Melbourne-Area Mansion With Serious 1960s Vibes Sells for A$21 Million
The family behind Bevilles jewelry has sold its suburban mansion near Melbourne, Australia, for a reported A$21 million (US$14.09 million) after more than 50 years of ownership. The Toorak mansion has 1960s vibes, featuring dark wood, walls of windows, views to both the east and north, a lit tennis court, a swimming pool and an expansive entertaining terrace. The Bevilles—second-generation jewelers who sold their business this fall for A$45 million—was first listed in October, with a guide price of A$23 million to A$25 million. realestate.com.au
House Prices in Canada to Rise in Second Half of 2024
Canadian home prices are set to rise in 2024 as expected rate cuts by the Bank of Canada bring life back to the real estate market, according to a new report from Royal LePage. The real estate company expects prices to rise incrementally in the first half of the year, but rate cuts are forecast and could bring larger gains than predicted for the second half of 2024. “The majority of Canadians acknowledge that the ultra-low interest rate era is dead and gone. We believe that the ‘great adjustment’ to tolerable, mid-single-digit borrowing costs will have a firm grip on our collective consciousness after only modest rate cuts by the Bank of Canada,” Royal LePage CEO Phil Soper said. BNN Bloomberg
U.K. Housing Sees Improvement as Mortgage Market Stabilizes
The U.K. housing market has started to show signs of improvement as the mortgage market has stabilized, according to a new survey conducted by the Royal Institution of Chartered Surveyors. The survey found that a net balance of 11% of property professionals reported sales falling rather than rising, compared to 23% in October and the lowest percentage since April 2022. Meanwhile, about 6% of respondents from the property sector—plus 24% of surveyors—expect sales to rise over the coming months. The results were the most “upbeat” for this forward-looking measure since January 2022, however, “the overall tone to the anecdotal remarks from survey respondents is still quite cautious,” said Simon Rubinsohn, the institution’s chief economist. City A.M.
Construction Begins at Dubai’s Bulgari Lighthouse
Construction has begun on the Bulgari Lighthouse, a new luxury beachfront tower at Dubai’s Jumeira Bay Island, according to Meraas, the developer behind the project. The 27-story tower will offer four- and five-bedroom penthouses, offering amenities including sweeping terraces, private pools, private lift access and air-conditioned garages. There’s also a seven-bedroom Sky Villa Penthouse, which occupies the building’s top three levels and boasts two private pools. The tower sits at the edge of Jumeira Bay Island and will offer uninterrupted views of the Arabian Gulf and the city skyline. It is expected to be completed by 2027. Khaleej Times
