Buyers are looking at the top end of the market forcing prestigious property prices up, Ray White’s deputy chairman Sam White has said.
According to Mr White, there has been a revival in the prestige sector nationwide after an inevitable correction during the economic downturn.
“After 12 months of negativity about the economy, I think Australians have realised it’s not the end of the world and they are regaining confidence in the underlying strength of our property market,” Mr White said.
“Buyers are recognising that there is a rare chance now to get into the top end of the market and save between 10 to 15 per cent and achieve benefits in the long term.”
Ray White Double Bay Group Director Michael Finger said the emerging strength of the prestige market was reflected by a residence at Bellevue Hill in Sydney’s east which is expected to sell for more than $40 million.
“This residence occupies more than 4500sqm with one of the best outlooks over Sydney Harbour in the eastern suburbs and it is on the market for the first time in 20 years,” Mr Finger said.
“We have received significant interest in this property which offers a fantastic investment opportunity, particularly for people who have seen the share market fall 40-50 per cent.”