Home News Buyers target premium properties as confidence grow

Buyers target premium properties as confidence grow

Font size :

Prime properties are back in favour with a growing number of buyers snapping up higher priced homes according to rpdata.com.

During the third quarter, sales of $1million or greater accounted for 5.1% of the total house sales nationally. This is a sharp increase from just 3.3% recorded in the first quarter. At the same time, the proportion of sales for properties below $400,000 fell to just more than 50% in the third quarter from a high of 60% during the first quarter.

"This change in market activity can be largely attributed to the improvement in buyer confidence among investor and non first homebuyer," said Cameron Kusher, research analyst with rpdata.com. "As the economy continued to recover and business and consumer confidence improved, buyers became active in the higher priced segments of the market."

"With values up 11.3% over the first eleven months of the year, we can also attribute some of the new market dynamic to bracket creep - where houses once priced under $300,000 are now achieving a value beyond $300,000."

Kusher said this trend is likely to continue into 2010 where fewer first homebuyers and more investors and upgraders to be active in the market.

"The premium markets (top 20% of homes based on price) have already started to outpace the broader market in terms of price growth as demand for these properties improves," he added.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

New social housing aims to transform Ivanhoe Estate New social housing aims to transform Ivanhoe Estate

The sprawling redevelopment aims to boost the supply of affordable housing in Sydney Read more

A new suburb will be built in west Melbourne A new suburb will be built in west Melbourne Mount Atkinson will become home to more than 22,000 people over the next 15 years ... Read more

Surging house prices threaten liveability in Melbourne Surging house prices threaten liveability in Melbourne Analysts warn the city could become just as unaffordable as Sydney, if property trends continue ... Read more

More Aussies would benefit from regional hubs linked to cities More Aussies would benefit from regional hubs linked to cities Shorter commutes could spur higher home sales in regional towns, analysts say ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Aug 17, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords