The prestige property market has recorded a 45 per cent drop in gross sales from its peak in 2008, according to the quarterly Dyson Austen Top 10 Prestige Residential Survey.
The survey, released on Friday, said the decrease in real terms was approximately $110 million from $198 million.
“This takes us back to the June 2006 quarter, which had a lower quarterly total of approximately $88 million,” Real Estate Institute of NSW director Simon Feilich said.
In viewing the top 40 sales for the year, the top five all occurred in the 3rd quarter of 2008, with the lowest five sales occurring in the 1st and 2nd quarter of 2009.
Mr Feilich said while the future is hard to predict, it will revolve around the buoyancy of the equity market which took a large hit in the early months of 2009.
“Should there be no “W” in the economy but rather the “V” which some commentators believe is the case, we will see continuing strength in the equity market and increased funds available in the lending markets,” he said.