Australian rents are rising at a record pace
Rents in Australian capital cities have soared at a record annual rate in 2022 due to a severe housing shortage and strong demand, according to a Domain report published on Thursday. Nationally, apartment rents rose 17.6% year over year, while house rents rose 14.6%. “This is the largest annual increase for homes and units on record,” Nicola Powell, Domain’s head of research and economics, said in the report. Perth saw the biggest increase in rents with an annual rate of 15.2%. Domain
A mid-century masterpiece designed by Robin Boyd in Melbourne for rent
A mid-century masterpiece by famed Australian architect Robin Boyd is for rent for A$1,200 (US$832) a week. Owners Catherine Duggan, a professor of architecture at the University of Melbourne, and her partner, Maz Salt, bought the property in 2018 for A$2.82 million. Built in 1954, the house features a pale brick exterior and timber roof, and a mix of indoor and outdoor living. It has four bedrooms and two bathrooms, a screened porch, living and dining area, and an updated kitchen. The beachfront property also has gardens, a fish pond and a two-car garage. real estate.com.au
Singapore’s cooling measures helped ease tight housing supply
Singapore’s property market has stabilized since cooling measures, such as higher borrowing standards, were introduced in September, National Development Minister Desmond Lee said. In the fourth quarter, transaction volumes fell while prices recorded moderate growth. “We can expect tensions to ease further as the additional supply of public and private housing is made available for sale,” Mr Lee said. The supply of private housing on government land was increased to 6,300 units in 2022 and 4,100 units in the first half of 2023, he added. The time of the straits
Manhattan’s median rent slipped, but remained above $4,000 in December
The median rent in Manhattan fell 1% month over month to $4,048 in December, marking the fourth month in the past five months that rents have fallen, according to a report by Douglas Elliman prepared by Jonathan Miller , managing director of property appraisal firm Miller Samuel. After peaking at $4,150 per month in July, the median rent in Manhattan has fluctuated between $4,000 and $4,100. The rental vacancy rate reached 2.67%, compared to 1.7% in December 2021, but still below the ten-year average of 2.74%. “The owners always have the advantage,” Miller said. The real deal