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Belinda Luc
Australia’s prestige property sales are on the up, with a growing number of $600,000-plus sales going under the hammer.
PRDnationwide research director Aaron Maskrey said activity in the $600,000-plus market flourished in Sydney between January and June 2010 – accounting for 48.3 per cent of sales.
“This is a 15.3 per cent jump compared to June 2009 when $600,000-plus sales only accounted for 35 per cent of transactions,” he said.
Meanwhile, house sales less than $400,000 had steadily declined – accounting for 25.7 per cent of transactions.
“It is Sydney’s premium end of the market, where sales above $1 million have expanded the most,” he said.
According to PRDnationwide managing director Jim Midgley, there’s been a slowdown in the volume of low-priced property sales, particularly in reaction to interest rate concerns.
“Many first time buyers are particularly cautious because of increasing interest rates,” Mr Midgley said.
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