Sydney Housing Boom May Be Over
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Sydney Housing Boom May Be Over

Sydney house values fell in February for the first time since October 2020.

By Terry Christodoulou
Wed, Mar 2, 2022 11:08amGrey Clock < 1 min

Sydney house values fell 0.1% in February, marking the first monthly decline since September 2020 according to the latest data from CoreLogic.

Melbourne’s values also stagnated over the month following on from similarly dour results in December and January with mortgage rate hikes, rising listings and poor affordability takings its toll on the market.

According to Time Lawless, CoreLogic’s director of research, the February home value index showed capital city and broad regions recorded a slowing trend in price growth.

“Sydney’s price drop is a pretty stark reminder that the boom in Sydney is over, and potentially we are looking at a marketplace now that is levelling out, potentially even moving into its downward phase earlier than what we expected,” he said.

“This could be the start of price falls,” Mr Lawless added.

Across the nation, housing values rose by 0.6% — the lowest monthly growth rate since October 2020 and is down from 1.1% in January and a cyclical peak of 2.8% in March 2021.

While smaller capitals continued to power ahead with Brisbane and Adelaide marking 1.8% growth and 1.5% respectively their growth rates have also been tempered.

In February, Brisbane recorded a 2.3% lift while Adelaide added 2.2%. Elsewhere, Canberra slowed to 0.45 and Hobart by 1.2%, Perth by 0.3% and Darwin by 0.4%.

According to Mr Lawless, the smaller markets have been resilient to the slowing conditions but now we’re seeing it affect the market.

“I’m quite certain that Brisbane and Adelaide will continue to be the standout performers across the capitals, but they’re not immune to a slowdown on the back of higher mortgage rates and worsening sentiment.”



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Judge Blocks Effort to Auction Graceland

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

By TALI ARBEL
Sun, May 26, 2024 2 min

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

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

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

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

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

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

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

Keough’s lawyer declined to comment.

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

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

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

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

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

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

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

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