Mansion Global Daily: What Uncertainty in the U.K. Means for the British Real Estate Market, Toronto Suburbs Suffer Fastest House-Price Decline in Canada, and More

Luxury Markets in China’s Shenzhen Buck the Downtrend

Luxury developments in Shenzhen, a first-tier city in south China, are bucking the slowdown witnessed in the mass market, as wealthy buyers dock their money in the property market to hedge against rising inflation. At one project that has yet been built, a total of 604 units have been presold for up to 162,000 yuan per square meter (US$2,146 per square foot), with the most expensive units going for US$9.8 million. In May, units at another development priced at least 18 million yuan (US$2.6 million) each were sold out on the first day they were launched. Reuters

A Sydney Beachfront Site Sold for A$11.3 Million

A quarter-acre site with a four-bedroom house in Mosman, an affluent suburb of Sydney sold for A$11.3 million (US$7.58 million) at auction over the weekend, A$2.3 million above its reserve price. The property was marketed as an opportunity for redevelopment to better capitalize on the 164-foot beach frontage. The existing house has been lived in by the same family since 1992, when they purchased it for just A$875,000. news.com.au

Toronto Suburbs Suffer Fastest House-Price Decline in Canada, Bank Says

House prices in Canada have been falling, but Toronto suburbs were hardest hit, according to BMO Capital Markets, the investment banking subsidiary of Canadian Bank of Montreal. The nationwide benchmark home prices fell 12.4% in August after reaching peaks in March, but Toronto areas saw nearly 20% price decline. Earlier this year, the Bank of Canada found that Toronto’s suburban home price surge had far surpassed the city, which would explain the sharp downturn. Select markets with moderate price gains like Montreal and Ottawa are “correcting in an orderly fashion,” said Robert Kavcic, senior economist at BMO. Canadian Mortgage Professional

Malaysia’s House Market Rebounded in the First Half of 2022

The Malaysian house market rebounded strongly in the first half of 2022, with the transaction volume and value both increasing more than 30% over the same period of last year, according to the latest data from National Property Information Center. In the second quarter, house prices increased 0.5% on an annual basis, but fell 1.2% from the first quarter, the largest quarterly decline since the start of the pandemic. PropertyGuru