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Uber rich seek refuge in Sydney trophy homes
The Crown Residences at Barangaroo are drawing a wealth of interest.
Ultra-wealthy buyers seeking safety from the pandemic piled into Sydney’s super-prime residential market during the past six months, snapping up 15 trophy homes worth at least $214.5 million, a Knight Frank report says.
Sydney was the only market to record a rise in ultra-luxury home sales, outperforming 11 key superprime markets around the world, which all suffered large declines in transactions.
Between March and June, buyers pounced on top-priced Sydney homes, pushing the average super-prime transaction to $24 million – a 33 per cent jump from a year ago.
Since the onset of the pandemic, Sydney has notched up one home sale worth more than $35.8 million and six super-prime sales, while Melbourne managed to close one super-prime transaction.
Super-prime homes are valued at least $US10 million ($14.3 million), while ultra-prime are worth at least $US25 million, Knight Frank said.
Australian high end luxury real estate to receive boost with ultra rich pandemic passports for super rich seeking safe havens post Covid-19.
Elysium Habitats will build you a bespoke ultra luxury home, apartment or townhouse to your specifications. The latest smart house technologies will be embedded, including security protocols and sustainable quarantine living.
“The Ultra-Rich Are Now Buying ‘Pandemic Passports’ So They Can Move to Safer Countries
Wealthy travelers have been playing a game of “beat the ban” as countries have closed their borders to try to fight the Covid-19 pandemic. Getting it wrong can be very expensive, as one British couple recently learned. The pair bought two £10,000 ($12,000) first-class tickets to escape from London to Barbados, but they were so worried that British Airways would axe its service that they paid £100,00 ($125,000) to charter a private jet instead. (BA carried on flying.)
Now the super-rich are buying the ultimate insurance policy to make sure they will be able to travel to whatever virus-free, sunny bolt-hole they choose, if a second spike in Covid-19 infections triggers another global lockdown. The world’s wealthiest are snapping up multiple citizenships in countries around the world.
Henley & Partners, a London-based citizenship broker, is one of the biggest players in the nearly $4 billion-a-year “identity management” business (a.k.a. “passports for sale”). The firm’s latest figures show a 42 percent year-over-year increase in the number of people filing a formal application for a new nationality during the first three months of 2020. The number of inquiries is up by 25 percent.
“’Investment migration’ has shifted from being about living the life you want in terms of holidays and business travel to a more holistic vision that includes healthcare and safety,” Dr. Christian Kalin, the firm’s chairman, told Robb Report.
So, what exactly is convincing high net worth individuals that they need an escape plan? According to one Italian multi-millionaire who is critical of his government’s handling of the pandemic, the decision came down to two factors: the varying performance of national healthcare services and the closure of national borders, which has split up families. “We want to know there is a safe place, with good medical services, that the whole family can go to at short notice if we need to,” the millionaire told Robb Report. “Only citizenship can guarantee that.” Countries that have closed borders have continued to admit nationals returning home. Most national airlines have maintained some flights to major capitals.
The most popular “pandemic passports” or permanent residency programs are those of Australia, Antigua, St Kitts and Nevis, Tuvalu, Vanuatu, Austria, Switzerland, Portugal, Cyprus, Malta and Montenegro. All offer nationality or permanent residency in return for a direct donation to the national treasury or investments in local property or businesses. It can cost as little as $100,000 per family member in the Caribbean, rising through €1 million to €2 million ($1.1 million to $2.2 million) in Malta and Cyprus, to €7 million ($7.6 million) in Austria.
Australia and Austria are particularly attractive because they not only have high-quality national health services but the government of each country acted quickly to limit the spread of the virus. The United Kingdom, which has been a magnet for the super-rich in recent years and offers residency—but not a passport—in return for multi-million-pound investments, is not considered a safe haven because critics say the government botched its handling of the pandemic by reacting too slowly to the threat and failing to ensure the National Health Service was properly prepared.
Although having funds to buy multiple citizenships gives the rich an advantage in protecting their health and lifestyle, Kalin points out that the fees and taxes they pay are a source of much-needed capital for hard-pressed governments that now have to raise funds to pay for Covid-19 emergency economic bail-out programs. “Take Antigua,” he says. “It depends on tourism and now there is none and there won’t be for some time. It needs fresh sources of funds. Citizenship by investment is one.””
We are seeing presales making a come back in Sydney and Melbourne. A sign the Australian East Coast real estate market is starting to move again.
“Partner with Elysium Habitats”
“Apartment launch a sign freeze is starting to thaw
The thaw in the freeze
on off-the-plan apartment development has begun in Sydney with Poly
Australia launching its new off-the-plan apartment project in Bankstown
The developer sold 37
units out of the first 40 launched at its ‘‘Spring Square’’ project at
the site of the old Bankstown RSL in Sydney’s southwest.
The group bought the
6.2-hectare site at 32 Kitchener Parade in 2017 and received approval to
build 516 units across five towers as well as retail space in a
The smaller launch – a
contrast to the red-carpet sellouts of projects at the height of the
housing boom in 2015-16 – is a conservative return to the apartment
sales market by the developer.
Nineteen of the units sold last weekend were to first home buyers.
There are other early
signs first time buyers are back, with many rushing to snare house and
land packages in Sydney and Melbourne as well as apartment releases.
During the boom between
2015 to 2017, investors pushed many first home buyers out of the market
by driving prices up to unaffordable levels.
The market correction
over the past 18 months and the tightening of investor lending has
slowed investor activity, allowing first home buyers a chance to get
back into the market.
Poly’s Spring Square release is first home buyer territory, with units priced between $445,000 and $665,000. These prices allow first home buyers to collect their first home buyer’s grant and avoid paying stamp duty.”
Source: Su-Lin Tan, Australian Financial Review
Presales Making a Come Back
Presales making a come back is a good barometer of the condition of the Australian real estate market.
It is a good time now to secure new development sites, lodge development applications, making the property development site construction ready, to take advantage of the stronger property market emerging.
To partner with Elysium Habitats call our Director direct on 02 8211 0412 to discuss upcoming projects or complete the form below.
The aftermath of the Australian property boom is subsiding and fresh growth is expected within the next few years, allowing us to take advantage of the property market.
Apartment Shortfall Predicted in 2021
“A slump in new apartments being marketed means the country faces a shortage of apartments in about 18 months’ time, when the current new supply and outstanding stock has been absorbed and there is as yet no pipeline churning out new dwellings, JLL says.
The total number of new apartments currently being marketed has dropped 72 per cent from the national peak of 34,488 in the third quarter of 2017 to just 9565, the commercial real estate agency’s 3Q 2019 Apartment Market Reports show.
The volume of apartments being marketed has nearly halved over the past 12 months.
‘‘The timing of this process will be slightly different in each market due to all having slightly different construction cycles, but by mid-2021 we expect all the major markets to be either back in, or very close to, a position of undersupply again,’’ said Leigh Warner, JLL’s head of residential research for Australia.“
Source: Michael Bleby, Australian Financial Review
New Development Applications
It is an opportune time to take advantage of the property market by identifying new property development projects, located in Sydney, Melbourne, Brisbane and lodging new development applications, ready for the next real estate market upswing.
Residual Stock Clean Out
Residual stock left over from the Australian property boom should be either sold down or reallocated to a long term hold within the next few years.
The hangover due to the property boom’s end and the Bank property development credit squeeze it is expected construction will slow due to the restriction in the market.
Take Advantage of the Property Market
Take advantage of the property market now by partnering with Elysium Habitats in Sydney, Melbourne & Brisbane. The Director’s 30 years of experience in successful property development projects and development finance, insures a high probability of success.
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