The Trending Look That Has Home Designers Playing With Fire

Long-awaited relief appears to have finally arrived for Australia’s renters. After years of housing shortages and rising rental prices, the nation’s five biggest cities have recorded the largest monthly drop in asking prices for rentals since the start of the Covid-19 outbreak. According to SQM Research, the average rental price, among all property types, for Australia’s capital cities fell 0.5% in July—with average prices across greater Sydney declining by twice as much. SQM Research director Louis Christopher said the declines may appear minor compared to the past few years of growth, but, in more welcome news for renters, the firm believes that the days of 10%-20% annual growth for rental prices are over. news.com.au

Shanghai’s high-end home market is defying the slumping trend that has come to define China’s property sector with wealthy buyers betting that the commercial and financial center will have a bright future despite the current doldrums. According to the China Real Estate Information Corp , 1,544 luxury homes—properties priced at 30 million yuan (US$4.2 million) or more—sold through the first half 2024, a 39% year-over-year increase, with about 90% of the properties being sold on the primary market. Industry analysts point to the rarity, and competitive demand, for new luxury properties in Shanghai, making the homes always a valuable investment for the wealthy, despite other property-sector woes. South China Morning Post

Despite years of record growth, Dubai developers are looking to stay ahead of any waning demand and have begun offering substantial discounts on their off-plan (yet-to-be-built) homes. Price cuts of up 20% are being offered by some of the emirate’s largest private developers as they look to secure sales, indicating that some insiders see a slowdown in the luxury market is on the horizon. Since 2020, prices for off-plan properties in Dubai are up 15%-25%. Gulf News

Apartment sizes have seen explosive growth in India. According to Anarock Research, the average apartment size in the nation’s top seven cities grew 32% in the last five years, from 1,145 square feet in 2019 to 1,513 square feet through the first half of 2024—with the average growing 7% in the last six months alone. Average apartment-size growth in the Delhi National Capital Region alone has been even more astounding, with residences expanding from 1,250 square feet in 2019 to 2,450 square feet through the first half of 2024—a remarkable 96% increase over five years. Analysts point to the need to work from home, driven by the Covid-19 pandemic, as the impetus for expanding apartment sizes. Business Standard