A downsizers' paradise awaits without leaving the city
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A downsizers’ paradise awaits without leaving the city

There’s no need to choose between the convenience of the city and the appeal of the natural environment in this boutique Sydney development

By KANEBRIDGE NEWS
Tue, Feb 14, 2023 9:32amGrey Clock 3 min

A unique downsizing opportunity combining the best Sydney has to offer is now available on the Northern Beaches, with zero deposit to approved buyers.

Bayside is an exclusive new boutique development on the Northern Beaches offering everything downsizers educated in the market are looking for, Domain Residential’s Nik Vuko said. The luxury apartments are well suited to anyone seeking a lifestyle upgrade in a sought-after parkside location and to ensure buyers don’t miss out, approved customers will be able to purchase with zero deposit, offering the flexibility to buy before they sell their existing home.

Bayside has been designed to deliver the best of both worlds, with the perfect balance between natural assets, such as bushland and waterways, while still staying connected to the best the city has to offer, with cafes, restaurants and amenities within easy reach. Offering views across Winnererremy Bay parklands at Mona Vale, each of the three-bedroom, two-bathroom apartments designed by award-winning architects PopovBass have been individually crafted with natural light, cross ventilation and liveability in mind.

Spacious alfresco areas double the amount of available living space at Bayside

“They’ve been designed to suit the changing needs of active downsizers looking for all the features offered in the finest of luxury residences,” Mr Vuko said.

Interiors have been artfully crafted by Baxter & Co using a neutral palette, with engineered timber flooring in American oak in the living spaces and wool carpet for the bedrooms. Recessed pelmets and sheer curtains create diffused light, while the transition between the interiors and the spacious outdoor spaces is almost seamless. Indeed, every part of this development has been considered, from the inclusion of Miele appliances in the kitchen and feature fireplace in the living area to the freestanding bath in the ensuite. Ideal for everyday living, the residences also allow for easy entertaining when the occasion calls for it.

Interiors have been designed with a neutral palette and high quality finishes, including wool carpet for the bedrooms

Sustainability has also been front of mind at Bayside. In addition to solar panels on the roof, there’s an EV charging station in the basement and garage. While air conditioning is available for those hot Sydney summers, ceiling fans allow residents to maintain thermal comfort all year round, while also leaving the large sliding doors open, effectively doubling the available living space.

Capped off by a convenient location with access to parks, schools, shopping and cafes, Mr Vuko says it’s a lifestyle offering that is hard to beat in Sydney.

“Bayside’s location delivers residents all the benefits of having the local parklands as an extension of their own backyard” he said. “They’re located across the road from Flying Fox park, which is the perfect place for connecting with kids and grandchildren or grabbing a coffee.

Bayside is now selling off-plan. Enquire through property@kanebridge.com.au for an exclusive developer’s offer where eligible purchaser’s can exchange at no cost via a developer funded deposit bond



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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
Fri, Mar 1, 2024 3 min

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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