Mansion Global Daily: ‘Illegal Structures’ Crackdown Could Chill Hong Kong’s Luxury Market

Nearly Half of U.K. Landlords Spent Money on Now-Abandoned EPC Legislation

Thanks for trying? Research from Shawbrook Bank has found that almost half of all U.K. landlords (46%) have spent between £500-£20,000 (US$610-US$24,401) on improving their properties to adhere to the proposed Energy Performance Certificate, or EPC, legislation that Prime Minister Rishi Sunak, surprisingly, scuttled last week. The mean average spent by U.K. landlords was £25,148—however, London landlords hit a mean average of £37,164. The legislation would have required all new properties in a portfolio to achieve a passing rating of C by 2025, while existing properties had until 2028. PropertyWire

Australian House Prices Set to Grow by 15% Over Next 18 Months

Just when you thought it was safe to get back in the market—international accounting firm KPMG predicted that home prices in Australia will jump 15% over the next 18 months, pushing past pre-hike and pre-pandemic levels. According to the organization’s most recent Residential Property Market Outlook, limited supply will be the most prominent factor driving price growth in the short term (and long term), with scarcity of land, lower levels of building approvals and slower construction all contributing to increasing home values over the next year and a half. realestate.com.au

‘Illegal Structures’ Crackdown Could Chill Hong Kong’s Luxury Market

The hits keep coming for Hong Kong luxury real estate. Already at a four-year low in volume and facing “higher-for-longer” interest rates, the high-end sector, which accounts for about 2% of Hong Kong’s real estate, is facing fresh scrutiny, due to Typhoon Saola. Government inspections of increased rainfall damage in the luxury neighborhoods of Tai Tam and Tuen Mun exposed a large number of homes that featured illegal structures or encroached on government land, prompting public outcry and a promise to crackdown on the practices. The promise of a crackdown will likely be enough to cool the sector as would-be buyers will want to take their time and ensure that any property they purchase will not feature forbidden structures or encroach on government land. South China Morning Post

Miami Home Sales Dropped 13% in August

Home sales in the greater Miami area fell 13.1% year over year in August, dropping from 2,505 transactions in August 2022 to 2,178 in August 2023. Total active listings were also down year over year, dropping 6.4%, with inventory for single-family homes at 3.5 months and existing condominiums at 5.4 months. Despite declining transactions, the Miami-Dade County single-family home median price was up 12.5% year over year, marking the 141st straight month of consecutive price increases—the longest-running streak recorded. World Property Journal