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Mansion Global Daily: A breather for San Francisco buyers, Australian home prices could drop 15% and more

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For luxury goods shoppers in the California Bay Area, the time may finally have come to bargain.

After years of breakneck activity, the inventory of luxury goods is increasing, while the bidding wars have dried up. read more

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BY THE NUMBERS


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LIST OF THE DAY


This gorgeous 1890s Victorian home in Cambridge, Massachusetts has been completely reimagined

The four-level manor house now has an elevator, a rooftop terrace, yoga and exercise rooms, a wet bar, and plenty of room for a pool. read more

NEIGHBORHOOD NOTES


King’s Cross – Its ongoing revival has it growing as a London hot spot

Previously known only for its train station, the district has had a miraculous makeover and is now a hub for entertainment, tourism, and a mix of new and historic homes. read more

NEWS BUNDLES

Australian house prices could fall 15% by the end of 2023

House prices in Australia could fall by as much as 15% in the next year and a half, according to economists at the Commonwealth Bank of Australia. The Reserve Bank of Australia is expected to raise interest rates in the near future, with the rate set to rise from 0.85% to 2.1% by the end of 2022. Prices have soared in Australia in recent years, but probably peaked in April, according to Gareth Aird, head of Australian economics at the bank. “Price gains in 2021 nationally were extraordinary. And so a contraction in home prices is a natural response to rising interest rates given that it was record low interest rates that drove the phenomenal increase in prices in 2021,” he said. real estate.com.au

The Troll House, a hangout for the Grateful Dead in Berkeley, California, is listed for $899,000

The Grateful Dead partied here: A two-bedroom, one-bathroom cabin in Berkeley, California, went on the market for $899,000. The 1928 residence was home to Grateful Dead sound engineer Owsley Stanley during the Dead’s heyday, and he called the abode Troll House. It features vaulted wood-beamed ceilings, a brick fireplace, stained glass windows and a storybook atmosphere that lives up to its name. A deal is already pending for the property, “a regular stopover for the psychedelic elite,” according to the house’s official website. SFGATE

Fed Survey Reveals Americans Expect a 7% Increase in Home Prices and an 11.5% Rent Increase by April 2023

A survey by the Federal Reserve Bank of New York found that respondents expect home prices to rise another 7% by April 2023, after nearly two years of increases, and an annual rate of appreciation in home prices. homes of 2.2% in the next five years. Additionally, survey participants see rental prices rising 11.5% over the next 18 months, up from 6.6% forecast in last year’s survey. Furthermore, they predict that the average national mortgage rate will be above 8% in the next three years. fox business

Final 12 residences planned for Florida’s exclusive Fisher Island

Twelve new mansions are coming to Fisher Island, Florida, heralded as the last residences to be built in the affluent community south of Miami Beach, according to developer Fisher Island Holdings LLC. Reachable only by helicopter or boat, the island only has around 800 residences and is currently the fifth most expensive zip code in the US, also being the most expensive real estate on the island. “At least four of the houses are already sold,” said Heinrich von Hanau of Fisher Island Holdings. “There are more sales that are currently being negotiated.” Bloomberg

AROUND THE NEWS CORPORATION

Even wealthy buyers are starting to turn away from the US real estate market. [The Wall Street Journal]

Six cool places that could be the new Hackney [The Times of London]

We’re Bringing Back Living Rooms: 5 Looks To Restore Relaxation Vibes To This Space [Realtor.com]

A private island for the super rich? Shelter Island faces an identity crisis [New York Post]

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