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Residential land prices hit record high amid supply shortages

18 hours ago | eliteagent.com | Rowan Crosby

HIA Senior Economist Tom Devitt said that lot prices have rapidly accelerated, finishing 2024 at 8 per cent higher than a year earlier, compared to more modest increases in previous years. “The fact that these record low sales volumes occurred at the same time that land prices re-accelerated from record highs, is indicative of shortages of shovel ready land, driven by the rising cost of providing infrastructure and delays in the planning system,” Mr Devitt said.
John Goodman's historic New Orleans mansion hits the market for US$4.75 million

19 hours ago | eliteagent.com | Rowan Crosby

According to Chron, before Goodman, the property belonged to Academy Award-winning composer and Nine Inch Nails founder Trent Reznor. The property, also known as the Joseph Merrick Jones House, has an even deeper connection to New Orleans culture. The Goodmans are selling because they don’t need as much space anymore, though they plan to maintain a smaller residence in New Orleans.
Homeowners stick with banks as internal refinancing hits record high

1 day ago | eliteagent.com | Catherine Nikas-Boulos

New analysis from financial comparison site Money.com.au, based on Australian Bureau of Statistics (ABS) data, reveals that internal refinancing reached its highest level on record in the year to March 2025. During that 12-month period, 35 per cent of all refinanced home loans were internal refinances â€” the highest share since the ABS began tracking this data in September 2020 and well above the four-year average of 30 per cent.
Office conversions fuel new housing supply in major US cities

1 day ago | eliteagent.com | Catherine Nikas-Boulos

According to data from CBRE, nearly 5,800 apartment units were delivered through office-to-residential conversions in 2023 across the top 20 U.S. markets. This figure is expected to more than double to over 13,400 units in 2024. Driving the trend is a significant decline in office occupancy and demand, particularly in central business districts, where hybrid and remote work models have left many buildings with high vacancy rates.
Australian housing market on track for million-dollar medians nationwide

1 day ago | eliteagent.com | Rowan Crosby

“May’s data confirms the housing market’s relentless acceleration that began in January has far exceeded initial expectations, with national house prices rising 0.7 per cent to reach $926,806, delivering annual growth of 5.2 per cent,” Ms Conisbee said.
Billy Joel lists his Long Island mega-estate (again) for $45 Million, and it comes with a piano-shaped pool

1 day ago | eliteagent.com | Catherine Nikas-Boulos

The Piano Man first bought the property in 2002 for USD $22.5 million and has listed it multiple times over the past 15 years, with earlier price tags reaching as high as USD $37.5 million. NY Post reported the 14-acre waterfront compound sits in the exclusive Centre Island enclave of New Yorkâ€™s Nassau County, offering sweeping views of Oyster Bay Harbour. At its heart is a 20,000-square-foot main residence that includes five bedrooms, six bathrooms, and a ballroom-sized living area.
Development site prices soar despite interest rate hikes

2 days ago | eliteagent.com | Rowan Crosby

“Australia’s housing affordability challenge has an underlying mathematical reality: for new homes to become genuinely affordable, either construction costs must fall or land prices must drop significantly,” Ms Conisbee said.
Australian home prices hit new record as interest rates fall

2 days ago | eliteagent.com | Rowan Crosby

Sydney, Brisbane, Adelaide, Perth and Darwin have all reached new price peaks. Melbourne recorded the strongest monthly increase at 0.79 per cent, continuing its recovery after a prolonged period of softer growth. Despite this recent surge, Melbourne’s home values remain 2.85 per cent below their peak. In a significant change, Perth’s median home value of $787,000 has overtaken Melbourne’s $782,000 for the first time in a decade.
US Housing Market Tips Toward Buyers in 2025

2 days ago | eliteagent.com | Rowan Crosby

This represents the most significant imbalance in records dating back to 2013. The shift is expected to drive home prices down by approximately 1 per cent by the end of the year as sellers compete for a diminishing pool of buyers, giving purchasers increased negotiating power. High mortgage rates and elevated home prices remain the primary factors deterring potential buyers.
Chris Evans lists Los Angeles home for $7 million as he heads east

2 days ago | eliteagent.com | Rowan Crosby

The four-bedroom, 5.5-bathroom dwelling features sweeping views of the Santa Monica Mountains and surrounding canyons. The listing is held by Scott Moore of Christie’s International Real Estate Southern California, who said Evans’ decision to sell stems from his desire to return to his Massachusetts roots. “After over a decade of amazing memories in his L.A. home, Chris is planning to move to the East Coast to be closer to family,” Moore said in a statement.