Property values for Sydney’s more expensive homes climbed by as much as 8.4 per cent in just three months as the earlier than expected recovery in the top-end segment gathered pace, new data from CoreLogic shows.
The top 25 per cent of the Sydney market by value had likely bottomed out according to CoreLogic.
The value of Sydney’s more expensive homes climbed by as much as $610,000 over the three months ended March as the earlier than expected recovery in the top-end segment accelerated, new data from CoreLogic shows. Top-end properties in Warrawee, which surged in value by 8.4 per cent, outperformed all the other markets, followed by Gordon and East Killara at 8.1 per cent and 7.9 per cent respectively. Over the past three months, the more expensive homes in these suburbs gained an average of $306,000.
“Last Friday evening, I exchanged a contract on a property that I had appraised at $3.5 million, and we went to market with a guide of $3.3 million to $3.5 million. I hadThe most expensive houses in Bellevue Hill in the eastern suburbs posted the biggest gain of $610,814 as prices jumped by 6.7 per cent to $9.73 million. Exclusive homes in Double Bay also performed strongly, with values climbing by 5.8 per cent or $359,618 in just three months.
“The upper end of the market is very strong at the moment,” he said. “We have a number of buyers searching for homes between the $4 million and $15 million mark, so there’s definitely an increase in demand for top homes. Buyers are mostly locals who have been sitting around and waiting for the opportunity to pounce.“But we’re finding it tough to source them because of the lack of stock.
“It really depends on how the RBA reacts to the fact that inflation is starting to come down and the economy’s consumption is clearly pulling back,” he said.
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