One of the great perks of travel is seeing other parts of the world and comparing them to yours. Maybe I have a bit of one ups-manship in my blood; heck, I wouldn't be in sales if I didn't. I love comparing and contrasting different products and markets and dicing and slicing what creates desirability and value. Having just returned yesterday from almost three weeks in New Zealand, Australia and The Solomon Islands, I had the opportunity to check out some new residential development in all three. You may consult your atlas for The Solomon Islands... now.
Just as I did a few months ago after my visit to San Diego (see the 7/21/09 edition), lets take a look at some Pacific Rim metropolises and see how their real estate markets are faring in the global economy after the event the rest of the world refers to as The GFC (Global Financial Crisis).
Auckland, New Zealand
Downtown Auckland is similar is age, size and scale to San Francisco's. It's also a port city with a deep affection for sailing that did not wane with the advent of suspension bridges and automobiles. During the boom market, Kiwis took advantage of cheap money just like Americans and they snapped up high rise flats and renovated historic lofts with equal gusto. With the ensuing run-up in prices and the GFC's unfortunate visit last fall, values and sales volume took a tumble. Things are starting to look up, but the New Zealand economy has been slow to recover. With an enviable lifestyle including water views and a wonderful food and wine culture, don't cry too hard for Aucklanders.
Brisbane, Australia
Long derided as the country bumpkin cousin of Australia's better known and more glamorous Sydney and Melbourne; Brisbane is literally on the rise. This river city boasts a thriving arts district, a pedestrianized Downtown and a skyline transformed in the last ten years by both residential and commercial development. Australia's economy thrived in the 2000's, but had the benefit of more thorough regulation than the US and other markets. The result ? A better safety net and less job losses after the GFC and a housing market that has lost little value since last year.
Honiara, Solomon Islands
Downtown Honiara has a ways to go. Lacking sidewalks, consistent pavement and traffic signals, it's the capital of cinder block chic.
I admit that one doesn't go to The Solomon Islands looking for urban sophistication. It's more of a beach and diving destination better known as the setting for some pivotal naval battles in the Pacific theater during World War II. High end housing Honiara style is a walled compound in the hills above town. Although it's not much right now, foreign investment has come to town and it hasn't been deterred by the crisis, primarily because it's so cheap in the first place. Give Downtown Honiara another fifty years.
It's great to be home in the best City in the world.
Tuesday, October 6, 2009
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