Exclusive real estate still selling despite the sequential interest rate rises.
Exclusive real estate has been immune to rising interest rates and a failing stock market according to a report in The Daily Telegraph. The report says that $120 million has been spent on prestige properties on just ten homes in the last three months.
However, it’s not all good news for sellers with luxury homes being sold for less than market value. At Carrara Road in Vaucluse, a property was exchanged for $26.75 million which was the highest sale of the year. However, at approximately 3 million below the rumoured $30 million asking price, it was sold for a lower price than expected.
Other exclusive real estate sold in the three-month time period eclipsing 8 figures included a luxury property in Drumalbyn Road, Bellevue Hill at $20m, Bay Street, Mosman at $11m, Barrenjoey Road, Palm Beach at $10m and Wolsely Road, Point Piper at $10m.
However, it does show that bargains are to be found at the top end of the market despite the multi-million dollar asking prices and you can still get change out of a 30-million dollar exchange.
The Sun-Herald reports that agents say that Brisbane families with “old money” in Queensland are behind a surge in prestige property sales. One agent went so far to say that the demand was so high that she was selling million dollar mansions within hours of listing them.
Despite the slowdown in the high-end market from last year, 2010 is proving to be a busy year for those buying exclusive real estate.
An increasing number of prestige properties have been sold to investors keeping up the market evidenced by the increase in investor finance in the past 12 months. This has filled the gap left by exiting first home buyers and other owner-occupiers.
Still on the east coast, there is also a surge in confidence in the Melbourne housing market. According to The Sydney Morning Herald in mid August, 18,294 properties had been put up for auction in 2010 – the highest number recorded for that period of the year by the Real Estate Institute of Victoria (REIV).
The Daily Telegraph says despite the gradual recovery, Sydney’s luxury market is well off its 2008 peak, when $198 million was splurged on the top 10 properties in one quarter.
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