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Sydney’s prestige market has finally recovered from the GFC, according to the Real Estate Institute of NSW.
President Malcolm Gunning said “Sydney is back in business”, and is again generating interest as business confidence improves.
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“After seven years of caution the Sydney prestige market is showing solid signs of growth as confidence returns to the marketplace following the GFC,” he said.
“Business conditions play a key role in this market and we are seeing prices return to where they were previously due to the outlook appearing solid in the future.”
Mr Gunning said there are clear differences between the two prestige markets of the lower north shore and eastern suburbs.
“The lower north shore is a smaller more conservative market, whereas the eastern suburbs offer a more vibrant and diverse range of properties,” he said.
“This is why there is more caution seen in the lower north shore area.”
Richardson & Wrench Mosman principal Stephen Patrick said the lower north shore prestige market is being driven by banking bonuses and Chinese buyers.
“It will remain that way for a while. It is going to be a slow and steady market over the next few years,” he said.
“The business community is still cautious and it is going to take time for it to grow steadily, as it should."
BradfieldCleary director Bob Guth said the eastern suburbs market is now the strongest it has been since the GFC.
“Our sale of properties over $3 million has more than doubled in the last 12 months and I would expect similar activity in other prestige markets,” he said.
“In fact, interest in all prestige homes has returned regardless of location and they are now performing better than before the GFC period.”
