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Interstate and overseas clients are helping drive strong price growth in Sydney’s prestige market.
Australian Property Monitors figures for the March quarter found that prices grew by 8 per cent on the lower north shore, northern beaches and city east areas.
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That compared to just 3.9 per cent growth in the more downmarket western suburbs.
Senior economist Andrew Wilson forecast that prices in Sydney’s lower north shore market would grow by 10 per cent in 2014.
“There is no stopping the prestige property market at the moment. There is still a lot of positive energy buzzing around with reports of the highest price growth since 2003,” he said.
“We will see a lot more activity in the colder months than what we are used to in the prestige market. The upper market is giving the middle markets a run for their money in terms of growth.”
An LJ Hooker franchisee from Mosman, on the lower north shore, Bernard Ryan, said he had noticed faster turnarounds on properties priced $1.8 million and higher.
“Investors and upgraders have been honing in on the lower north shore since interest rates started trending down in November 2011, but activity really gathered pace in the last year,” he said.
“We’ve always had a strong contingent of locally-based clients, but interstate-based and overseas investors have increased their presence recently.”
