Australian luxury home market sales reach record highs
Rising inflation and interest rate increases have done little to dampen the top end of the market
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The Australian residential luxury market continues to thrive, with record numbers of houses selling for more than $10 million, Ray White reports.
Ray White chief economist Nerida Conisbee says the same story played out with apartments, with properties selling for in excess of $3 million also achieving record highs in the past 12 months.
Information from the Ray White Group also reveals that apartment sales above $3 million and house sales above $10 million more than doubled from 2020 over the past year.
Mosman on Sydney’s North Shore continues to top the list when it comes to luxury properties, at least by price. In other states, Ray White listed Toorak and Brighton in Melbourne, Dalkeith and Cottesloe in Perth, Torquay in regional Victoria and Hope Island on the Gold Coast.
The longer term outlook for luxury property continues to look bright, Ms Conisbee reports, despite rising inflation woes and consecutive interest rate rises.
This may be in part driven by a shortage of land in the most popular suburbs, making finding the right home a challenge for some.
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The Westpac-Melbourne Institute Consumer Sentiment Index slipped to 84.6 in September from 85.0 in August
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SYDNEY—Australian consumer confidence fell in September amid concerns about job security as economic growth slows to a crawl.
The Westpac-Melbourne Institute Consumer Sentiment Index slipped 0.5% to 84.6 in September from 85.0 in August.
While cost-of-living pressures are becoming a little less intense and fears of further interest rate rises have eased, consumers are becoming more concerned about where the economy may be headed and what this could mean for jobs, said Westpac’s Head of Australian Macro-Forecasting, Matthew Hassan.
Consumers remain concerned about rising inflation, which is stoking concerns that interest rates may rise further, Hassan added.
The report comes a week after data showed the economy barely registered a pulse in the second quarter as consumer spending dropped sharply.
On-year GDP growth in the second quarter was the weakest since the early 1990s, excluding the pandemic years.
At the same time, the Reserve Bank of Australia continued to signal that interest rate cuts are unlikely in the near term, while adding that under certain circumstances a further hike in interest rates may be needed.
The RBA remains concerned about price growth, with core inflation remaining stubbornly elevated at nearly 4.0% on year in the second quarter.
Still, while consumers are downbeat, economists expect spending to regather momentum over coming quarters as income tax cuts delivered in July boost household budgets.
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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
