Eastern Suburbs Prestige Property News
The Eastern Suburbs prestige market was stable during the boom years but a change began in early 2016, with low supply and rising demand pushing prices north.
The lower Australian dollar is encouraging ex-pats and Chinese buyers, many of whom are purchasing at the top end of town with budgets ranging from $3m-$30m or more.
A new Australian record was set in April 2016 with the multi-purchase of four lots on Coolong Road, Vaucluse for a reported $80m. This superseded the previous record of $70m paid for James and Erica Packer’s former home, La Mer in Wentworth Road in 2015.
While most Chinese buyers are purchasing for owner-occupation, most ex-pat buyers intend to lease their properties for two or three years before returning to Australia.
Many prestige homes in the Eastern Suburbs sell off-market (without any public advertising). Some home owners do this to protect their privacy; others just want to test the market to see if their dream price is achievable.
Our team sold 16 homes off-market in the year to May 2016, worth a collective $104m.
We invite prestige buyers to register their details with us so we can stay in touch.