Prestige property markets around New South Wales defied the real estate doomsayers by producing some record sales in the last weeks of autumn.
“We are running in to winter on the back of some excellent end-of-autumn sales,” said Angus Raine, Executive Chairman Raine & Horne.
“Interestingly, we’re seeing activity in the middle and prestige markets, while the markets below $1 million are a little softer.”
A positive post-Federal Budget affect could be at the core of stronger prestige markets, following some very positive infrastructure announcements that will prove good for business, noted Mr Raine.
“Apart from the domestic positives, wealthier Australians are blocking out the noise about US-Chinese trade wars, more Eurozone financial traumas, and the Korean peninsula.
“Instead, they are focusing on the good news stories such as Australia’s economic growth, improving trade position, historic low interest rates and declining government debt,” Mr Raine said.
“With this background in mind, those buyers who feel they have solid employment prospects or who own successful business are expressing this confidence by snapping up prestige real estate.”
There were some particularly large sales in the Northern Beaches region for the network, with Raine & Horne Manly principal Toby Hutton saying the office had several interested parties in high-end new developments.
“Buyers at this level don’t need to rely on the banks for finance, so they aren’t affected by government lending regulations that have put the squeeze on other buyers and investors,” Mr Hutton added.
One apartment sold for $39,500 per square metre, which Mr Hutton described as “big money for Manly let alone Queenscliff.”
The big property sales aren’t limited to northern Sydney either, with the prospect of a new airport driving up demand for properties in Western Sydney valued above $1 million.
Sam Ruisi, Principal of Raine & Horne Wetherill Park, set a West Hoxton suburb record by $40,000 with the pre-auction sale of a five-bedroom family home for $1.44 million.
“There’s strong demand still for high-end properties in our region, and still a level of fear among buyers that they’ll miss out if they don’t make a competitive offer prior to auction,” said Mr Ruisi.
In Wetherill Park, Elizabeth Hill, West Hoxton and Hoxton Park, the prospect of an airport at Badgerys Creek is proving a major attraction for many aspiring buyers at open for inspections, noted Mr Ruisi.
“About 50% of buyers want to know about the timeline for the new airport, which is just 25 minutes from West Hoxton, and this is continuing to push prices up,” Mr Ruisi noted.
It’s not just the inner suburbs that are causing big sales in NSW, the far north coast is also experiencing big figures as Byron Bay continues to be popular.
“For many decades now, Byron has been a favourite for well-heeled celebrities and business-people given its proximity to Brisbane and an international airport. This trend won’t change anytime soon,” said Sophie Christou, Principal of Raine & Horne Byron Bay.