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Prestige Property Market Improving

Confidence seems to be slowly returning to the most unlikely part of the property market — the top end — at the same time as prices are on the way down.

The value of houses and apartments in Sydney dropped 0.9 per cent last month, but according to RP Data-Rismark, the best performing suburbs across all capital cities last month were the top 20 per cent, which outpaced the middle and bottom.

Principal of Belle Property Mosman and Neutral Bay, Tim Foote, said his office had its second-best month ever in September, with 89 per cent of the properties selling at auction and seven sales priced between $2 million and $5 million.

So why the turnaround in the prestige property investment market?

”People are thinking sentiment is improving, conditions are improving, therefore prices are going to start improving and so they’re jumping in and buying now,” Mr Foote said.

Source:http://theage.domain.com.au/real-estate-news/prestige-end-of-market-shows-signs-of-recovery-20121102-28phv.html