All sectors of the market are now beginning to recover and now may be the time to look to reinvest in top end property.
Across the country the most affordable 20% of properties, the middle of the market and the top 20% of properties are now all recording increases in their values. After bottoming in the March quarter of 2009, the top end of the market has now begun to improve. The median value of Australia’s premium property market is still 8.1% below the March 2008 peak but early evidence suggests the top end is following the broader market into a recovery.
For those people that have the financial ability it now appears to be a good time to purchase more expensive properties at competitive prices. The prestige market has suffered due to few active buyers and a higher than normal amount of stock on the market which has led to price falls and reductions in the asking price of many homes that are being advertised for sale.
Source RP DATA