Market Spotlight | Australia in 2020
Australia is famous for its wide-open spaces, its beaches, and its vibrant array of flora and fauna, among many other things. With highly-urbanized and cultural landmarks like Perth, Sydney, and Melbourne, it’s hard to argue that between the natural beauty – and the manmade variety – Australia remains high on the list of sought-after destinations.
With the help of our local area experts throughout the island continent, join us as we take a closer look at the land down under.
Greater Australia
Western Australia | South Australia Sotheby’s International Realty
“Following the outbreak of the global pandemic, there has been high interest in beach side land at Eagle Bay in Western Australia in the Margaret River region, south of Perth,” says Graham Bowie, Group Managing Director, Greater Australia Sotheby’s International Realty. “In this same area a luxury resort with attached vineyard has just been listed for $15 million AUD. Inland developers have been busy purchasing major sub division lots with another two sub divisions under offer. A $20 million AUD offer has just been accepted for a rural property, so you can see there is quite a deal of activity in the West.”
Opposite to the current trend of regional lifestyle sales has been South Australia with two recent sales, one in prestigious North Adelaide for $4.4 million AUD and an historic residential property in the nearby Adelaide Hills for over $2 million AUD.
Launceston, Tasmania | Tasmania Sotheby’s International Realty
“Tasmania has the perfect property to match the current trend of purchaser enquiry with a historic Victorian Italiante home,” Bowie continues. “Windarra is in the blue-chip locale of East Launceston and is illustrative of the architectural heritage of Tasmania.” Built in 1878 by renowned builders J & T Gunn and on the list of historic properties in Tasmania, the home now blends the character of period styling with modern upgrades befitting today’s requirements.
Queensland
Queensland, Australia | Queensland Sotheby’s International Realty
“At present we’re seeing strong sales across all Queensland – particularly in our lifestyle locations of Whitsundays, Port Douglas, and Gold Coast regions,” says Paul Arthur, CEO, Queensland Sotheby’s International Realty. “These sales are being driven by strong demand, as our high-net-worth clients cannot travel oversees for foreseeable future – so why not purchase their little piece of paradise locally?”
Recent trends have made the Queensland region attractive to Asian buyers. “The falling Australian dollar along with a strong, safe, and stable economy are certainly of note,” says Arthur. “That, along with our much less-densely populated areas and close proximity to Asian countries – with direct flights to most major cities and destinations, make Queensland an ideal place to invest for Asian intenders.”
Sydney
Sydney, Australia | Sydney Sotheby’s International Realty
“The Sydney luxury property market has maintained its strength during these challenging times,” says Michael Pallier, Managing Director, Sydney Sotheby’s International Realty. “As we spend more time at home, we have found that buyers are really looking for homes with a lifestyle element to create a sanctuary to reside in.”
Sydney is poised to offer balance to suit the lifestyle buyers are looking for according to Pallier, “from our sandy beaches, to cruising our world famous harbour and bushwalks to coastal scenic walks, the convenience of our city in terms of shopping needs, our extensive dining experiences, to our high level of school education and transportation, Sydney is highly diversified – that makes us truly unique.”
Victoria
Victoria, Australia | Peninsula Sotheby’s International Realty
“The Peninsula luxury market has hit an all-time high as the 2021 financial year begins,” says Rob Curtain, Owner, Peninsula Sotheby’s International Realty. “Our office has continued to set records passing the previous summer highs and for the past few years the baby boomer demographic has been the strongest net buyers of luxury homes, many making the Peninsula their primary place of residence.”
“As the world changes quickly, many others have brought forward their plans to move to the Peninsula, upgrade their homes for a more permanent lifestyle choice or decided to stay and work from their holiday homes. This is pushing up prices due to low inventory levels and these high demands.”
As for sellers the news has been good too. “Our Peninsula office is transacting new price records on a regular basis.” Says Curtain.
