Mansion Global Daily: Chinese Buyers Are Flocking to Australia
U.K. Mortgage Rates Unlikely to Fall Below 4% This Year
While inflation has cooled more quickly than expected, real estate industry analysts are saying buyers shouldn’t expect mortgage rates to fall below 4% this year. Average rate deals currently sit at 6.08% (two-year deals) and 5.68% (five-year deals), and the potential for a sub-four rate this year as “no more than a dream,” according to Chris Sykes, technical director at Private Finance. Insiders are pointing to the second half of 2024 for mortgage rates to fall below 4%, possibly hitting 3.5% by next year’s end. City A.M.
Abu Dhabi Seeks to Address Air Pollution in the Emirate
A new air-quality system, developed by the Environment Agency Abu Dhabi, is looking to pinpoint and reduce air pollution in the capital brought about by the construction of buildings. Currently, the emirate has 22 monitors in place across the emirate to track 14 air pollutants and determine the quality of the air. Weather factors, such as dust and sand storms, already play havoc with Abu Dhabi’s air quality, but the issue has been exacerbated by traffic congestion and heavy industry and development. The goal of the new system will be to analyze urban development areas and support environmental regulation policies. The National
Despite High Prices and Interest Rates, Chinese Buyers Are Flocking to Australia
Elevated interest rates and surging property prices are doing little to dampen Chinese buyers’ enthusiasm for Australian real estate. While prices in major cities like Perth, Brisbane and Adelaide have record-high prices, and interest rates sit at a 12-year high of 4.25%, foreign buyers are still flocking to snap up homes. Real estate agents and market insiders point to China’s newly opened borders, an influx of international students and the Australian government’s approval of 40% more foreign home buyers in the third quarter of this year, compared to last, as the factors behind the uptick in Mainland Chinese and Hong Kong buyers. South China Morning Post
Dallas Mavericks Star Tim Hardaway Jr. Rents Out Florida Home for $50K a Month
Tim Hardaway Jr. is finding tenets like he’s finding the hoop. The Dallas Mavericks star, who is averaging 17.1 points per game (and is the son of NBA legend Tim Hardaway), secured a six-month lease with a renter for his home in Miami Beach at the eye-watering price of $50,000 a month. The six-bedroom, non-waterfront home spans 4,700 square feet and includes two pools, a summer kitchen, a garden and a two-car garage. Hardaway Jr. paid $9.2 million for the property in 2022. The Real Deal
