Mansion Global Daily: Inflation Soaring in Popular Pandemic Cities, Hong Kong Rents Drop Where Student Population Dwindles, and More

Date


Most Popular U.S. Cities Amid the Pandemic Now Have the Highest Inflation Rates

Housing costs are a major driver of inflation in cities like Phoenix, Atlanta and Miami. Read More

BY THE NUMBERS


TRENDING TODAY


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On the Island of Ibiza, This Contemporary Finca Sits Within a Nature Reserve

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DESIGNER’S CORNER


Painting With Pastels: Using Soft Colors to Create Soothing Spaces

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NEWS BITES

U.K. Rents, Home Prices Continue to Escalate Amid Inflation

Inflation has not put a damper on the cost of renting or owning a home in the U.K. Buoyed by a limited supply, the prices in both property sectors have seen an accelerated rise in the latest figures from the Office for National Statistics. The cost of renting in the U.K. rose to 3% in the year to June, up from 2.8% in the 12 month to May, while the average home price frose 12.8% in the year to May, to £283,000 (US$339,188), up from 11.9% in April. And it doesn’t look like relief is on the way. “It is hard to see how there will be a property crash when the shortfall in property stock remains a constant problem,” said Edward Checkley, managing director of property finance specialist Advias. “Though rising interest rates are tempering buyers’ enthusiasm, in historic terms borrowing costs still present reasonable value.” City A.M.

Toronto Condo Rental Prices Rise at Record Pace

A limited supply of available homes to let sent condo rental prices soaring at a record pace in the Greater Toronto Area. According to industry analyst Urbanation Inc, the annual rental price growth for condos in the GTA rose a record 16.7% in the second quarter, with the average condo rental price per square foot rising 5.9%, quarter-over-quarter, to a record C$2,533 (US$1,967). Subsequently, condo inventory is now becoming squeezed, with strong population growth, near record-low unemployment, and rising interest rates keeping renters out of the home buying market, all contributing to the tight supply. BNN Bloomberg

Hong Kong Rents Drop Where Student Population Dwindles

In Hong Kong, where student enrollment drops, rents are soon to follow. Since the outbreak of the coronavirus pandemic in 2020, the Hong Kong districts that have seen the biggest drops in rent are the same that have seen a dwindling student populations, lending credence to the theory that emigration is impacting the property market. According to Midland Realty, since the start of the pandemic, rents have fallen the hardest in the eastern and southern districts of Hong Kong Island and the Wong Tai Sin area of Kowloon—all areas where the Education Bureau has considered relocating schools, due to underpopulated student bodies. South China Morning Post

Austin, Texas, Home Sales Dropped 20% in June

The good times may truly be over from home sellers in the once-hot Austin, Texas, real estate market. After moderate year-over-year declines of 7% and 6.2% in May and April, respectively, home sales in the Texas capital tumbled 20% year-over-year in June, according to the Austin Board of Realtors. Housing stock also nearly doubled to 2.1 months in June, from 1.2 months in May, and active listing reached a lofty 218% over June 2021. The sudden cold snap is likely a cause of the Federal Reserve’s rate hike mid-June, which inflated mortgage prices, and subsequently, the cost of owning a home. The slowdown is already appearing in Austin sales prices, which fell to $537,475 in June, down from record highs of $550,000 in April and May. The Real Deal

AROUND NEWS CORP

Side-by-Side Penthouses in Miami Beach List for Combined $45 Million [The Wall Street Journal]

On the House: Should First-Time Homebuyers Press the Pause Button? [Realtor.com]

Billionaire Ken Griffin’s Palm Beach Mansion for Mom Has Neighbors Fuming [New York Post]

Sydney’s Most Pet-Friendly Suburbs for Renters Revealed [news.com.au]

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