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Prestige market recovering
Things are looking up for the top end of the market, according to results from one sales agency.
The prestige residential market appears to be stabilising, after Laing+Simmons Double Bay recorded a 100 per cent clearance rate last week.
This comes after uncertainty in the market, with Laind+Simmons principal, D’Leanne Lewis, explaining that the market continues to face challenges despite recent results.
“In the context of the broader economic environment, to achieve a 100 per cent clearance rate is an extremely pleasing result that demonstrates demand from buyers is there so long as vendors are realistic with their expectations,” Ms Lewis said.
“Market stabilisation relies on the alignment of expectations between buyers and vendors and it is encouraging to see this beginning to occur.
“Top end buyers are not necessarily cautious but instead understand the importance of thorough due diligence and not extending beyond their financial means,” she said.
One sale, in Bondi Beach, sold in excess of $5 million.
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