“The latest market trends, sales and records for waterfront properties in Sydney…”
The first home buyer’s helped to keep the market afloat but a recovery in the sales of luxury homes, prestige properties and waterfront properties in Sydney was the strongest force in driving nationwide house prices to their biggest annual gain in six years at record highs at the end of 2009.
The sales are part of the customary pre-Christmas bounce featuring a last-minute jump in sales activity as buyers sought to finalise contracts.
There were 577 sales on December 24 last year, according to RP Data, including an $18 million Point Piper waterfront property in Sydney. There was a $12 million Cremorne sale on the same day in 2007.
APM economist, Matthew Bell said a revival in high-end luxury property sales drove up sales at the end of 2009.
“While the First Home Buyer sector kept the overall market afloat through the end of 2008 and the first quarter of 2009, it’s been the activity at the top end of the market that has driven the extraordinary overall result for 2009,” said APM economist Matthew Bell.
“Activity in the more expensive suburbs has been driven by the surprisingly resilient jobs market experienced in late 2009 and a strongly rising share market,” Mr Bell said.
At the beginning of 2009, homes at the bottom of the market were in greater demand boosted by the First Home Owners Grant while sales in the luxury market declined. However, the removal of the grant boost, rising interest rates and the strong economy continues to drive up prices in 2010 in the prestige property market.
Waterfront properties and prestige properties in wealthier suburbs have also been helped by the recovery on the global equities market, generating more confidence among buyers, as well as a flood of international investors in recent months.
Confidence amongst buyers is certainly high in regions like Manly in Sydney’s northern suburbs where prices of waterfront properties are going through the roof.
Manly in Sydney’s northern suburbs is the new suburb to watch with one of its prestige properties setting a district record after selling for $10 million. The previous benchmark was also at 62 Bower St and sold in 2007 for $6.75 million.
The heritage listed 1920s mansion at 50 Bower St was originally built for the Appleworth family who founded Aeroplane Jelly. It was sold by the current owner Terry Mullens.
Real estate agent Jake Rowe, of McGrath Estate Agents said interest in the waterfront property was very strong and the luxury property sold after only a month on the internet and two week’s advertising in newspapers.
Other notable Manly sales include an $11 million vacant Manly waterfront home and a $7.5 million purchase on a Wategos Beach house and post the Bower Street auction, adjacent beachfront has been sold for $5.5 million.
All this spells good news for the luxury property market as buyers continue to gain confidence and the economy grows stronger pushing up prices for prestige properties and waterfront properties in Sydney.
Buyer’s agents in Sydney like Amanda keep on top of the latest news and developments about the luxury property market in and around Sydney. Contact Amanda if you would like help buying prestige properties or waterfront properties in Sydney where luxury properties are often not listed or bought within weeks of being put on the market.
Amanda On My side offers exceptional buyers agent services throughout Sydney and across Australia. Engage a professional real estate buyers agent to help you find the best property at the right price. A property buyers agent, also known as property finders or a buyers advocate, can help find, research and bid on your next home or investment property. Need a buyers Agent Sydney – then you need Amanda on your side.
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