Confidence Returns to Premium Property Market, says C21

Century 21, the largest real estate sales organisation in the Asia Pacific region, believes that recent data showing capital gains in the premium property market may suggest a return of confidence to this segment.

Chairman and Owner of Century 21 Australasia, Charles Tarbey, believes this growth in confidence may be linked to other economic factors.

“Upward movement in the premium property segment tends to be linked to an improvement in confidence in equity markets and the wider economy.”

“However, positive gains in the premium market shouldn’t be confused with a turn in the property market.

“A more accurate bellwether for the property market is discretionary spending such as the purchase of holiday homes and the like, a market segment which Century 21 will be closely observing for any change in sentiment,” concluded Charles Tarbey.

The recently released RP Data-Rismark Hedonic Home Value Index confirms that the premium property segment is now showing higher capital gains than the broad middle and most affordable segments of the property market.

In Dulwich Hill and some surrounding suburbs of the inner west, Century 21 Synergy owner and director Angelo Lofitis adds that he has seen strong signs of demand not just for premium property, but all property selling for premium prices due to market demand.

“Many homeowners have been catapulted into the status of millionaires – as far as their assets are concerned,” Mr Lofitis said.

“The light rail has made the inner west property market even more attractive and many residents could be forgiven for thinking that they are now sitting on, or living within, a goldmine, with median property prices in some inner west suburbs doubling in less than a year.

Century 21 encourages potential buyers that are looking to purchase real estate to ensure they have obtained the appropriate professional property and finance advice before doing so.

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