Mansion Global Daily: First-Time Buyers in New Zealand Are Snapping up a Record Share of Properties

In New Zealand, First-Time Buyers Are Snapping up a Record Share of Homes

First-time home buyers are dominating New Zealand’s property market despite a gamut of economic challenges, according to a property data firm CoreLogic. Those buyers who are taking their first step onto the property ladder accounted for a record 27% of all property purchases in the third quarter, and have maintained a market share of 26% in the year to date—well above the long-term average of 21%. The wider Wellington area has the biggest market share of first-time buyers, who have accounted for 33% of home buys so far this year. Mortgage Professional America 

Sales Have Surged 100% Over Last Year in Abu Dhabi

Abu Dhabi real estate transactions more than doubled in the third quarter compared to last year, according to an analysis by Asteco. A total of 4,160 deals were recorded in the quarter in the United Arab Emirates capital, a significant uptick from the previous quarter, too. The report by the full-service real estate company noted that Abu Dhabi’s residential sales market is set for further growth in the coming months, driven by the delivery of 1,000 residential units in the third quarter, with notable concentrations in Al Raha Beach. ArabianBusiness 

Australia’s Rental Crisis Deepens

Renters in Australia are seeing even fewer options as available homes for rent dwindled further across the country last month. The latest PropTrack data found that the national rental vacancy rate fell to a record low 1.02% in October, down 0.06% compared to the previous month. Australia’s rental crisis has been exacerbated by sluggish home building that hasn’t kept up with surging overseas migration into the country. realestate.com.au

Los Angeles Home Designed by Architect Ray Kappe Sells for $2.5 Million

A Los Angeles home by one of California’s most influential modernist architects, Ray Kappe, has sold for $2.6 million. Dating to 1954 and located in the Glendale Hills area of the city, the redwood-clad structure was the first residence the architect built, and is locally known as the Gordon & Hildred Goetschel House after its original owners. The three-bedroom abode was refurbished by HabHouse, an L.A.-based restoration firm, which preserved much of the home’s original detail and restored the Kappe-designed swimming pool. Robb Report