Ensure you never miss an issue of the
real estate business bulletin
Prestige market playing catch-up

Prestige market playing catch-up

by Staff Reporter 0 comments

Following in the footsteps of the lower and middle markets, which saw rapid price growth over the past 12 months, Sydney’s luxury market is beginning to take off too.

 

According to figures released by Australian Property Monitors (APM), over the March quarter the prestige market grew by eight per cent, compared to the western suburbs that grew by just 3.9 per cent.

According to senior economist at Australian Property Monitors Dr Andrew Wilson, this spells good news for investors.

“Current prestige markets are definitely not as advanced in the price cycle as previous highs in 2009 and 2010; there is still some way for that market to reach the top,” Dr Wilson said at the second annual LJ Hooker Mosman Investment Seminar.

“There is no stopping the prestige property market at the moment, there is still a lot of positive energy buzzing around, with reports of the highest price growth since 2003,” he said.

“We will see a lot more activity in the colder months than we are used to in the prestige market. The upper market is giving the middle markets a run for their money in terms of growth.”

Bernard Ryan, director at LJ Hooker Mosman, agreed with Dr Wilson’s sentiment.

 “Investors and upgraders have been honing in on the lower north shore since interest rates started trending down in November 2011, but activity really gathered pace in the last year,” Mr Ryan said.

“We’ve always had a strong contingent of locally-based clients, but interstate-based and overseas investors have increased their presence recently.”

Prestige market playing catch-up
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?