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

 
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Fri 3 May '24 with Rich Harvey Unpacking the Northern Beaches with Incredible Agents
 
 
Fri 29 Mar '24 with Rich Harvey How to build a $7 Million Property Portfolio from scratch
 
 
Sat 16 Mar '24 with Rich Harvey Why Invest in Melbourne?
 
 
Mon 26 Feb '24 with Rich Harvey Sydney’s Inner West – Hotspots and Outlook for 2024
 
 
Mon 12 Feb '24 with Rich Harvey Decoding Sydney’s North Shore Market – Outlook and Opportunities.
 

 

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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.

The Propertybuyer
Podcast

 
Fri 24 May '24
with Rich Harvey
Granny Flats: Boost Your Yields & Faster Mortgage Repayments
 
 
Fri 3 May '24
with Rich Harvey
Unpacking the Northern Beaches with Incredible Agents
 
 
Fri 29 Mar '24
with Rich Harvey
How to build a $7 Million Property Portfolio from scratch
 
 
Sat 16 Mar '24
with Rich Harvey
Why Invest in Melbourne?
 
 
Mon 26 Feb '24
with Rich Harvey
Sydney’s Inner West – Hotspots and Outlook for 2024
 
 
Mon 12 Feb '24
with Rich Harvey
Decoding Sydney’s North Shore Market – Outlook and Opportunities.
 

 

Listen to many more
podcasts on our
Podcasts page.