Thursday, August 11, 2022

Rich expats drive Australian property prices to record highs

Australian property

Sydney and Melbourne real estate values are rising again following several months of decline, with wealthy suburbs setting new records

Rich expats returning home are driving Australian property prices to record highs and they are willing to spend up to $40million for a house in an upmarket suburb.

Compared with most other wealthy nations, Australia has dramatically lower Covid case numbers and is renowned for having the world’s best summer weather and beaches.

In November, 32 regions saw median house prices rise to new record highs, CoreLogic data showed.

After several months of decline, Sydney and Melbourne real estate values are rising again, with wealthy suburbs setting new records.

Anthony Walls, a director of boutique real estate consultancy Max Walls International, said buyers were prepared to pay up to $40million for a house on Sydney’s Lower North Shore or Northern Beaches.

The upper end in Mosman, we’ve got buyers looking $20million to $40million for houses, right the way up the Northern Beaches, he said.

Manly is also attracting interest as a new tech hub of Sydney.

Mr Walls said ultra-rich property buyers just wanted somewhere to put their money.

A lot of it has got to do with, I hate to say this word but property’s the new mattress, he said. There’s nowhere else to put their money. They just want to bring their money home, Australia’s a safe destination.

Rich Harvey, the chief executive of buyers’ agent Propertybuyer, agreed. Property’s become a great safe haven for people, particularly for those overseas buyers, he said.

Mosman, overlooking Sydney Harbour, was Australia’s sixth most expensive suburb in 2020 with a median house price of $4.2million.

Palm Beach, at the top of Sydney’s Northern Beaches, had a house sell for $24million in February, making it Australia’s ninth most expensive home that found a new owner in 2020.

The Ocean Road overlooks the Pacific Ocean and the Barrenjoey Lighthouse.

A Point Piper house, in Sydney’s eastern suburbs, sold for $51million in April, making it Australia’s most expensive property.

Sydney’s eastern suburbs were home to six of Australia’s most expensive houses in 2020, with the city’s Northern Beaches taking two spots.


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