High-end property prices rebounding

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Top-end property sales have rebounded after falling during the economic downturn, a large real estate company says.

In a sign top-end buyers are returning to the market, Ray White chairman Sam White said on Monday there was a revival in the prestige sector although the company did not release actual figures.

Mr White said the market has “definitely dusted itself off” from the worst of the global financial crisis.

He said sales of prestige properties had been given a boost by the shortage of lower-end properties as a result of the first home owners grant.

He said first home buyers were now looking at properties priced in the $500,000 to $750,000 price range.

“Buyers are recognising that there is a rare chance now to get into the top-end of the market and save between 10 to 15 per cent and achieve benefits in the long term,” Mr White said.

He said the renewed activity came from long-term investors and overseas interest.

The company said a Sydney property priced at more than $6 million was recently bought by a British man the day it went on the market.

The statement from Ray White comes amid a swathe of positive news for the housing sector.

Last week an Australian Property Monitors survey showed Australian house prices rose, on average, by 3.3 per cent in the June quarter.

The survey also indicated the prestige end of the market was recovering.

June data showed a 9.3 per cent surge in home building approvals, the biggest increase since May 2005.

Further evidence pointing to the strength of the property sector may become apparent on Tuesday, when the Australia Bureau of Statistics releases house price data for the June quarter.

AAP

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