Despite average punters paying thousands more in monthly mortgage costs, agents say there is no shortage of trophy home hunters with deep pockets.
The nation’s most expensive postcodes are resisting the real estate downturn as cashed-up buyers continue to compete for trophy mansions while other suburbs are squeezed by rising interest rates.
Median prices in the nation’s top two percentile areas range from around $4.65 million in Sydney to around $3 million in Melbourne, $1.9 million in Perth and about $1 million in Darwin, according to CoreLogic’s exclusive analysis.In Melbourne, prices rose by around $30,000 to $3.1 million in the 12 months to the end of July while in Brisbane, the top-performing capital, they jumped about $350,000 to $2.1 million over the same period.
The North Sydney council region, where prices dropped by about 10 per cent, includes suburbs ranging from harbourside Kirribilli, where the median property price is more than $3 million, to Crows Nest, where they sell for around $2.5 million.Wrench, specialising in properties in the area, says: “It has been a tricky market because it depends on investors and apartments. It’s very apartment-driven. The market pool is much smaller than other parts of the Sydney residential market.
Lawless says: “Despite the weaker conditions, it is still quite rare to see the 98th percentile recording a year-on-year fall across any of the capital cities.”, Edward Craven, spent a record $80 million to buy a derelict mansion in prestigious St Georges Road, Toorak, an elite postcode.“The extreme top end of the market by value may prove to be a little more resilient due to less sensitivity to higher interest rates,” says Lawless.
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