Mansion Global Daily: Manhattan’s Rental Milestone, U.K. Homebuyers Are Willing to Pay More in a Competitive Market, and More

Manhattan’s Median Rent Hits $4,000 for the First Time

A typical lease was 25% more expensive from a year ago, Douglas Elliman says. Read More

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LISTING OF THE DAY

In London’s Notting Hill, a Striking Home on a Private Garden Square

The property is bursting with bold, confident color. Read More

TAX TALK

How High Are Property Taxes in Wilmington, North Carolina

Homeowners in the increasingly popular city are getting better rates than much of the U.S. Read More

NEWS BITES

Australia’s Most Instagrammable House Sold for A$3.3 Million

Casa Campana, a Mediterranean-style house in Nunderi, between the Gold Coast and Byron Bay of New South Wales, Australia, has sold for A$3.3 million (US$2.35 million). It has four bedrooms, two bathrooms, an outdoor terrace, a pool and a white pavilion, which pops against the verdant gardens. The designer residence is a popular photoshoot destination for fashion labels and magazines and has its own Instagram account with more than 18,000 followers. Domain

Low Clearance Rate Signals a Market Slowdown in Canberra, Australia

The auction clearance rate—the number of homes sold at auction versus the total offered—fell to 67.9% in May, the lowest percentage since the beginning of the pandemic, according to the latest data from Domain. The downward trend will continue as buyers are deferred by rising mortgage rates and decreased affordability, said Nicola Powell, Domain’s chief of research and economics. However, Canberra performed better than other capital cities. In Sydney and Melbourne, auction clearance rates stood at 55.9% and 59.1%, respectively, in May. allhomes

U.K. Homebuyers Are Willing to Pay More in a Competitive Market

The gap between the price expectations of sellers and buyers in the U.K. reached the lowest on record in the first quarter of the year, according to London-based estate agent Benham and Reeves. On average, buyers are prepared to pay £269,769 (US$337,913) while sellers are hoping to get £348,129. The difference, at 29%, was the lowest since the estate agent began tracking the data. “While buyers continue to swamp the market at mass, the challenge facing them is a severe lack of available stock and this is having a notable influence on the market reality gap between asking prices and sold prices,” said Marc von Grundherr, director at Benham and Reeves. Mortgage Introducer

Two Side-by-Side Mansions in Los Angeles List for a Combined $77 Million

Two mega-mansions sitting side by side in Los Angeles’s Bel Air owned by the same developer, Alessandro Cajrati Crivelli, have been listed for a combined $77 million. The first, built in 2015 by Marmol Radziner and Felicity Bell, has 14,282 square feet of living space featuring walls of glass and 24-foot ceilings. The second one, built in 2018 by London-based Quinn Architects, offers 14,438 square feet with an open floor plan, a wine cellar, a gym, a movie theater and a 65-foot-long swimming pool. Los Angeles Times

AROUND NEWS CORP

British Reign in Spain for Holiday Properties [The Times of London]

7 Tragic Mistakes Pretty Much All First-Time Homebuyers Make After Moving In [Realtor.com]

The Housing Market Is Slowing Down. How to Tell. [Barron’s]

Home Buyers Can’t Quit the Ever-Popular Craftsman-Style Bungalow [The Wall Street Journal]