Unremarkable Hong Kong home blows Sydney property prices out of the water with $93 million price tag
Sydney real estate might be among the world’s most expensive despite a recent price slide, but nothing takes the cake like Hong Kong’s sky-high bricks and mortar.
A rare three-storey family home with a frankly bland facade in Kowloon has just been listed with the eye-watering price tag of $HK 510 million, or more than $AUD 93 million.
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It is a hefty sum, but perhaps no surprise considering Hong Kong’s booming market.
A recent report by CBRE showed that the destination is home to the priciest property in the world, with an average house price in the city sitting at is $1.755 million.
Shanghai, Shenzhen, and Beijing, respectively took the third, fifth, and ninth place according to the research.
Our own costly Harbour City didn’t even make the top 10, with Sydney coming in at an unlucky number 13 — with an average dwelling price of $770,000.
The Hong Kong house in the up-market residential neighbourhood of Yau Yat Chuen is a mega mansion by local standards, with 785 sq m of living space — palatial for a marketplace that has long been home to the smallest house sizes in the world.
Various reports put the island state’s average footprint per household at between 45sq m and 50sq m.
Although there are few inspiring photographs of the grand detached mansion on Cassia Rd, marketing material says the home has a private garden, swimming pool and the unique features of no common walls on two sides.
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Located next to the popular Yau Yat Chuen Garden City Club, the property is also walking distance from the Festival Walk shopping mall.
The home last changed hands in 2009 for HK$116.8 million ($AUD 21.3 million), but the boost in asking price is in line with a bumper beginning to the Hong Kong property scene according to Mansion Global reports.
Hong Kong’s residential market is improving year on year with the total volume of transactions in March reaching 5231, compared with 4089 in February and only 2060 in December 2018.
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