Sydney prestige market sees growth
July 22, 2014 / Written by Rich Harvey
By Rich Harvey, CEO, propertybuyer.com.au
From luxury mansions to penthouse apartments, Sydney has a wide array of prestige properties to choose from. And according to a recent report from the Real Estate Institute of New South Wales (REINSW), this market is starting to show even more strength after a decline following the global financial crisis (GFC).
"After seven years of caution the Sydney prestige market is showing solid signs of growth as confidence returns to the marketplace.... Business conditions play a key role in this market and we are seeing prices return to where they were previously due to the outlook appearing solid in the future," said REINSW President Malcolm Gunning.
This view was supported by Bob Guth, director and chief auctioneer at BraffieldCleary in Double Bay. Mr Guth said that during the past 12 months, sales of property valued over $3 million more than doubled.
"In fact, interest in all prestige homes has returned regardless of location and they are now performing better than before the GFC period," Mr Guth stated.
Of course, the Eastern Suburbs aren't the only area seeing growth in luxury real estate.
Stephen Patrick, principal at Richardson & Wrench Mosman, said the Lower North Shore is seeing growth thanks to "banking bonuses and Chinese buyers".
The prestige property market is largely connected with the fortunes of the sharemarket and general business confidence. It is not significantly affected by interest rate movements. A larger influx of wealthy overseas buyers from China, Malaysia and Indonesia has had a positive impact on prices in the market since 2013.
If you're looking for prestige houses for sale, using a buyers agent who has experience in this market can be a huge help.
The majority of luxury properties are sold off market. Our professional house hunters can not only uncover silent listings to find Sydney prestige properties, but also negotiate on your behalf. A buyers agent has close relationships with local agents and understands what represents true value in the current market.
Most importantly, a buyers agent works solely on your behalf. They are able to show you a whole cross section of prestige homes in Sydney that suit your wants and needs. And they provide a wealth of knowledge about local schools, lifestyle attractions and other amenities so you can pick the right suburbs for your family.
