Fewer properties but consistent clearance rates point to a busy weekend
There’s plenty of activity for motivated buyers on the Australian east coast
1 min
The number of auctions scheduled across Australia has fallen week-on-week, new figures show.
Data from CoreLogic shows that the number of properties across the combined capitals is down -7.7 percent for the first weekend in August, with a total of 1,821 expected to go under the hammer. However, figures are still a significant improvement on last year, up 23.8 percent on the same week in 2022 when 1,471 auctions took place and the clearance rate was just 56.6 percent.
Melbourne has experienced the biggest fall, with a -9.0 percent decrease on last week. However, the eastern capital will still see the most properties go to market, with 792 homes scheduled compared with 748 homes in Sydney. The difference is that Sydney figures have remained steady, with just one less home up for sale this week compared with the previous week. Auction figures in both cities are considerably higher than this time last year with data showing an increase of more than 25 percent.
In the smaller capitals, it’s a mixed bag. Brisbane is experiencing its quietest week since Easter with 86 homes scheduled, a significant drop from the previous week when 173 homes went to auction while Adelaide has 105 homes set to go to market (nine less than last week). However, the nation’s capital is set for a busy weekend, with 81 homes scheduled in Canberra – the highest number of homes in nine weeks.
Figures in Perth are typically lower, with just seven auctions scheduled. It’s a similar story in tightly held Tasmania, with just two properties going to market this weekend.
Clearance rates from last week continue to show a steady winter auction market, the 64.9 percent of properties put to market resulting in a sale. This time last year, the clearance rate was just 54 percent.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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55-storey residential tower in Downtown Dubai
2 min
Fairmont Hotels & Resorts, a world-renowned luxury hotel brand within the Accor group, has partnered with UAE-based developer Sol Properties to unveil a prestigious residential development in Downtown Dubai, setting new standards in luxury real estate.
The 55-storey Fairmont Residences Solara Tower, the latest addition to Downtown Dubai’s skyline, offers breathtaking views of both the Burj Khalifa and the Dubai Fountain. Construction is currently in progress, with the project slated for completion by the third quarter of 2027.
This development seamlessly integrates Fairmont’s esteemed brand standards in luxury hospitality with Sol Properties‘ extensive expertise in high-end real estate, establishing new benchmarks in urban living. The residences feature meticulously designed spaces, blending elegance with timeless opulence.
Offering a range of spacious layouts and state-of-the-art amenities, these residences epitomize modern luxury living. Expansive terraces provide residents with stunning views of the Burj Khalifa and the iconic Dubai Fountain.
“We at Sol Properties and Fairmont Hotels & Resorts are elated to provide a completely new standard of luxury living in Downtown Dubai,” said its Founder and CEO Ajay Bhatia.
“Our goal is to provide residents with exclusive amenities and personalized services, thereby setting a new precedent for comfort and convenience for end users,” he stated.
“By combining Fairmont’s exceptional hospitality services with our integrated residential environment and attention to quality, this project is certain to offer residents unmatched lifestyle experiences,” he added.
Combining Fairmont’s exceptional hospitality services with Sol Properties’ commitment to quality, this project promises unparalleled lifestyle experiences. The residential development caters to the evolving needs of urban homeowners with a suite of premium amenities and services. Fairmont Solara Tower uniquely stands out by offering private swimming pools in selected apartments.
Residents will have exclusive access to a range of integrated amenities, including gourmet restaurants, fitness centers, and wellness facilities, providing a resort-like experience within their own homes.
Fairmont’s Global Chief Operating Officer Sami Nasser expressed excitement about adding this new branded residence to the Fairmont portfolio. “We are confident that our expertise in the field of luxury hospitality combined with our pioneer approach to residential projects will allow us to redefine the landscape of luxury residences in Dubai and the broader region,” he noted.
The project exemplifies the ongoing expansion and appeal of luxury living in Dubai, especially with the luxury residential real estate market projected to grow by more than 8% by 2029.
“Additonally, the project will redefine the concept of luxury residences with Dubai’s strategic location and investor-friendly regulations, which attract high-net-worth individuals and investors seeking to diversify their portfolios,” said Nasser.
Fairmont Residences Solara Tower Dubai joins a prestigious portfolio of 16 Fairmont-branded residences, with 22 more projects in the pipeline.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
