This article is from the Australian Property Journal archive
MELBOURNE’S high end housing market is thriving, according to prestige builder Ravida Group.
Managing director Don Ravida said confidence has returned to the home market following a strong last quarter.
The company has seen steady increase in Melbourne’s well established inner-eastern areas with many of projects averaging approximately at $1.5 million compared to $800,000 two years ago.
“2009 has stimulated a significant rise in median sales and the demand for quality, luxury homes coming out of that period, has boomed. Buyers in this market are undeterred by the increase in land prices and perhaps take comfort in the booming housing market.
“The last six months have seen a return of home buyer confidence in the higher end of the home construction industry who are capitalising on their property’s investment potential, particularly in suburbs such as Toorak, Kew, Malvern and Brighton,” he added.
Ravida predicts the strength in the market will continue throughout 2010 and perhaps well into 2011.
“We cannot see any evidence of this upturn waning, in fact enquiry levels indicate that the luxury property market will remain buoyant throughout the year and well into next year.
“The dust has settled on the global financial scene and in Australia – particularly Melburnians, appear to be redirecting funds into property, possibly steering clear of financial markets following last year’s bruising results,” Ravida said.
Australian Property Journal
