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Record sales as luxury market heats up: Market wrap

Agents are finding consistent demand for luxury properties leading up to and during COVID-19, according to McGrath, Place and Sotheby's International Realty.

National

The Economy

John McGrath – Top performing regional areas

John McGrath, founder and executive director of McGrath Estate Agents lists the top performing regional areas on Australia's east coast.

New South Wales (NSW)Sydney

Featured Property

Stately and historic Woollahra residence on Queen Street

For sale by Ben Collier of The Agency, who told WILLIAMS MEDIA, this is "arguably one of the prettiest homes in one of the best locations."

Victoria (Vic.)Melbourne

People

Get to know Luke Saville of The Agency

“I’m fairly bullish about how the property market will rebound out of COVID, particularly in the short term.”

Victoria (Vic.)Melbourne Brighton

Featured Property

Architect’s own luxury Brighton home sold for around $4m

Sold by Tracy Tian Belcher and Alex Schiavo of Kay & Burton, who told WILLIAMS MEDIA, “There is a continued strong demand from the local market as well as increased activities from expats.”

Queensland (Qld)Brisbane

Featured Property

‘Ravensbourne’ tightly held 1,950sqm Windsor hilltop property for sale: Queensland Sotheby's International Realty

A significant and historic Brisbane landholding has come to market for the first time in 60 years through Tyson Clarke of Queensland Sotheby’s International Realty.

Queensland (Qld)

People

Ray White Queensland logs on to celebrate 2020 winners

More than 1200 Ray White Queensland members logged online for this year’s annual awards which looked a little different this year.

National

Politics

First home buyers get support from peak real estate body

"We seek expansion of the First Home Loan Deposit Scheme to include all first home buyers" said REIA's president Adrian Kelly.

New South Wales (NSW)

People

Ray White heads west to the village of Kyogle

The team at Ray White Rural in Casino, headed by Andrew Summerville, has now expanded to open a second business in nearby Kyogle.

Victoria (Vic.)

The Economy

The reason why auction data is so important

Gil King, CEO of REIV explains the necessity of auctions.

Pages

News Roundup

http://www.afr.com/real-estate/residential/vic/downsizers-pay-15m-in-cash-to-settle-toorak-apartments-20170511-gw2x15

Downsizes pay cash for apartments

Wealthy Melbourne downsizers are using the windfalls earned from selling their suburban homes to settle new apartment purchases with cash, highlighting the polarities in the market.

The Australian Financial Review

https://www.nytimes.com/2017/05/15/business/avocado-toast-millennials.html?_r=0

Fact-Checking a Mogul’s Claims About Avocado Toast, Millennials and Home Buying

Millennials have enough problems as it is. Must they give up their avocado toast, too?

The New York Times

http://www.smh.com.au/business/property/australian-property-cheap-for-chinese-buyers-credit-suisse-20170323-gv5ets.html

Chinese buyers to prop up Australian housing market: Credit Suisse

Foreign buyers are purchasing new housing in NSW and Victoria at a rate of $8 billion a year - or one in five new homes completed across the two states.

The Sydney Morning Herald

http://www.afr.com/real-estate/save-the-city-for-offices-melbournes-lord-mayor-20170515-gw5bkk

Save the city for offices: Melbourne's Lord Mayor

Residential towers are threatening to crowd out much-needed commercial development in the Melbourne CBD.

The Australian Financial Review

http://www.afr.com/real-estate/residential/torontos-redhot-housing-market-seen-stoked-by-new-rent-controls-20170515-gw5it0

Toronto's red-hot housing market seen stoked by new rent controls

Toronto's trying to make it more affordable to rent in one of the world's hottest housing markets. New measures may have the opposite effect.

The Australian Financial Review

http://www.theaustralian.com.au/business/property/housing-demand-on-the-wane-as-supply-builds-corelogic-data-show/news-story/de08b4143650d5bb9e0bdbd9b21f3ee9

Housing demand on the wane as supply builds, CoreLogic

In Australia’s capital cities, 4.4 months’ worth of properties are for sale, more than has been at this time of year since 2012, says CoreLogic.

The Australian

http://www.afr.com/real-estate/residential/negative-gearing--scalpel-will-cool-apartment-demand-experts-20170512-gw3xb5?eid=Email%3Annn-16OMN00049-ret_newsl-membereng%3Annn-06/09/2016-BeforeTheBell-dom-business-nnn-afr-u&et_cid=29077769&et_rid=1925785124&Channel=Email&EmailTypeCode=&LinkName=http%3A//www.afr.com/real-estate/residential/negative-gearing--scalpel-will-cool-apartment-demand-experts-20170512-gw3xb5%3Feid%3DEmail%3Annn-16OMN00049-ret_newsl-membereng%3Annn-06%252F09%252F2016-BeforeTheBell-dom-business-nnn-afr-u&Email_name=BTB-05-15&Day_Sent=15052017

Negative gearing 'scalpel' will cool apartment demand

Owners of any property not bought brand new will no longer be able to depreciate items like air-conditioners, cooktops and dishwashers, a move that could lower prices for apartments on the secondary market.

The Australian Financial Review

http://thenewdaily.com.au/money/property/2017/05/12/underquoting/

Nobody in real estate thinks new laws will end underquoting

Underquoting looks set to continue despite moves in Victoria and New South Wales to clamp down on the practice.

The New Daily