Demand for Hills homes on the rise
January 18, 2012
INTEREST rate cuts and a return of first home buyers to the Hills market is expected to boost high-end property sales this year, local real estate agents say.
The number of homes in Hills suburbs selling for more than $1 million dropped to four last year compared with nine in 2010.
RP Data figures show the most expensive property – a Belair home with a swimming pool and tennis court on Centre Way – sold for $1.125 million.
This figure was half the price of the most expensive home sold in 2010 – a property on Adamson Tce, Belair, which fetched $2.25 million.
Brock Harcourts Aberfoyle Park principal Scott Torney said the slowdown in the lower price brackets, caused by a reduction in first home buyers last year, had flowed on to the top end of the market. He said a series of recent interest rate cuts would help boost sales this year.
LJ Hooker Blackwood principal Mark Burns said the property market looked promising in “every sector” in 2012.
“It really does come to simple demand and supply … last year the supply of high-end properties increased and buyers disappeared,” Mr Burns said.
“But it’s looking promising in 2012.”
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