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Hear the latest weekly insights into the property market via podcast by Rich Harvey, CEO and founder of Propertybuyer.

 
Wed 22 Nov '23 with Rich Harvey Using Data & AI for Better Property Decisions
 
 
Thu 7 Sep '23 with Rich Harvey Northern Beaches Real Estate Outlook & Industry Trends
 
 
Thu 20 Jul '23 with Rich Harvey How Sales Agents Think
 
 
Thu 15 Jun '23 with Rich Harvey Auctions – The Inside Scoop
 
 
Fri 9 Jun '23 with Rich Harvey Financing Innovation & Building a Property Portfolio
 
 
Thu 25 May '23 with Amanda Jones Melbourne Property Insights
 

 

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Is Sydney's prestige property immune to the slowdown?

July 19, 2017 / Written by Rich Harvey

 

By Rich Harvey, CEO, propertybuyer.com.au

Sydney's real estate is moderating overall - but not everywhere. CoreLogic RP Data's indices show that median values went up 12.24 per cent in the year ending June 30, but only 0.8 per cent over the most recent quarter. It's a softening of conditions, the research company reports.

Meanwhile, PropertyValue reports that Bondi's median house value went up more than 21 per cent in a year. Hunters Hill and Waverley remain among the state's best performers for profitable resales in 2017. Even when the overall market slows, prestige property in Sydney continues to perform. But why?

The drivers of demand for prestige property are different

Even when the overall market slows, prestige property in Sydney continues to perform.

Interest rates, migration, housing supply - these are some of the key drivers of demand for real estate in Sydney. People want to find something affordable in the right area, or buy an investment property that meets their financial goals.

The prestige property market is a little different. We're talking the most innovative interior design, lavish landscaping, futuristic housing technology - superlative design and features in every corner. Demand for this is driven, essentially, by wealthier demographics wanting the absolute best available for themselves and their families. That's an evergreen market.

Further inquiry for prestige homes can be driven by personal decisions - investing in a foreign country, selling a business or a change in lifestyle. A tax break or interest rate hike might not have as profound an impact on a buying market for whom money isn't as much of an issue.

Sydney's prestige property is still a difficult buy

Sydney is a world class city, right alongside Paris, New York and Hong Kong. Our prestige property isn't just the best in Australia - it's some of the most desirable in the world. However, the bulk of our luxury property is locked away in off-market sales - yet another reason the market is separated from the bulk of Australian real estate. 

What drives buyers to seek out Sydney prestige property?
What drives buyers to seek out Sydney prestige property?

Prestige means privacy, and that can make life difficult for buyers seeking their next great Australian property. But with the help of a buyers' agent, that barrier can be broken down. Our team has formed strong relationships with prestige selling agents over the years, which means we get notified about big potential sales before talk of listing even begins.

The prestige property market is always going to be there for buyers who are interested - its inherent quality should always keep it afloat. To unlock Sydney's top-tier luxury, talk to the team at Propertybuyer.

The Propertybuyer
Podcast

 
Wed 22 Nov '23
with Rich Harvey
Using Data & AI for Better Property Decisions
 
 
Thu 7 Sep '23
with Rich Harvey
Northern Beaches Real Estate Outlook & Industry Trends
 
 
Thu 20 Jul '23
with Rich Harvey
How Sales Agents Think
 
 
Thu 15 Jun '23
with Rich Harvey
Auctions – The Inside Scoop
 
 
Fri 9 Jun '23
with Rich Harvey
Financing Innovation & Building a Property Portfolio
 
 
Thu 25 May '23
with Amanda Jones
Melbourne Property Insights
 

 

Listen to many more
podcasts on our
Podcasts page.