Market activity is improving in the higher priced property markets as confidence in this sector continues to build.
As 2009 progressed, the strength of the residential property market continued to improve. Initially the market improvement was fuelled by buyer activity at the affordable end of the price spectrum however, as the year continued, more expensive markets started to show an improvement in market share.
National houses
The vast majority of house sales occur at prices below $400,000, in the first quarter houses in this price range accounted for 58.7% of all sales, by the third quarter they accounted for 51.5% of sales.
As 2009 progressed the volume of sales within the price points below $400,000 fell whilst all price points above $400,000 saw their total market share increase, indicating a shift in the market toward higher priced houses.
During the first quarter sales of $1 million or greater accounted for 3.3% of national house sales, increasing to 5.1% during the third quarter.
Article Supplied By First National Metro Property Consultant, Aaron Woolard
M: 0421 145 386
T: 07 3840 5915
aaronw@metrofn.com.au
Aaron. Looks like higher priced homes are on the improve in Brisbane. West End and South Brisbane would seem to be promising areas.
Thanks for commenting Greg, Properties within South Brisbane and West end are regularly in high demand and now with very little supply we are seeing a continuing trend of rising prices. Definitely a great place to consider for long term investment purposes! ^AW