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12 month growth
Box Hill
127.02%
Mollymook
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79.93%
Cleve
78.13%
Bawley Point
76.2%
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75.57%
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Prestige property sales down but tipped to grow

By Staff Reporter
08 September 2009 | 1 minute read

The number of homes sold in Australia’s prestige property market has dropped dramatically over the past two years highlighting the potential for growth in this segment in a strengthening economy.

Data from Australian Property Monitors showed that only 2650 houses and units with price tags greater than $1 million were sold in the last six months – a 28 per cent drop on this time last year.

But despite poor performance earlier this year, McGrath’s chief executive John McGrath said confidence was beginning to return to the prestige property market which should see prices in the upper end of the property spectrum rise in the coming months.

“Buyers in the prestige sector have re-consolidated their positions and are heading into Spring with money to spend in prestigious suburbs where prices have fallen,” Mr McGrath said.

Prestige property sales down but tipped to grow
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.