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Records tumble for NSW high-end properties, despite the naysayers

05 June 2018 Tim Neary

Prestige property markets around New South Wales defied the real estate doomsayers by producing some record sales in the last weeks of autumn, one expert has found.

Prestige property markets around New South Wales defied the real estate doomsayers by producing some record sales in the last weeks of autumn, one expert has found.

Executive chairman of Raine & Horne Angus Raine said that, running into winter, some “excellent” end-of-autumn sales have been made.

“Interestingly, we’re seeing activity in the middle and prestige markets, while the markets below $1 million are a little softer,” Mr Raine said.

“A positive post-federal budget effect could be at the core of stronger prestige markets, following some very positive infrastructure announcements that will prove good for business.”

Mr Raine said that apart from the domestic positives, wealthier Australians are “blocking out the noise” around trade wars, Eurozone shenanigans and the Korean Peninsula.

“Instead, they are focusing on the good news stories such as Australia’s economic growth, improving trade position, historic low interest rates and declining government debt.

“With this background in mind, those buyers who feel they have solid employment prospects or who own successful business are expressing this confidence by snapping up prestige real estate.”

Sydney’s northern beaches

Raine & Horne Manly sold a three-bedroom residence in the new “Aquilam” in Queenscliff for $6 million to a local owner-occupier.

Principal of Raine & Horne Manly Toby Hutton said that the successful buyer beat a few other interested parties, including a mix of investors, business owners and C-level execs.

“Buyers at this level don’t need to rely on the banks for finance, so they aren’t affected by government lending regulations that have put the squeeze on other buyers and investors,” Mr Hutton said.

Western Sydney flying high

Principal of Raine & Horne Wetherill Park Sam Ruisi said that the prospect of a new airport in the area is driving up demand for properties in Western Sydney valued above $1 million.

Mr Ruisi said that the pre-auction sale of a five-bedroom family home for $1.44 million recently set a West Hoxton suburb record by $40,000.
 
“The property is located close to several excellent schools and Carnes Hill Marketplace, which caught the eyes of savvy buyers,” Mr Ruisi said.
 
“There’s strong demand still for high-end properties in our region, and still a level of fear among buyers that they’ll miss out if they don’t make a competitive offer prior to auction.”
 
Mr Ruisi said that the prospect of the Badgerys Creek airport is a “major” attraction.

“About 50 per cent of buyers want to know about the timeline for the new airport, and this is continuing to push prices up,” the principal said.
 
A-list favourite Byron Bay
 
At Byron Bay on the NSW far the north coast, the second last property on a stretch of Belongil Beach sold under the hammer in late May for $5.325 million.
 
Listing agent and principal of Raine & Horne Byron Bay Sophie Christou said that Byron Bay’s reputation precedes it.

“For many decades now, Byron has been a favourite for well-heeled celebrities and businesspeople given its proximity to Brisbane and an international airport. This trend won’t change anytime soon, as this sale illustrates.”
 
She said that the bidding started around the high mid-$4 million mark.

“It ramped up when bidding hit $5.05 million, at which point the vendor confirmed the winning bidder would secure the property.
 
“Bids went up energetically in $10,000 increments until the price hit $5.325 million.”

Records tumble for NSW high-end properties, despite the naysayers
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