This article is from the Australian Property Journal archive
DEMAND for top-end luxury properties has not abated, according to Melbourne based Abercromby's Real Estate, which sold more than $20 million of property in 48 hours.
Abercromby’s director Tim Derham said the record number of auctions last weekend across Victoria failed to dampen the spirits of the top-end of the market.
And he added that despite a number of interest rate rises and the continual increase in consumer products and petrol hikes, the clearance rate of exclusive homes in prime locations remains very strong.
“What these rate rises and continued increase in household expenses has done is perhaps made the buyers more discerning in this current market,” Derham said.
The agency which was formed in 2005 and based in Armadale, has since sold more than $1 billion of luxury homes.
Derham said the agency is finding that with the uncertainty in the economy, particularly with the volatility in the stock market, some 74% of the top-end properties are selling – quietly and discreetly.
“We’ve had quite a solid start to 2008, and still believe the formula of a well located, well established home will always hold its value throughout 2008,” Derham said.
Australian Property Journal
