Premium property sales in Sydney have reignited, according to PRDnationwide’s latest research.
PRDnationwide managing director Jim Midgley said sales of multimillion dollar homes had increased 52 per cent since June 2009.
“A resounding recovery in sales volumes within Sydney’s Million-plus market could be the first real sign of an upturn in the Sydney market,” Mr Midgley said.
A total of 4,433 million-dollar properties changed hands in Sydney between January and June 2010, compared to 2,919 during the same six month period a year earlier.
"This figure for the year to June 2010 is the highest figure in ten years,” he said.
“First home buyer activity has given way to second and third home buyers looking to upgrade to larger properties at discounted prices,” said Mr Midgley.
PRDnationwide research analyst Oded Etzioni said the growing demand for real estate in top suburbs will continue to push price growth.
“Most of the new suburbs to join the $1 million-plus list were in the Eastern Suburbs and Northern Beaches, the Inner West and along the Pacific Highway corridor from McMahons Point in the Lower North Shore to Wahroonga in the Upper North Shore,” said Mr Etzioni.