London’s luxury real estate is in a ‘holding pattern’
The Bank of England may have paused the rate hike cycle in September, but the volatility in London’s luxury property market has not eased. Knight Frank said demand for luxury homes in the UK capital rose 12% in August-September, a welcome boost but only half the demand for the same period in the previous two years. . In 2016, from August to September there was a sharp increase in demand, and the rate of increase reached 40%. Tom Bill, head of UK housing research at Knight Frank, said: “Fundamentally, prime properties in London continue to be a holding pattern,” and prospective buyers will be waiting to see whether there will be further disruption. said. The consultancy predicts house prices will fall by 3% in both central London and suburbs this year. property wire
New tax could bring an influx of second homes to the market in Australia’s Victoria state
If you’re dreaming of a coastal home in Victoria, Australia, you better keep your eyes peeled. Industry sources say the new tax could lead to an influx of vacation homes onto the market from second-home owners looking to avoid higher fees. The tax, announced this week by Victorian Treasurer Tim Pallas, represents an expansion of the tax currently in place in Melbourne. Homeowners must pay an additional A$5,000 (US$3,189) for every A$500,000, or 1% of the land’s capital improvement value, unless they can prove they live on the property for at least four weeks each year. . or leased for at least six months. The new tax he is expected to take effect in 2025. realestate.com.au
Interest rates weigh on Canadian real estate market
While housing supply is increasing across Canada’s major metropolitan markets, sales have not followed suit, and industry experts blame interest rates in part. In Toronto, sales in September were down 12% compared to August, and down 7.1% for the year, despite a 32% increase in listings for the month.In Vancouver, inventory increased 28.4% year-on-year in September, but sales remained modest. 1,926 transactions. While that was Although it increased by 13.2% compared to the same month last year, it was still below the 10-year seasonal average and decreased by 16.1% from August. “Frankly, the only thing that matters right now is interest rates,” said John Pasalis, president of RealSophie Realty Inc. brokerage in Toronto. “And that’s impacting the number of people buying homes, which is incredibly low, and it’s also impacting the number of people being forced to sell because they’re over-leveraged. .” vancouver sun
China’s market revitalization measures have not yet produced results
Relief measures introduced by the Chinese government last month to boost home sales, including lower mortgage rates and down payment requirements, have yet to bear fruit. The country’s top 100 developers had sales of 484.5 billion yuan (US$67.3 billion) in September, down 24% from the same period last year. In addition to further reductions in asking prices given weak sales, industry observers expect the government to try to get the industry back on track with potentially broader stimulus measures. South China Morning Post