Prestige Property: 2 Frying Pan Track, Noosa North Shore, QLD
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Prestige Property: 2 Frying Pan Track, Noosa North Shore, QLD

A stunning, sprawling manse where the river meets the sea.

By Terry Christodoulou
Fri, Apr 16, 2021 2:16pmGrey Clock 2 min

Set in the idylls of Noosa North Shore comes this heavenly designer residence known as Eden.

It wears the name well with the 1049sqm, 4-bedroom, 3-bedroom, 7-car garaging home set on 1.61 hectares amongst the trees and botanical-like native gardens on one of the largest waterfront reserve parcels on the Noosa North Shore.

The façade boasts modernist, geometric lines, combined with a palette of strategically placed hanging gardens, natural stone, timber, glass – with the water’s edge merely an extension of the front garden.

From the portico and atrium entrance, generosity is the word that comes to mind. Inside, elevated finishes of marble flooring decorate while light pours through the home via walls of glass offering panoramic water and garden views.

Inside, the major living spaces seamlessly open out on three sides to terraces, sun decks, a gazebo and a pool with Balinese volcanic rock tiles.

The ideal entertainer, the kitchen sees an oversized butler’s pantry with a marble-topped island breakfast bar and Miele dishwasher and ovens, a double-height wine fridge, and banks of storage.

The home is split into what can be best described as suites. The ground floor sees a guest suite with sitting room, ensuite and walk-in-robe. Elsewhere, upstairs has a 2-bedroom, 2-bathroom master retreat complete with its own living area – again, complete with water views.

Separate is the north wing. Here one finds the king master suite with wide views of the Noosa River mouth and Noosa Heads. The suite is complete with its own private balcony, freestanding bathtub (part of the open bathroom) walk-in robe, dressing room and dedicated office area.

Only 5-minutes by boat across the river to Noosaville’s Gympie Terrace, and a little further on is vibrant Noosa Heads and its restaurants and shopping.

The listing is with Tom Offermann Real Estate’s Nic Hunter (+61 421 785 512). Price guide: $7 million; offermann.com.au



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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

By ELAINE YU
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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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Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

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

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