Sydney's luxury market bounces back
research

Sydney's luxury market bounces back

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 stories
Email:

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
SOLDIERS POINT 48.92%
2.
BLUE BAY 43.96%
3.
BERKELEY VALE 42.74%
4.
LEMON TREE PASSAGE 42.55%
5.
NORTH NARRABEEN 40.19%
Sydney's luxury market bounces back
SPI logo