Economy

Prestige property boom

SmartCompany /

Good times on the sharemarket, healthy company profits and ex-pats planning ahead have fuelled acceleration in the prestige property boom over the past year.

Prestige house prices rose by an average of 9.2% in the year to June – but super-dooper houses in prestigious waterfront locations soared 15% to 40% according to Knight Frank’s Australian Prestige Residential Overview Spring 2007.

The enormous price tags have been mostly for houses in Sydney. Brett Blundy just sold his Sydney harbour-front mansion for about $29 million, double what he paid to John Singleton for it 1999.

Other big prices in Sydney include: 2 Bayview Road, Rose Bay for $18.5 million; 50 The Cres, Vauclause for $16.10 million; 10 Wylde St, Potts Point $15.5 million.

In Brisbane: 39 Eldernell Tce, Hamilton fetched $11.2 million and 55 Markwell St, Hamilton went for $9 million.

In Melbourne: 336 Glenferrie Rd, Malvern sold for $18 million; 729 Orrong Road, Toorak for $17.5 million; 6-10 Flete Avenue, Armadale fetched $13.75 million.

The highest price fetched in Perth was 1144a Victoria Avenue, Dalkeith for $9.25 million.

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