Featured, Insights

Sydney’s Luxury Property Market

By Pillinger

Winter Report by Brad Pillinger

Can you give me an overview of Sydney’s prestige property market?
The last financial year has seen the 1st 2nd and 3rd best sales in Australia’s residential market’s history. This has been driven by low interest rates as well as the strength of Australian Dollar making Sydney’s prime real estate more affordable for overseas buyers. Overall there is still a lot of confidence in the Sydney property market.

What have been the top performing suburbs in Sydney’s East this year?
All three of the best sales this financial year have been in Vaucluse. This shows that the spectrum has widened and landmark sales are occurring across more of the waterfront suburbs rather than being constricted to Point Piper and Bellevue Hill.

Have you found that Sydney’s prestige property market is on the rise?
We regard any home or apartment that has a sale price of over $5million to be in the prestige market. There is no disputing that straight off the back of the global financial crisis prices have steadily and sometimes dramatically increased. A few years ago the properties that were priced at around $3-4 million are now reaching $5-6million.

So what does $6million plus buy you in the current market?
Two of Pillinger’s prestige recent sales included 19 Wellington Street, Woollahra – a magnificent 4 bedroom, 3.5 bathroom Italianate mansion and12 Henrietta Street, Double Bay – a 4 bedroom, 3 bathroom family haven in a dress circle location. Both these properties were distinguished with meticulously styled contemporary interiors.

Have you seen a shift in the kind of purchasers buying in to the Sydney market recently? Is there still a lot of foreign demand?
There are a lot more expats in Sydney then there were a few years ago. There is still strong foreign investment from Asian countries, however I have found that these buyers are now more discerning. They’re not just looking for investment purposes, they’re looking to make lifestyle purchases. There seem to be more purchases across a wider range of product too.

Are there good reasons to put your property on the market in the winter months?
Yes definitely, there generally are fewer listings so buyers have a lack of choice and more buyer frustration. This generally leads to more competition for properties, which pushes up prices. People looking to buy in winter are often more ‘serious’ purchasers too. In the spring and summer months, when the majority of people put their properties up for sale, there are a lot more properties to choose from.

What has been your highest sale in the last 6 months?
The very recently settled sale for over $60million in Wingadal Place Point Piper. This is the second highest price in Australian residential history and my highest sale to date.