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Mansion Global Daily: Covid Gains Dwarf Australia’s Price Declines

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Covid Scores Dwarf Australia Price Drop

Headlines have focused on the fall in Australian property prices, but the recent decline has not impacted gains made during the Covid-19 pandemic. Nationwide, house prices have fallen 3.53% since March It fell, but the capital as a whole is down 4.38%. But these setbacks are nothing compared to the growth seen at the height of the pandemic. Across the capital combined, house prices are still up 24% compared to the pre-pandemic period. Meanwhile, in rural areas, prices are an astronomical 47% higher compared to pre-Covid-19. “The rise in interest rates since May has constrained buyers, which has caused property prices to fall in most markets,” Proptrack economist Anne Flaherty said. realestate.com.au

Miami metropolitan area condo sales plunge in October

Economic uncertainty, rising interest rates and inflation created a perfect storm for the Miami condo market in October. Miami’s existing condo sales fell 34.9% year-on-year, from a record 1,817 sales in October 2021 to just his 1,183 transactions in October, according to the Miami Real Estate Association. Condominiums aren’t the only ones taking a hit in October. Sales of single-family homes fell 23.9% year-on-year, while all types of housing transactions in the region fell 30.6% year-on-year. World Property Journal

New York replaces Hong Kong as world’s most expensive shopping destination

For the first time since 2019, Hong Kong’s Tsim Sha Tsui district is no longer the world’s most expensive shopping district. According to global real estate firm Cushman & Wakefield, the crown sits on Manhattan’s Fifth Avenue, where average rents rose 14% to $2,000 per square foot in the third quarter. Meanwhile, in Hong Kong’s Tsim Sha Tsui district, which has battled a slowing economy and lack of international visitors due to Covid-19, average rents fell 41% in the third quarter to US$1,436 per square foot. south china morning post

Half of Canada’s variable rate mortgages hit trigger

Things are about to get more expensive for Canadian variable rate mortgage borrowers (mortgages with no fixed interest rates). The Bank of Canada estimates that about one-third of Canadian mortgages have variable interest rates, and half of them (13%) reach the trigger rate. The borrower has not covered the accrued interest and has not repaid the principal. Higher interest rates, enacted to combat the country’s historic inflation, mean that variable-rate borrowers could end up with much higher monthly housing payments. vancouver sun

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