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Overseas demand pushes prices up

26 November 2009 Reporter

Overseas investors are driving top end property prices upwards, recent record sales in Melbourne show.

Real estate agency Kay & Burton in Melbourne has brokered three Melbourne sales above $10 million to local buyers in the past week, including a Hawthorne mansion called Avon Court, which sold for $25 million.

Kay & Burton director Ross Savas told today’s The Australian Financial Review that overseas interest in prestigious homes has forced buyers to pay more for homes in this market segment.

“The prices are being driven because of the expat money coming into the country... local buyers for the last three transactions have stepped up, but they wouldn’t have stepped up to this level had they not been pushed,” Mr Savas said.

Overseas demand pushes prices up
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