Buyer demand drives upward trend in home prices | Kanebridge News
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Buyer demand drives upward trend in home prices

There’s no sign hot property markets will cool anytime soon

By Shannon Molloy
Mon, Aug 14, 2023 10:04amGrey Clock 2 min

An unexpected rebound in home prices across Australia’s biggest cities in the past few months shows no signs of slowing, with intense buyer demand driving another bumper weekend of auction activity.

An early start to the traditionally busy spring selling season has continued to strengthen and auction volumes on Saturday were up 12 percent on the previous week, according to data house CoreLogic.

“The volume of auctions has been rising through the second half of winter, with activity at the weekend up 27.8 percent from a month ago, and 22.1 percent higher than this time last year,” CoreLogic research team lead Duane Kaak said.

Even so, new for-sale listings remain well down on previous years, forcing a large pool of hopeful buyers to part with more cash to secure a home.

In Sydney, the weekend’s preliminary auction clearance rate is sitting at 73 per cent, with 305 successful sales from 419 results reported so far.

In Enmore in the city’s inner west, a pair of run-down neighbouring terraces on one title sparked a feeding frenzy among prospective buyers.

The successful bidder for 43 and 43a Edgeware Rd was 15 minutes late to the action but quickly made up for lost time, paying $1.918 million for the deceased estate. The sale price was well above the reserve of $1.4 million.

Meanwhile, a five-bedroom house at 4 Alsace Ave in Bardwell Valley in Sydney’s southwest fetched $2.15 million – some $550,000 above reserve, with five bidders battling it out.

Melbourne’s preliminary auction clearance rate of 68 per cent is based on 346 reported results from 704 scheduled sales.

A three-bedroom cottage at 10 Mckeon Ave at Pascoe Vale South in the northern suburbs drew strong interest, selling for $1.64 million – $190,000 above reserve.

It was the first time the retro wonder had come to market in 70 years.

Brisbane’s preliminary clearance rate of 59 per cent represents 17 sales from 29 reported results of a total 64 scheduled auctions on Saturday.

A prestige property at 41 Mayfield St in affluent Ascot fetched a whopping $4.03 million after swift bidding from nine parties.

Despite economic uncertainty, high interest rates and a cost-of-living crisis, high demand and low supply are putting upward pressure on property prices across the major capitals.

Home values across the country have recovered much of the declines seen throughout 2022, with a 2.79 per cent increase since December, according to the latest PropTrack Home Price Index.

“Interest rates were the primary driver of home price falls seen for much of 2022, but there are other factors – like the supply of properties for sale, labour market conditions, rate of immigration, home building, state of rental markets and interstate and regional migration –that also affect price growth, as well as how it is distributed across the country,” PropTracksenior economist Eleanor Creagh said.

In July, Sydney’s median home price rose 0.28 percent to $1.04 million and is 3.16 percent higher year-on-year.

Melbourne values remain flat, with a modest 0.01 per cent lift last month taking the median to $805,000, while in Brisbane, the median of $742,000 increased 0.37 per cent, up 1.98 per cent on July 2022.

“Although total stock on market has increased slightly, the flow of new listings has remained soft in recent months, leading to increased buyer competition and solid selling conditions with prices continuing to lift.”

 



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Tonino Lamborghini Unveils New Luxury Residences in Ras Al Khaimah

Tonino Lamborghini recently revealed a new luxury project comprising 241 units in Ras Al Khaimah, developed in partnership with Arista Developments.

Tue, May 21, 2024 2 min

Named the Tonino Lamborghini Residences, this project promises a fresh take on luxury living with its iconic design, cutting-edge amenities, and stunning sea views.

Set on Al Marjan Island, the development is adding 241 high-end units to the area’s real estate offerings, all reflecting the sleek, Italian elegance associated with the Lamborghini name.

These residences are designed to impress, featuring modern architecture that harmonizes with the scenic surroundings and interiors marked by meticulous craftsmanship and top-quality finishes.

Living in this one of the project’s units means access to a range of upscale amenities: a state-of-the-art fitness center, multiple swimming pools, beautifully landscaped gardens, and dedicated areas for children’s play. The complex also offers a business center with a conference room, an outdoor BBQ area, and a chic café, catering to all aspects of high-end living.

Arch. Abdulla Al Abdouli, Chief Executive Officer, Marjan, expressed excitement about the introduction of Tonino Lamborghini Residences to Al Marjan Island, noting the project’s blend of sustainable construction and smart home technologies. This integration, he mentioned, guarantees a luxurious lifestyle equipped with the finest modern amenities, reflecting the exquisite Italian craftsmanship. He is confident that this new venture with Arista Developments will significantly boost the allure of Al Marjan Island as a top lifestyle destination in Ras Al Khaimah for both investors and residents.

Tonino Lamborghini, President of the Tonino Lamborghini brand, said: “We are delighted to be among the pioneers in this remarkable new destination in one of the seven emirates of the UAE. Our heartfelt gratitude and recognition go to H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, for his visionary leadership and foresight, and for embracing innovative strategies to revitalize a region full of potential.”

Mr. Arthur Chu, Chairman of Arista Developments, highlighted the project’s ambition to capture the essence of the Tonino Lamborghini brand in every aspect of its design. He described the development of a prestigious residential tower on Al Marjan Island that will reflect the lifestyle and beauty synonymous with Lamborghini. From the sharp, well-defined lines of the exterior to the elegantly designed interior common areas, every detail is crafted to showcase the brand’s distinctive elegance and sophistication. Chu emphasized that the interior designs, personally crafted by Tonino Lamborghini, aim to fully immerse residents in the Italian brand’s luxurious identity.

The variety in housing options is vast, ranging from one and two-bedroom apartments to duplexes, sea view villas, signature villas, and exclusive penthouses.

The collaboration between Tonino Lamborghini and Arista Developments blends iconic Italian style with expert real estate craftsmanship. This venture marks Lamborghini’s first introduction to Ras Al Khaimah and represents a commitment to setting new standards in luxury and modern living.

 

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