This article is from the Australian Property Journal archive
SYDNEY’S luxury property market is regaining momentum, according to CBRE Residential which reported solid sales activity.
CBRE Residential has transacted more than $60 million in luxury apartment sales in the last six weeks, representing a significant increase of 30% when compared to sales for the same period in 2010.
CBRE residential director Ben Stewart said the result is an indicator that demand has shifted back into the high-end market as buyers are encouraged by a stronger economy.
“Higher levels of activity has translated to increased buyer confidence, with many seeing the value being retained in Sydney’s top-end residential market,” he added.
The Residence, situated on Hyde Park has secured more than $50 million in sales since its launch of The Empire Collection late last year. Prior to Christmas a north-east sub-Penthouse sold for $14 million. In February an undisclosed local buyer purchased an apartment for $9 million and will relocate from a harbour front home to this luxury four bedroom residence.
In the Eastern Suburbs, areas such as Double Bay and Bondi Beach are experiencing renewed interest with the recent $4 million sale to a local Rose Bay couple at the Stamford Property Group’s ‘Cosmopolitan’ Apartments.
Steward said astute buyers are investing now because they understand the nature of prestige properties as being a unique offerings and so many are taking the opportunity to upgrade from older apartments to brand new homes with larger floor plans.
Sales at Boheme in Bondi Beach remain strong, particularly for three-bedroom apartment configurations with 80% of the three-bedroom apartments already sold. Two three-bedroom apartments have recently been bought by local Eastern Suburbs purchasers for $3.2 and $3.5 million respectively.
“The strong results so far this year show prestige property market buyers are recognising the good value available with quality homes.
“Uncertainty in foreign markets has further positioned Australia as a ‘safe haven’ and areas along the North and Eastern Suburbs pockets will continue to experience high levels of demand in the coming months,” Stewart concluded.
Australian Property Journal
