The number of listings dropped between five per cent in some suburbs up to 50 per cent in others compared to the same time last year.
“We have sold a number of properties in the $5 million to $12 million price range over the winter season,” said David Edwards, agent of LJ Hooker Palm Beach. “And while there’s a few new listings coming up, prudent buyers should step into the market now as I see the market remaining short of quality stock going into the spring season.”
One of the reasons for the supply shortage is the influx of expats looking for property investments. The usual investors and holiday house buyers from the eastern suburbs and north shore are now competing with these expats for prestige properties. Edwards also said that he has been receiving quite a lot of inquiries from Chinese buyers.
But the same cannot be said for the luxury property market, which remains as strong as ever, thanks to the north shore downsizer market.
“People are coming out of big merchant homes worth $10 million to $15 million and they don’t want to move into small apartments,” said Max Walls International agent Anthony Walls.
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