percent higher in the combined regional areas than they were pre pandemic. 

The Best Investment to Make in 2023 Is in Yourself

Want your stock to rise in 2023?

The same principles investors use to build wealth can be applied to enriching yourself in other ways. Just as we buy stocks and bonds to generate financial growth, we can build a portfolio of how we spend our time and money now that pays off in the months and years ahead.

Investments in ourselves, or what economists call our human capital, can be a more productive way to frame efforts for bettering our lives. Diane Ring, interim dean and professor of law at Boston College, has previously researched new developments in human capital investments and the sharing economy. She points to three major categories of growth that can be nurtured by investing in ourselves: professional, personal and health.

“Those buckets are all connected,” she said. “Think of it as wanting different kinds of returns for yourself. They’re all slightly different, but still moving toward stability, with the aim to retire in a way that seems to make sense for ourselves and our plans.”

You can use the same ideas that guide your personal finance goals to invest in your career, well-being and happiness. By focusing on these three buckets, you can make strides on your 2023 goals.

Set a long time horizon

Investing in your long-term success goes beyond one-and-done actions like joining a gym or stocking your closet with professional attire. These goals for the future require management and attention to develop rewards later on—just like managing your stock portfolio.

“Investment means, at the core, planting a seed and then getting returns down the road,” said Megan McCoy, assistant professor of personal financial planning at Kansas State University. “It has to be a path.”

To do this, Prof. McCoy said it is best to envision your investment as a long road with multiple steppingstones. Each step helps you visualise yourself one step closer to the end goal. These same steps also provide opportunities to check in and ask yourself the big questions about how your investment is performing.

“Everyone is so over scheduled, and I feel like everybody is just surviving rather than saying, ‘What is giving me intellectual stimulation? What is my purpose? What is my passion? What am I doing any of this for?’” Prof. McCoy said. “Make time to develop these internal maps.”

Don’t forget to diversify

Just as you wouldn’t want to over invest in a single stock, Prof. Ring said, neither would you want to put too much energy toward a single goal at the expense of your other interests.

Divide your time and attention equally among the career and financial investment, personal investment and investment in health. Over investing in one bucket may weaken the other two, just as when putting all too much money into a single company or industry can hurt your overall stock portfolio.

In self-investment, we have to safeguard ourselves against burning out too soon, Prof. Ring said.

“If we’re pushing so hard on the financial side, maybe picking up an extra job on the weekends, ask, ‘Does this put a strain on the personal and health side of things? That could impact your ability to perform at work,’” she said.

Pay yourself dividends

Research shows people are much more successful at accomplishing a goal when they build in rewards and other incentives along the way, said Katy Milkman, professor of operations, information and decisions at the University of Pennsylvania.

In a 2021 study, Prof. Milkman and her colleague Angela Duckworth, a professor who co-directs the Behavior Change for Good Initiative at the University of Pennsylvania with Prof. Milkman, looked at how incentive programs affected gym attendance. In one finding, gym goers who missed a workout received an extra incentive—bonus points they could convert to cash—if they returned after a missed workout. Compared with a placebo control group, this incentive program increased gym visits by 27%.

Rewards help turn a long-term goal—such as starting a new hobby to enrich your retirement years or more carefully considering how you use your working hours—into a series of short-term pursuits.

Prof. Milkman calls this strategy “temptation bundling.” Combining certain tasks with a reward can help them feel less like chores, she said.

“If you are bundling it with something that’s super fun for you, like saying ‘I only get to open my favourite bubbly wine when I’m making a fresh meal for my family’ or ‘I am only allowed to binge watch my favourite TV show when I’m at the gym,’ you see more success.”

This strategy also allows us to reframe these aspirations as fun things, rather than financial chores or burdensome tasks.

Bringing friends, joining a group or finding a way to make a long-term commitment more social helps more people see their goal through to completion, Prof. Milkman said. Even after you’ve accomplished several steps, you may find that sharing your progress with others and playing the role of “advice giver” leads to progress on your own goals.

“When we coach other people on something we’re also hoping to achieve, we also see better outcomes in ourselves,” she said. “So advice giving helps the advice giver.

Rookie Traders Are Calling It Quits, and Their Families Are Thrilled

Some novices who took up trading during the pandemic are abandoning the hobby. Their loved ones are breathing a sigh of relief.

Spouses, parents and other family members who were subjected to one too many play-by-plays of market movements say they are happy to have their loved ones back—and equally glad they no longer have to hear about buzzy stocks or cryptocurrencies.

The market swooned in 2022, taking the fun out of day trading for many newbies. The S&P 500, after surging during the pandemic, just wrapped up its worst year since 2008. Bitcoin lost about 65% of its value throughout the year.

Some amateur traders’ families now face the disappearance of the life-changing sums of money they held in their portfolios at the height of the run-up. The stakes are lower for those who put a modest amount into meme stocks or crypto for fun.

Alan Garcia started trading on Webull Financial LLC early in the pandemic, when his work as a musician dried up. Soon, Mr. Garcia was parked at his desk each day from 8:30 a.m. to 3 p.m. to manage his portfolio of about $2,000. He bet heavily on companies like ElectraMeccanica Vehicles Corp., which makes an electric car seating a single person; ticker symbol, SOLO.

The obsession didn’t end when he sat down in the living room with his wife, Adriana Rodriguez, each evening. For about two years, he talked about investing. Mr. Garcia, a 34-year-old Houston resident, even started watching investing videos in bed at night.

“He was here,” Ms. Rodriguez said, “but he wasn’t here.”

In early 2022, Mr. Garcia lost everything in his portfolio on a bad options bet, leaving him in a foul mood. But the next morning, he felt relieved. After Ms. Rodriguez, a lawyer, left for the office, he worked on his music all day instead of checking the market. He hasn’t traded on the app since.

Ms. Rodriguez is thrilled. Mr. Garcia agrees it is for the best—mostly, anyway. “We’ve never been this good in our lives,” he said. “One day I’ll get that $2,000 back though.”

Trading exploded into the mainstream during the pandemic, when many Americans were stuck at home, flush with stimulus checks and eager to pass the time. New apps made it cheap and easy for newbies to trade from the comfort of their cellphone, and many found a sense of community on investing forums online. In 2021, rookie traders fuelled a run-up in meme stocks that put hedge funds on their heels.

Individual investors are broadly staying invested in stocks, unlike previous downturns when many dumped their holdings. But lots of one-time day traders are finding they are now content to buy and hold rather than try to time their investments. Average daily trading volume is down markedly at major brokerage firms that cater to retail customers.

Vince Major took a job in 2021 as head of marketing at a cryptocurrency wallet company, and soon he was subjecting his mother, Vikki Major, to his thoughts on various cryptocurrency projects and how the sector could revolutionise the financial system.

His mother found it unbearable. Mrs. Major, who is 66 and a juvenile probation officer in Phoenix, told her son to knock it off. That inspired him to give a presentation at an October industry conference titled “My Mother Hates Your Project (and Mine!).”

A duly chastened Mr. Major has cut back the crypto talk on morning FaceTime calls with his mother. After trying to speak about crypto in a more understandable way, he even convinced his mom to buy ether and leave it in a virtual wallet using his company’s app.

Mrs. Major’s ether is down about 40% since she bought it in summer 2021, and it is now worth about $14,000 total. Mr. Major, who is 36 and lives in Los Angeles, said the value of his crypto holdings is up overall because he started buying in 2015 when prices were much lower.

Mrs. Major figures her son knows what he is talking about—even if it was in an annoying way at first. “He’s very intelligent,” she said.

Marvin Lahoud went all in on investing when the pandemic hit, spending up to 10 hours a day trading. Mr. Lahoud, who works at a Boston construction-management company and moved to the U.S. from Lebanon in 2017, started wearing an earpiece to listen to CNBC while doing chores.

His wife, Suzie Lahoud, tried to embrace the investing subculture, too, though she thought his interest might peter out as it had for previous obsessions like photography and videogames. The couple sang their daughter a song about investing as a lullaby.

“It’s always nice to see him get excited about something,” said Ms. Lahoud, a doctoral student. “But there were times I would get a little frustrated just because it was taking up so much of his time and mental space.”

In February 2021, Ms. Lahoud told her husband she was pregnant with their second child. His Robinhood Markets Inc. portfolio had just reached nearly $1 million. He posted to Reddit a screenshot of his account and his family’s news. “I’m on track to retire early and spend time with my kids,” he said, earning 2,000 comments. He was rich—on paper at least.

By early 2022, Mr. Lahoud’s investments started dropping and he faced a massive tax bill from gains he had taken in 2021. Mr. Lahoud gave up trading.

Without investing to keep him occupied, Mr. Lahoud said he felt depressed for the first time in his life. He threw himself into a new endeavour: researching the year 536 AD, which a Harvard professor dubbed the worst in history. That year, a volcanic eruption plunged swaths of the world into darkness, causing widespread famine. Reading about it made him feel better.

“My troubles are so small,” Mr. Lahoud said, “and life is too short.”

The Best Outdoor Furniture Stores in Australia in 2025

Outdoor furniture is not what it used to be. Long gone are the rickety timber settings and faded plastic chairs. Thanks to innovations in surface development, outdoor furniture and fabrics can now be hard to distinguish from their indoor counterparts. Water, UV and mould resistant, they have been engineered to withstand weather conditions while still maintaining their good looks. With summer almost here, we’ve assembled our best 10 outdoor furniture retailers to ensure that when the sun comes out, you’re ready to enjoy your own great outdoors.

Tait

Susan and Gordon Tait started their outdoor furniture business in 1992 with a commitment to Australian designed and made outdoor furniture created to withstand local conditions. Thirty years later, they have an enviable reputation for sustainability, offsetting 25 tonnes of carbon dioxide and diverting almost a tonne of soft plastic from landfill each year, as well as continuing to manufacture out of Melbourne. Oh, and their ranges of steel and timber chairs, tables, benches and accessories have a timeless beauty and durability that makes them incredibly desirable.
madebytait.com.au

Mamagreen

Another business committed to sustainable practices, Mamagreen furniture is manufactured using materials that are either recycled or can be recycled. More than 90 percent of the teak Mamagreen uses is sourced from old buildings, with the remaining timber from managed plantations. If you’re looking for that resort feel at home, this is the place to go. In fact, their products can be found in hotels around Australia. We love the circular Begonia lounge, which is perfect for hosting friends while, for shade, you can’t go past the flexible Sombrero shade.
mamagreen.com.au

Coco Republic

This Australian business headed up by Anthony Spon-Smith has been making great strides with its outdoor furniture ranges in recent years. Perhaps more than any other of the leading brands, the outdoor furniture looks and feels like the indoor equivalent, with upholstered seating (designed to get wet and dry off quickly) and chunky timber or stone-look tables and pedestals. Taking inspo from Mediterranean resorts like the French or Italian Riveras, this is one brand worth staying home for.
cocorepublic.com.au

Cosh Living

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Founded in 2008 on an ethos of Live Life Well, Cosh Living offers a comprehensive range of products for outdoor use, from pots, tables and chairs, through to outdoor lighting, rugs, daybeds and more. With leading brands such as Manutti, Tribu, Dedon and Coast at their disposal, the look is one of relaxed sophistication, whether it’s a bean bag poolside or an oversized sofa on the deck. With such an extensive range of products, this is one company where a visit to the showroom is useful, to help coordinate your look.
coshliving.com.au

Eco Outdoor

Equally well known for their range of outdoor building supplies such as pavers, walling and pool surfaces, Eco Outdoor’s selection of outdoor furniture is just as popular, thanks to its focus on European styling and durability. Specifically designed for outdoor living, there’s everything from outdoor dining tables and chairs in teak, wicker or aluminium through to lounges, beanbags and umbrellas. With showrooms in Sydney, Melbourne, Brisbane, Adelaide and Perth, you can drop in and assess the quality for yourself.
ecooutdoor.com.au

Satara

Whatever you need to furnish your outdoor space, chances are Satara has it. From lounge chairs and barstools to outdoor rugs and pot stands, this retailer has everything you need to create a comfortable and stylish outdoor space. With showrooms in most capital cities, you can experience the quality for yourself before making a final purchase. Designs range from classic Australian style through to contemporary Euro.
satara.com.au

GlobeWest

If it’s flexible outdoor furniture with modern lines you’re after, check out the range of sofas, coffee tables and dining suites from GlobeWest. Materials range from teak and aluminium to woven resin and ceramic in contemporary styles suited to a variety of architectural styles. Available direct to trade, the website also has an easy stockist search option to locate your nearest retailer.
globewest.com.au

Cotswold Furniture

There’s a reason why this legendary outdoor furniture supplier has been in business for more than 40 years. Known for its classic, durable outdoor furniture, Cotswold has longstanding associations with brands such as Vincent Sheppard and Fast Outdoor Lifestyle, as well as Cotswold Teak. While their loyal client base loves the classics, including Lloyd Loom and teak Adirondack chairs, this company has continued to evolve and innovate with contemporary ranges designed to stand the test of time.
cotswoldfurniture.com.au

Ikea

 

It’s hard to go past Ikea for knockabout, versatile outdoor furniture that retains a sense of style. If you have an outdoor space to fill, chances are Ikea has the chair, lounge, outdoor table or accessories to fill it. We particularly love the classic moulded frame of the Skarpo chair (pictured) but could be persuaded by the highback woven Hogsten chair. For smaller spaces, the Torparo is a great shelf or mini table you can attach to the railing or fence.
ikea.com/au

Castlery

This largely online furniture retailer initially sought to provide adaptable, compact furniture for the apartment market in Singapore. As it turns out, it’s a great fit for the Australian market too, as backyards and balcony spaces decrease in size. The range of dining and lounge suites is classic, with slimline armrests and legs. Colours are limited to greys and beiges but could easily be brightened up with accent cushions if that’s your style.
castlery.com/au

How do I choose the right outdoor dining setting for me?

While many of the same principles apply whether you’re dining indoors or out, the big difference is the weather. Outdoor furniture can take a beating if it is exposed to UV and rain for extended periods of time, so your choice will depend on whether your furniture will at least have some covering or will most likely be completely in the elements. Aluminium furniture can be a great option because it is lightweight and easy to move around, while teak ages to silver grey when left in the sun. If space is a factor, folding or stackable chairs can be useful.

What’s the difference between indoor lounge cushions and the ones on outdoor lounges?

Outdoor cushions are specially designed for the weather conditions, with quick dry foam inserts to allow water to drain away relatively fast. They’re also covered with UV, water and mould resistant fabrics specified for outdoor use. Sunbrella is the market leader for outdoor fabrics in Australia and uses solution dyed acrylic to create fabrics that are almost indiscernible from their indoor equivalents. Interior designers have been known to specify high quality outdoor fabrics for use in high traffic indoor spaces, such as family and rumpus rooms.

I have an outdoor space I want to furnish. Should I choose a lounge suite or a dining setting?

It’s really a lifestyle decision here. If you enjoy entertaining friends regularly, a dining setting might be the most useful option. In some homes, outdoor dining might also provide a bit more room to move, making it a great option for hosting bigger groups. However, if you already have an indoor dining setting facing onto the outdoor space, there’s not much point doubling up. An outdoor lounge can create a flexible space for casual relaxation, or somewhere to sit to enjoy coffee or drinks with friends before or after dinner.

Psst…There’s a Hidden Market for Six-Figure Jobs. Here’s How to Get In.

Almost every day, someone who is quietly hunting for a key hire calls Diane Hessan to ask the same question: Whom do you recommend?

Ms. Hessan, a former consulting group CEO who sits on the boards of Panera Bread, Eastern Bank and Tufts University, is one of the best-connected business figures in Boston—and something like a password keeper at a speakeasy for six-figure job seekers.

All cities have such people, and being on their radars can open hidden doors.

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“There’s a whole back channel of conversations going on about jobs that are available,” says Ms. Hessan, adding that many of the calls she fields come from private-equity firms seeking leaders for portfolio companies.

Far from the public job boards of Indeed, LinkedIn and Monster lies another set of career opportunities—often lucrative ones—that are never posted. The volume of such openings is hard to measure; those who hire and who’ve been hired out of sight say the quality of the positions is more notable than the quantity.

Some are management roles that are currently occupied by people whom senior leaders want to push out, but not before discreetly finding replacements.

Other unlisted positions may be at venture-backed startups or relate to new corporate initiatives that, for competitive reasons, companies don’t want to advertise in view of rivals.

Executives have long relied on their professional networks and headhunters to fill these stealth roles, though the hiring game is trending toward openness. New York City this week began requiring employers to include salary ranges in job postings, and some states are poised to do the same or already have done so. Yet businesses that don’t want to tip their hands (or show employees what’s offered to newcomers) can simply do more recruiting in private channels.

A common loophole in pay transparency laws is that companies don’t have to post every job and don’t have to reveal the projected compensation for those unposted positions, says Stephanie Merabet, a labor attorney at Holland & Knight.

It is too early to know how many businesses will skirt disclosure by keeping more openings off job boards, but some likely will, says Tae-Youn Park, who researches pay transparency as an associate professor of human resource studies at Cornell University.

That means you might not learn of an exciting role until someone else gets it, unless you’re the one who comes to mind when a company wants to hire on the sly.

“You want to be on the call list of somebody who’s working to fill a job that would fit you,” says Matt Massucci, chief executive of the recruiting firm Hirewell. “The only way you do that is to stay top of mind.”

Mr. Massucci suggests devoting at least 30 minutes a week to networking, and advises a targeted approach. Make a point to introduce yourself to people who work at companies that interest you. Connect with recruiters in your field, even when you’re not actively looking for a new job. Go to conferences. Speak on panels (yes, the ones that feel like unpaid, extra work). Freshen up that headshot.

Be visible to get a job that is not.

Brian Pestana, a food industry executive, says he wasn’t interested at first when a Seattle-based recruiter asked to connect on LinkedIn this fall. He lives in Miami and wouldn’t consider relocating, so he didn’t think that networking with someone on the other side of the country would be worthwhile. But you never know, he figured.

He chatted and hit things off with the recruiter, who introduced him to Maria Elena Ibañez, chief executive of El Latino Foods in Doral, Fla., about a 15-mile drive from Miami.

Mr. Pestana joined El Latino in October as vice president of business development, a position that was never listed on any job board.

“Don’t dismiss a small opportunity because the one that seems far-fetched might be the one that works out,” he says.

Mark Goldberger started this week as head of enterprise sales at Ramp, a financial software startup in New York, after he and a recruiter initially discussed a different position with another company. He says the headhunter quickly identified him as a fit for the Ramp job, based on their previous conversations, which put him on the fast track for the job that was never posted.

His early tasks include hiring more sales representatives for his team. One position has been posted publicly, an enterprise account executive with an estimated salary of $221,000 to $260,000, but Mr. Goldberger says it’s possible that he’ll hire multiple people from a single candidate pool, and he isn’t waiting for applications to roll in.

“I’m reaching out within my network—the people that I know would be great because I’ve seen them do something similar—and I’m also going to be scouring LinkedIn,” he says.

Mr. Goldberger and other hiring managers and recruiters note that companies sometimes list positions as open when their minds are already made up, often to comply with internal policies or collective bargaining agreements that require public postings. The real hiring action, they say, often happens away from the job boards.

Shawn Cole, president of executive search firm Cowen Partners, says all of the roles his company fills are unlisted. His clients like to appear to have talent pipelines, and posting an open call for executive applicants can make a business look desperate or disorganised, he says.

Mr. Cole says that to get in the running, it helps to build a rapport with a headhunter like him. Be direct—no vague requests to “pick your brain,” please—and don’t bother with an invitation to coffee or lunch.

“Send an updated resume and say what you’re interested in,” he says. “Talk about compensation, location and specific career goals. Lunch and things like that? Sad to say, but no one has time for that stuff.”