Sydney Spearheads Prestige Rebound
Sydney with the help of foreign investors has spearheaded a rebound in the prestige residential property market across Australia’s eastern seaboard, according to Ray White.
Ray White Commercial Head of Research, Vanessa Rader, said during 2014 there was a record sale in Sydney of 19 homes worth more than $15 million with the total volume of sales in that price bracket worth just under $433 million.
“Across Sydney the increase in foreign investment activity has resulted in a sizeable increase in high ticket property changing hands with the volumes increasing, particularly in the plus $20 million price range,” Ms Rader said in the Between the Lines East Coast Australia Prestige Residential report.
“Of the 19 plus-$15 million sales in 2014, 11 were more than $20 million, representing a new high for these quality residences.
“Eight of the sales were reported as being by overseas buyers including the $39 million Villa del Mare in Point Piper, which is back on the market after not being granted Foreign Investment Review Board (FIRB) approval.
“The highest value sale in Sydney was $52 million for the Altona (pictured) property, also in Point Piper.”
Ms Rader said prestige property sales in other states did not match the value of a truly global city such as Sydney and the attractions of property along Sydney Harbour.
She said Melbourne achieved 74 sales of more than $5 million in 2014, with one sale of more than $20 million – the $23.3 million sale of 14 St Georges Road, Toorak.
Ms Rader said there was a sizeable increase in the volume of transactions in Queensland with 33 transactions in 2014 of more than $5 million, mainly in Brisbane and the Gold Coast.
“There were two property sales recorded over $10 million during 2014. ‘Windermere’ in Sutherland Avenue, Ascot, was reported as selling for $10.2 million to a domestic buyer; while the reported $14 million property at Aaron Street, Hawthorne, was sold to Gina Reinhart, this the largest transaction in Brisbane over the last five years.”