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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.
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