Sydney’s prestige property market is returning to form, according to one major real estate firm.
Yesterday, Raine&Horne Manly announced it had secured some of its largest sales on Sydney’s northern peninsula since the beginning of the global financial crisis (GFC).
Toby Hutton, principal of Raine&Horne Manly, said the figures confirm the Northern Beaches' prestige and executive property markets are moving on from the GFC and its associated and perceived political instability.
“The prices achieved for the properties are also a sign that there is plenty of cash splashing around the local property market and local buyer confidence is back,” he said.
“Conditions for the sale of a prestige home on the Northern Beaches are near their best since 2007, and we need more listings to meet buyer demand.”
Mr Hutton attributed the increased buyer confidence to news of improving economic conditions in the United States, stronger share market returns and the prospect of a change of government after the September election.
“The sharemarket has had a pretty good 12 months, despite the latest volatility, and this has translated to bonuses being paid to investment bankers and portfolio managers, and this money is starting to find its way into prestige homes in our region,” said Mr Hutton.
“Our region is traditionally blue ribbon Liberal, so the prospect of long-term stability after the difficulties of a minority government over the last three years is a prospect many homeowners and businesses are already savouring in our region.”