According to PropTrack, the share of homes being sold below the asking price has fallen over the course of 2023, signalling that the market is on strong footing.
But delving into the data, it appears that discounting is much more common in some cities than in others, showing that market conditions from a national perspective can often run counter to what’s happening on a street level.
Vendor discounting was revealed to be most common in Hobart and Brisbane, while much more rare in Adelaide. Sydney, Melbourne and Perth sat in between the high and low ends.
So why are buyers more likely to get a home below the asking price in some cities than others?
Compared against citywide figures, the data firm found that discounts largely mirrored the trajectory of prices in each capital.
As Paul Ryan, a senior economist at PropTrack explained, steady market conditions lead to more accuracy around asking price versus sale price. The more volatile the market, the wider the chasm when sale price falls short of what’s advertised.
“Adelaide has recorded the lowest rate of vendor discounting for some time, and was the one region to see only a small increase in discounting in 2022. This highlights how strong market conditions have been across Adelaide – one of the few regions to continue to record price growth over the past two years,” Mr Ryan said.
By contrast, Hobart went into the pandemic with the lowest rate of vendor discounting, having experienced strong market conditions for several years before the pandemic. But after recording sharp price increases over 2022 and 2023, Hobart now has the highest rate of vendor discounting among the major capitals.
According to Mr Ryan, this correlation is confirmed when comparing the opposite scenario: homes selling for above asking price.
“Vendor discounting tends to follow recent price growth outcomes. Comparing the share of listings that sell above asking prices – the opposite of vendor discounting – with recent price growth shows a tight relationship,” he said.
“This is clear when comparing the two in the largest markets of Sydney and Melbourne,” he added, noting that the time frame between price movement and the rate of discounts being offered is a few months.
But although the data showed that it may be easier to negotiate down in the Tasmanian and Queensland capitals, overall, PropTrack’s analysis revealed that discounts are generally being offered less often, and at smaller increments, across the country.
“Comparing across time, almost all markets are recording vendor discount rates significantly below pre-pandemic levels, which points to continued robust general market conditions across the country,” Mr Ryan said.
Before the pandemic, the median discount among properties that sold below advertised was around 5 per cent of the asking price.
That narrowed to around 4 per cent at the peak of the pandemic, but then increased in 2022 when prices fell off the back of rapid interest rate increases.
The current rate of typical vendor discounting now hovers between 4 per cent and 5 per cent.
Going forward, Mr Ryan said that buyers and sellers alike should expect to see vendor discounts tracking alongside market trends.
“It makes sense that when prices are rising, there is more competition for properties, and more sell above their asking prices,” he noted.
Godrej Properties Ltd on Monday announced that it has sold ~670 homes worth over Rs 2,000 crore in its project, Godrej Tropical Isle, located in Sector 146, Noida. “This is Godrej Properties’ most successful ever launch in terms of the value and volume of sales achieved. The project was launched in August 2023 within nine months of the purchase of land through an e-auction conducted by Noida Authority in November 2022,” the company said in a regulatory filing.
Sector 146 is a prominent upcoming residential corridor in Noida, providing access to quality social infrastructure and is in close proximity to commercial infrastructure like – Noida SEZ, entertainment hubs, Film City, etc. The area provides good connectivity to Indira Gandhi International Airport
Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are delighted with the response to our project, Godrej Tropical Isle. We’d like to take this opportunity to sincerely thank our customers who have reposed their faith in Godrej Properties
In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved. Godrej Properties has focused on sustainable development. In 2010, GPL committed that all of its developments would be third-party certified green buildings. In 2020 and again in 2021 and 2022, the Global Real Estate Sustainability Benchmark ranked GPL #1 globally amongst listed residential developers for its sustainability and governance practices. In 2017, GPL was one of the founding partners of the Sustainable Housing Leadership Consortium (SHLC).
Research from KPMG emphasised the need for investment in fit-for-purpose infrastructure that will protect the increasing number of Australian homes at risk from climate-related catastrophes.
As the consulting firm reported, in recent years, the population of local government areas (LGAs) impacted by natural disasters has reached record highs.
During the 2019–20 bushfires, almost one-third of Australians were living in an LGA that experienced a significant fire.
In 2022, close to 70 per cent of Australians were living in a LGA impacted by flooding, while a similar figure were living in an area impacted by damaging storms.
Taken together, this means that in 2022, around 18 million Australians were living in an LGA impacted by at least one recent natural disaster – some areas having weathered multiple events of flooding, storms or fire in only three years.
According to KPMG, the number of people living in natural-disaster impacted areas is now more than double the average for the past decade. That’s why the firm is pushing for critical infrastructure upgrades to protect Australian homes, as it is becoming increasingly clear that large-scale action is needed to safeguard lives and property in an age where extreme events are increasingly more frequent.
Terry Rawnsley, urban economist at the firm, said it is clear that some infrastructure will struggle to cope with the continuing effects of climate change.
“A significant portion of our current infrastructure was originally constructed to withstand weather conditions based on historical patterns,” he explained.
“It is highly probable that natural disasters and extreme events will continue to present substantial fiscal risks and impact to Australia’s productivity. Therefore, we must act now to ensure we have resilient infrastructure for future Australians.”
Mr Rawnsley said that governments and infrastructure players should be evaluating the long-term utility of infrastructure that’s going into place now to ensure that Australian homes are safe now and into the future.
Failure to do so would see an exacerbating cost crisis for individuals and governments alike, as insurance premiums rise to cover the increasing damage, and more frequent repair is needed in communities across the country.
The value of insured losses caused by natural disasters already reached a record high of almost $7 billion in 2022.
Moreover, the Australian government’s Disaster Recovery Funding Arrangements (DRFA) paid $3.1 billion in 2018–19 and 2021–22. This is expected to double over the next three years.
Mr Rawnsley noted that infrastructure upgrades are particularly necessary to protect the most vulnerable to disaster.
“Disaster costs are not born equally across our communities, and it is often those with the least capacity to absorb these costs that are impacted the most,” he said.
With the country bracing for a summer with a high-fire risk, Mr Rawnsley noted that there is no time to delay action.
“It is crucial to incorporate adaptation measures into ‘business as usual’ retrofitting and infrastructure replacement. Failing to do so will render the infrastructure less efficient and more prone to long-term disruptions,” he said.
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As the weather in northern Utah is beginning to cool down, you’re probably considering your next getaway to sunny Southern Utah where summer seems to last forever. Many Utahns make frequent trips to the St. George area but are increasingly weary of paying expensive nightly rental prices every time they take the family down.
No doubt you’ve thought to yourself, “Wouldn’t it be great if we just owned our own vacation home here?” But who has the time or money to own an entire second home all to yourself? Very few.
If there were a way to just own a portion of the home and use it for part of the time, that would be ideal. Then your ownership could match your availability and your budget. It would be even better if you could rent out the house when you aren’t using your time.
Ember is solving this problem through vacation home co-ownership.
⅛ of the home, 100% of the experience
Historically, not everyone could afford a vacation home—especially in top destinations like St. George, Park City, Florida, or Southern California. And even for families that could commit to a vacation property, research shows that they are only using the home for two to six weeks out of the year.
With Ember’s co-ownership model, you can choose to buy a portion of a luxury vacation home, instead of the whole thing—and only pay a fraction of the cost. The ownership of each Ember home is divided into eight equal parts. Co-owners get 6-plus weeks for each 1/8th share they purchase. Owners looking for maximum time can buy even more of the home. Ember features properties for as low as $114,437 per 1/8th ownership share.
Make memories while you’re there, rent it out when you’re not
Each buyer enjoys exclusive access to the home during their stays and with “Ember Flex” designated homes, they can rent out their time when they don’t plan to use it personally. Plans change. Life circumstances change. 6 weeks might be just enough in a given year and too much the next. Having the flexibility to simply rent out your nights and not worry about the home sitting vacant, delivers incredible peace of mind. It’s the best of both worlds.
Ember’s SmartDraft™ technology makes sure each owner gets their fair share of desirable nights each year. It’s easy to swap nights with other owners or change your plans throughout the year using Ember’s intuitive mobile app.
Ember sweats the details so you don’t have to
Ember’s innovative approach to vacation homeownership promises a five-star experience from start to finish—free from hassle and disappointment. Each home is professionally designed and comfortably furnished so you can simply show up and instantly enjoy your home. A 24-hour property concierge is available for any issues that may arise. Need a few extra home supplies? Did you lock yourself out? The on-call concierge will be there in minutes.
With Ember, their commitment to your experience continues even after you leave. They maintain your vacation home so you don’t have to worry about it. The home is cleaned, the linens are washed, the lawn is mowed, and the pool is maintained so the property is turnkey ready for your next stay.
Where luxury meets logic
But the biggest benefit to co-owning a premium vacation home in a rapidly growing market like St. George is building equity. Ember homes appreciate in value just like other properties on the market. Unlike a timeshare, Ember homes are owned by their co-owners in an LLC structure. Should you decide to sell your portion down the road, you name the price and capture any potential appreciation. The process is simple and Ember handles the details of reselling your ownership and handling the closing process.
With Ember, you’re paying yourself to go on vacation, which is impossible when staying at someone else’s Airbnb or VRBO. On top of that, because you own a minimum of 13% of the house (1/8th), your costs are offset by 87% thanks to the other co-owners. And with potential rental revenue and future appreciation, the gains offset your costs even more.
Ultimately, Ember’s co-ownership model was designed for one thing: to help more families enjoy hassle-free vacations in beautiful homes they truly own. Start by browsing the available St George properties and find the perfect Ember vacation home for you. Then talk with an Ember advisor to get all your questions answered and finalize your purchase. You’ll be able to book your first stays and arrive at your Ember home in as little as 24 hours. From there, it’s all about making memories that you’ll cherish forever with the people you love.
Ember Advisors are available for call or chat from 7 a.m. to 11 p.m. Mountain Time at 1-800-366-6891.
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- Luxury properties demand seven-figure sums in UK’s answer to Miami Beach
One of Britain’s most exclusive addresses is defying the slump in house prices by enjoying a £60m property bonanza.
Three luxury homes in one corner of Sandbanks, on England’s south coast, have unusually come on the market at the same time – and they are all in one street.
The trio of prized properties sit on Panorama Road, a tree-lined street that runs the perimeter of the lucrative peninsula in Poole Harbour, Dorset, and all back out onto the water with stunning sea views from almost every window.
Privacy is all but assured for the would-be owners, with 70ft-tall trees serving as frontage and imposing electronic gates installed for security on what has become Britain’s answer to Miami Beach.
One of the homes is the former home of Russian billionaire Maxim Denim, who owned Premiership side AFC Bournemouth until earlier this year.
His modern, flat-roofed, three-storey home comes with twin helipads next to the water – perhaps one for you, and one for any guests who care to fly in – as well as an outdoor swimming pool and a garden sauna.
The price for such opulence? A princely £8.95m.
Estate agents Luxury & Prestige said: ‘Waterfront homes on this, arguably the most prestigious part of Sandbanks, are especially rare and contemporary ones even more so.
‘The views across this particular stretch of water are beautiful.
‘The grounds offer a great deal of privacy – a rare commodity in this location – tucked away from prying eyes behind electric gates and the main dwelling is a polite distance from the water’s edge meaning passing boats and yachts are on view to the homeowner but not necessarily vice versa.’
Three doors down from 108 Panorama Road is Harbour Watch, a six-bedroom mansion built 20 years ago with boating in mind.
It has its own private pier on the end of its back garden and mooring for two boats. It is up for sale for £9.75m.
And further along Panorama Road is a more traditional home belonging to the family of camping entrepreneur Oswald Bailey.
The 105-year-old property occupies a large plot and is ripe for development.
It has an asking price of £9m, with sealed bids due in by the end of next month.
A fourth luxury home on Panorama Road is currently under offer having been listed for sale for £9.75m.
Recently, another water’s edge home on Panorama Road sold for £7m. This has since been demolished ahead of development by none other than football legend Harry Redknapp and his wife Sandra, noted long-time residents of the peninsula.
And in March this year a 117-year-old bungalow on the biggest plot on Sandbanks sold for a whopping £13m.
Robert Dunford, of Sandbanks estate agents Tailor Made, said prices for waterfront homes on Sandbanks have shot up 20 per cent since the coronavirus pandemic, when city-dwellers longing for quieter settings seized the opportunity to move away.
He said: ‘The three waterfront homes are all very different properties.
‘One has two helicopter pads and would suit an international buyer; Harbour Watch has twin berths and is ideal for someone who wants to be out on the water; while the third represents an opportunity build a fantastic new home on a wonderful plot.
‘I suspect they will all sell fairly quickly. There was definitely a bounce in prices for prime waterfront plots after Covid in 2020.
‘People realised that they didn’t have to be tied to the city or have to be living near London.
‘Go back to 2016/17 and I would say 80 per cent of the properties on Sandbanks were used as holiday homes but since 2020 half of them are now permanent residences.
‘Panorama Road properties have gone up in value by over 20 per cent since 2019.’
Sandbanks does not appear to be suffering any ill effects amid a slump in housing prices elsewhere in Britain.
Zoopla data provided to MailOnline suggests that prices of everything from London flats and coastal homes to Cornish cottages have dropped by up to £25,000 in the biggest housing market dip in 14 years.
And figures published by Halifax suggest that house prices have fallen 4.6 per cent year on year, as spikes in mortgage rates force sellers to price their homes at a more competitive rate.
The average two-year fixed rate mortgage mortgage rate is now 6.67 per cent, according to Moneyfacts, up from 2.38 per cent two years ago.
Having been saving up for a while, I decided this year to start looking to buy my first home.
Up until this point, I have been renting with friends for a number of years and have moved from property to property.
But now I find myself trying to find somewhere to buy, I can’t make my mind up – I feel like a rabbit in the headlights.
I feel in part overwhelmed by the prospect of putting all my savings towards a deposit on a home at a time when house prices are falling and mortgage rates have risen rapidly.
But I am also overwhelmed by having to pick a home that I will live in for the next five to 10 years.
I know the area I want to be in and type of property I want, but just haven’t seen anything yet that is quite right. There has been no love at first sight.
I have been to see about 40 properties so far, admittedly knowing that most wouldn’t end up being quite right.
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I’m probably being too picky, but there is only a limited number of homes coming on the market – and most have no appeal. Prices don’t appear to be falling. Sellers appear to be holding out and only a handful of the best homes are selling.
Do you have any tips to help me get over my decision paralysis? For example, is there some form of a buying checklist?
I have also heard that I should be building relationships with agents as the best homes all sell before they hit Rightmove or Zoopla. Is this true even in a market such as this? And how should I go about doing it?
Ed Magnus of This is Money replies: Decision paralysis is when you lack the ability to decide on something out of fear of making the wrong choice.
I’m afraid it’s part life’s rich tapestry whether you like it or not – it’s a problem that impacts everyone – albeit some more than others.
We live in a world where it can feel like there is an infinite amount of the same thing – but all in slightly different shapes, sizes and guises – whether that be types of bread in a supermarket, jeans in a clothes shop, or TVs in a department store.
It’s the same thing for property – except it’s also likely to be the biggest financial decision of your life, which rather adds to the pressure.
The good news is that you know the area you want to buy in – probably rather well after 40 odd viewings.
The bad news is; there isn’t a manual to help you make that all important final decision.
Some buy with their head and others buy with their heart. You sound like you may fall into the latter camp.
That said, you are clearly concerned by falling house prices.
The latest Halifax and Nationwide house price index show values have fallen the last year by the sharpest since 2009.
Most experts agree prices will slide further from here on, but ultimately trying to time the market is pure guesswork – and some local markets behave differently.
We asked three experts for their advice: Henry Pryor, a professional buying agent, Charlie Lamdin, founder of property website BestAgent and Matt Thompson, head of sales at London estate agency Chestertons.
Advice from the buying agent?
Henry Pryor replies: Oh dear, you do seem to be struggling, don’t you.
Strange though it may seem my advice to you is ‘stay put.’ Don’t move, you aren’t ready and I expect that you will find yourself full of remorse if you do.
Finding the right house is like finding the right partner. It may happen instantly or it can take a lifetime. Some never do.
Like a partner you will have to compromise. What you want probably doesn’t exist and if it did you probably couldn’t afford it.
You say you are very happy renting and many people are. I’ve been an estate agent for forty years and I rent.
There’s no shame in it and many mortgage holders today would envy your freedom.
If you’ve looked at 40 properties in one place you are getting dangerously close to irritating the local estate agents who will think you’re just a tyre-kicker.
Rather than help you to see off-market properties they are more likely to avoid alerting you to things.
An estate agent doesn’t want to be a tour guide, they want to sell their clients properties.
My advice is to make up your mind whether you really do want to buy a house in what most people agree is a falling market when interest rates are high and stock of homes for sale is down by 25 per cent.
Check what home ownership might give you that renting and saving doesn’t.
Only buy something that you could live in for at least five years otherwise continue renting.
Be much more selective about what you go and see if you decide to continue your search. Remember, estate agents aren’t tour guides there to help you find a home. They are paid to sell you one of the ones they are instructed on.
Finally, buying a home is serious and can be expensive. The word ‘mortgage’ comes from the french word for death. It was a loan until death. It isn’t for everyone and renting is not a second class choice.
Advice from the homemoving expert?
Charlie Lamdin replies: If there’s any doubt, then there’s no doubt. That’s the number one rule.
You should only commit to proceeding with the purchase of a home if the thought of it fills you with excitement, and it represents a big step forward in all areas of your life, not just financially. It’s too big a decision to get wrong.
Don’t wait to time the market, just be out viewing potential homes, again and again, relentlessly. Make offers on homes you are sure you’d love to live in, but avoid bidding wars as a first time buyer.
Every viewing will teach you something whether it’s a front line insight to your market from the agent, or a feel for what’s selling and what’s not.
In a falling market, you should view homes that have asking prices outside your budget. Agents are quieter now, and more willing to show you homes they were too busy to show you a year ago.
If and when you find a home that really feels that bit more special than the others you’ve viewed, and you find yourself wanting to offer, remember the following.
First. Sleep on it.
Second. Only make your offer by email, not phone or in person. This avoids you being ‘closed’ at a higher price than you’re comfortable with by trained professional negotiators. They can’t intimidate you into a higher price by email.
Third. It’s better to offer your maximum comfortable price and not get the home, than to overpay and be burdened with a financial commitment that becomes a millstone around your neck, as has happened to so many people now caught out by rising mortgage payments.
There are no shortcuts to this process. But you can hugely improve your chances of having your offer accepted if you have a mortgage in principle, a conveyancer, proof of deposit funds and a commitment to buy your search pack immediately if the seller accepts your offer.
This demonstrates higher commitment, that you’re not afraid to embark on the process and that you’re more likely to exchange contracts sooner.
Motivated sellers are seeking certainty of sale over maximum price. This creates a great opportunity for well prepared first time buyers, because you’re chain free.
Happy home hunting.
Advice from an estate agent?
Matt Thompson replies: Buying your first home can be a daunting undertaking and you are right to be doing it at your own pace, especially if you are in no particular rush to move.
It is good to hear that you have already narrowed down the location you wish to buy in, although it does sound like this area doesn’t offer you a lot of choice which can make your search for the ‘perfect property’ more difficult.
To widen your pool of potential properties, it might be worth extending your search radius ever so slightly as you might be more likely to find the right home within your budget.
It also sounds like you are uncertain about current market conditions and have further questions about the property market.
As I can’t detect from your questions where you are looking to buy, I’m unable to offer you tailored advice and I would recommend finding and setting up a meeting with trusted estate agents in your area to give you a breakdown of the market and fully understand what you are looking for.
Last but not least, your agent is likely to be in ongoing contact with local homeowners and is therefore one of the first to know about any new properties being put up for sale.
It’s therefore advisable to stay in regular touch with your chosen estate agent.
Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.
The seven planned properties will bring the total of new public homes in Tūrangi to 22.
To help meet the strong demand for public housing in Tūrangi, Kāinga Ora Homes and Communities has an agreement to purchase seven homes from developer NZ Housing Group.
Six two-bedroom and one three-bedroom single-storey homes would be built at 43 Rangiamohia Road, Tūrangi by Taupō Construction Group.
Resource consent was recently granted to NZ Housing Group for the development, with work expected to start on site in early October and be completed by mid-2024, when Kāinga Ora will take over the houses.
A further five two-bedroom homes are already under way at 38 Tureiti Place, Tūrangi, also contracted to be delivered for Kāinga Ora by NZ Housing Group, with completion in mid-2024.
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The homes are in addition to 10 homes being built on Kāinga Ora redevelopment sites, with five new homes under way at 3-5 Parekarangi Grove and five at 4-6 Te Wharekaihua Grove.
Good progress was being made at both sites by Kāinga Ora build partner Devon Homes, with windows installed and cladding about to start at Parekarangi Grove, and cladding and insulation close to completion at Te Wharekaihua Grove.
The 10 homes were due for completion in the first half of 2024.
Darren Toy, Bay of Plenty Ora regional director for Kāinga Ora, says these 22 new houses were much-needed in the town.
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“With around 50 applicants on the Housing Register for public housing in Tūrangi, there is a very real need for more warm, dry and safe housing for local whānau.
“It’s been over 40 years since public housing was last built in Tūrangi, and I am pleased to see another 22 homes under way to add to the 28 state homes which already house whānau in this community.
“Buying homes from developers as well as redeveloping our own existing properties, which may have old homes on large sections, are two of the key ways in both Taupō and Tūrangi [in which we will] quickly bring on more housing for those most in need.”
Hundreds of Aucklanders will have the opportunity to live in long-term rentals next to Ellerslie Racecourse now that 330 build-to-rent apartments and townhouses are planned for the site.
Non-profit developer Simplicity Living says it hopes to finish the homes in 2026 after yesterday revealing it had bought the 1.4 hectares of Remuera land from Auckland Thoroughbred Racing – the racing body that owns Ellerslie Racecourse.
Simplicity Living’s managing director Shane Brealey said the location is “impeccable” for long-term rentals, being within walking distance of Greenlane shops and public transport.
“Here is a chance for ordinary New Zealanders to rent quality homes for the long term, nestled in a beautiful, green environment,” Brealey said.
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The sale comes as build-to-rent projects – designed to be owned and rented out long-term rather than sold off to multiple buyers – have grown in popularity in recent years.
Kiwi Property – a major New Zealand property owner of malls and offices – announced in 2021 it would spend $442 million building 540 build-to-rent apartments on former carparks and old housing sites near its Sylvia Park and LynnMall shopping centres.
Then after forming last year, non-profit developer Simplicity Living said it aimed to build 10,000 homes for long-term rent across New Zealand.
It has so far completed and rented 159 homes in Ōnehunga and Point England, with 345 to be under construction by the end of this year, and another 800 in development, it said.
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The build-to-rent homes are owned by the Government’s KiwiSaver voluntary retirement savings scheme and by Simplicity, a non-profit fund manager for the scheme.
Simplicity got into build-to-rent development in 2022 when it bought private developer NZ Living after owners Shane and Anna Brealey agreed to sell at a discount, Simplicity managing director Sam Stubbs said.
Brealey, an ex-construction chief with more than 30 years of commercial building experience, also agreed to lead the new developer for free during its first years.
“They are some of the greatest philanthropists of New Zealand that you would never know,” Stubbs said about the Brealeys to media outlet Stuff last year.
“This is a massive give-back to the country.”
Brealey said the latest purchase of Ellerslie Racecourse land continued the group’s “mission to provide thousands of Kiwis what’s already common overseas – quality, long-term homes for rent”.
“We want nurses, teachers and ordinary New Zealanders to have the option of renting for the long term,” he said.
The land sale was also made possible due to a major redevelopment of Ellerslie Racecourse.
Auckland Thoroughbred Racing (ATR) – the owner of the racecourse – had earlier closed its track for more than a year as a new race track surface is built.
The body has also been looking to maximise its use of racecourse land by earlier selling a separate 6.2ha section of land to developer Fletcher Living, which plans to build 370 townhouses, apartments, and standalone homes.
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The Auckland Council had earlier valued the 46ha property at 100 Ascot Ave where the Ellerslie Racecourse is at $210m.
Of the $210m valuation, only $30m is buildings. All the rest is the land.
Annual rates bills cost $397,886.
ATR filed its annual report last October. In the year to July 31, 2022, it had $12.08m revenue but chief executive Paul Wilcox told the Herald earlier this month the result was disappointing.
Operating expenditure was $20m and the net loss before fair value property sales and revaluations was $7.6m.
- MP previously called new gas connections ‘a climate crime’
- She just sold her house which has extensive gas fittings
A Teal MP who wanted gas connections in new homes to be banned because they are ‘a climate crime‘ has just sold a house loaded with new gas features for more than $6million.
In a speech on June 21, North Sydney MP Kylea Tink said Australia needs to ‘break not only our society’s reliance on gas but also our government’s addiction to gas’.
She called on the federal government to force NSW to follow Victoria in banning gas connections in new households – which NSW Premier Chris Minns ruled out.
But the independent MP has just sold her six-bedroom home in Northbridge for $6.35million – around double the price she paid ten years ago.
Its features include a recently renovated kitchen, complete with a gas stove. There is also a gas fireplace, and the pool is gas-heated too.
In a tweeted message to Mr Minns a month ago, Ms Tink wrote that his ‘decision to rule out stopping gas connections in new builds is a climate crime.
‘Real leadership would have been supporting for households to get off gas and onto cheaper, cleaner renewables.’
Before the last federal budget, Ms Tink called for households to be paid to electrify their homes and vehicles.
She said households faced ‘significant decisions and upfront financial outlays’ in ‘replacing gas appliances with efficient electric ones’.
Two months ago, Ms Tink told parliament that when it comes to gas, ‘It is time we moved beyond platitudes and million-dollar headlines to really be the change we need to see.’
She also told her fellow MPs in the same speech that ‘when I was elected a year ago one of my pledges was to get North Sydney to net zero by 2035.
‘And I’m incredibly grateful to the people I get to work with — both the experts and my community members who are working to make this happen.
‘They do it by nudging the 80,000 homeowners, landlords, families and businesses in our electorate to make a set of decisions over the next 12 years to get them to choose home appliances that bring them closer to an electrified future.’
Contacted by Daily Mail Australia, Ms Tink said ‘I stand by my calls for no new gas projects, and no new domestic gas connections.
‘I also stand by my call for Australia’s leaders to support households getting off gas.’
She added that she ‘bought that house with a gas pool heater and during the decade I owned it, it was never used.
‘The gas appliances were installed at a time when gas was the greener option – that is no longer the case and households should be incentivised to replace gas with renewables.’
- Hamptons says there are now 17% more rental homes than this time last year
- Chestertons reports 39% increase in rental properties in London
- Suggests would-be sellers are putting their property up for rent instead
More homes are going up for rent, as stubborn owners increasingly shift from selling to letting when they don’t get the price they want.
Two years of near-double digit rent increases have seen renting become increasingly expensive, with demand from tenants far outstripping the supply of homes.
The average rent in the UK as of July this year is £1,243, according to the HomeLet rental index – a 10.3 per cent increase on the same time last year.
However, the number of homes to rent has been creeping up across the UK over the course of the past year, according to a number of letting agents contacted by This is Money – so could the pace of rent rises start to slow down?
According to the estate agency group, Connells, which has more than 1,200 branches represented by 80 brands across the UK, the number of rental homes has increased by 8 per cent since March this year.
Stephen Nation, lettings director at Connells Group, says: ‘The sales market hasn’t been enough to tempt the majority of landlords and the rental market remains an attractive option.
‘This means we are actually seeing a slight increase in the supply of available rental property compared to last year.
‘However, demand from applicants is still outstripping supply, and as we enter the late summer an upward pressure on rents continues in some areas.’
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The estate agent Hamptons says there are now 17 per cent more homes on the rental market than there was at this time last year.
However, its data also shows that the year-on-year comparison masks a big drop in the amount of properties for rent towards the tail end of the pandemic lockdowns.
There are still 43 per cent fewer rental homes on the market than there were in 2019, with every region of the country recording a fall of at least 25 per cent, and Scotland leading the way with a 65 per cent drop.
David Fell, a senior housing market analyst at Hamptons believes that rent rises are unlikely to subside until mortgage rates begin to fall.
He says: ‘While the small increase in stock may take the edge off rental growth, as long as mortgage rates remain elevated, rents will continue to reflect the large jump in landlord’s mortgage costs.
‘It’s hard to see rises in rents begin to stall or even reverse until lower mortgage rates reduce the squeeze on investors and potentially tempt in some new landlords. Until then it will be tough and expensive to find somewhere to rent.’
London could see biggest drop-off in rents
It is in London where we may begin to see rent rises begin to slow down first.
There were 39 per cent more rental properties on the market in July 2023 compared to last year, according to London-based letting agent, Chestertons.
Meanwhile, it says the number of new renters entering the market has fallen by 5 per cent.
Chestertons says that with more properties to choose from and slightly less competition, renters in the capital often now have the upper hand during price negotiations.
This shift in power has seen 88 per cent more landlords than this time last year being willing to reduce their asking rent in order to secure a tenant for their property.
Richard Davies, chief operating officer at Chestertons, says: ‘Earlier in the year, London was suffering from a severe lack of rental properties.
‘However, with the sales market proving challenging, many would-be sellers have decided to put their property up for rent rather than sell.
‘This has temporarily boosted the number of rental properties and prevented rents from continuing the double-digit increases that we have witnessed since 2021.’
Similarly, agent Knight Frank reports that a long-awaited supply increase in the London lettings market is underway.
It says the number of lettings instructions in July in London was 18 per cent higher than the same month last year, and the highest for any single month since October 2020.
Jon Reynolds, head of north and east London lettings at Knight Frank, said: ‘Some of the stock that has gone across from lettings [to sales] has sold, but we are unquestionably seeing more stock come back to lettings.’
Knight Frank says that rental value growth has continued to calm as supply improves, but it’s still strong by historical standards.
In prime outer London, which includes sought-after areas such as Wimbledon, Battersea and Wapping, rents grew 12 per cent in the year to July, which exceeded the growth of 11 per cent seen over the entire decade before the pandemic.
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