Sydney's luxury market bounces back

Sydney's luxury market bounces back

21 June 2014 by Staff Reporter 0 comments

The top end of the Sydney property market is returning to strength after a prolonged post-GFC slump.

The Real Estate Institute of NSW president Malcolm Gunning said the prestige sector was “back in business”.

“After seven years of caution the Sydney prestige market is showing solid signs of growth as confidence returns to the marketplace following the GFC,” he said.

“Business conditions play a key role in this market and we are seeing prices return to where they were previously due to the outlook appearing solid in the future.”

According to BradfieldCleary director Bob Guth, sales volumes are rising in this sector of the market.

“Our sale of properties over $3 million has more than doubled in the last 12 months and I would expect similar activity in other prestige markets,” he said.

“In fact, interest in all prestige homes has returned regardless of location, and they are now performing better than before the GFC period.”

However, principal of Richardson & Wrench Mosman Stephen Patrick predicted growth would be slow and steady.

“The business community is still cautious and it is going to take time for it to grow steadily, as it should,” he said.

“Those seeking properties over $5 million are cautious, they still want more value and they aren’t chasing it like they used to.”

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?