This article is from the Australian Property Journal archive
PRESTIGE residential property sales have risen by 42% in just three months, according to the Dyson Austen Top Ten Prestige Residential Survey.
The survey prepared for the Real Estate Institute of NSW for the third quarter of 2010 found prestige sales topped $170.75 million up from $120.35 million in the second quarter and $116.45 million in the first quarter.
This is the best result since the third quarter of 2008 where prestige sales totalled $197.89 million.
Director Simon Feilich said the third quarter of 2010 is the fourth highest quarter on record – the main driver being the almost 10% increase in the equity market in July 2010.
The Dyson Austen survey also found the market is in better shape compared to the same quarter last year, where there was $118.05 million worth of sales.
The total value of sales for the three quarters of 2010 totalled $407.55 million compared to $352.065 million the first three quarters of 2009. The fourth quarter of 2009 recorded $132.40 million worth of transactions.
Dyson Austen said the sale of 100 Wolseley Road Point Piper is the highest value transaction ever in the history of the survey at $52 million – some 15% higher than the previous record of $45 million in Q3 2008 for Coolong Road.
Five of the top 10 sales were waterfront properties and the top two sales were architecturally designed by Michael Suttor.
The report found prime land sold for almost $7,000 per sqm.
The most active agents featured on the Q3 2010 survey are: LJ Hooker Double Bay (3); Laing & Simmons Double Bay (2); and McGrath Real Estate (2).
Australian Property Journal
