Purchasers pouncing on prestige property
February 18, 2015 / Written by Rich Harvey
We all know that Sydney has a gigantic share of the luxury property market in Australia. Take a quick glance at the eastern suburbs and you will see some of the names that constantly crown the lists of top property values in the country. Point Piper, Vaucluse, Bellevue Hill - all of these and more feature in the CoreLogic RP Data list of the top five most expensive suburbs in the country.
And with great price tags comes the opportunity for great capital gains. Those price rise percentages mean a lot more on a $4 million property than they do on a $400,000 one! While it may seem like a space reserved for only the wealthiest, the popularity of these homes in recent sales figures suggests a lot more people are taking advantage of low interest rates, and buying luxury property.
The numbers don't lie
In a more recent release from CoreLogic RP Data, the research company looked at what proportion of sales in each capital city fell into certain price brackets. As expected, most capital cities had the majority of sales fall between $400,000 and $800,000. However, Sydney, price surge haven that it is, told a different story.
The $1 million to $2 million price bracket accounted for a whopping 25.6 per cent of house sales in the Harbour City over 2014. That is more than any other price bracket. In fact, nearly a third of all house sales (31.6 per cent) occurred above the $1 million bar. This is more than double the next highest entry for million dollar houses, which was Melbourne with 15.7 per cent.
Clearly, the prestige corner of Australian property investment and purchasing is dominating the local market. But with prices that high, how do you make it work for your plans?
Right buy your side
If you are a house hunter and on the lookout for luxury property in Sydney, you will need expert advice and skill in property negotiations on your side. Of course, these are not skills that we are all born with. But by engaging the services of a buyers' agent, you can hire the expertise you need to get a great property.
In the prestige market, a large majority of the properties are not listed on the open market. You have to be in the know to get access to these exclusive listings so it pays to engage a buyers' agent with an extensive network of established contacts to help you uncover these off- market opportunities.
At Propertybuyer, we are the most awarded buying agents in Australia. That proven track record means we can find you luxury properties in a bustling market, and even get you access to homes that have not been listed yet. Give us a call or check out our free reports for a glimpse of the high-level help that we can offer.