A lack of high-end houses for sale is fuelling an already booming market.Sydney’s ultra-rich citizenry has often been accused of living in a parallel universe to the rest of us, and when it comes to their trophy home market that is certainly true.
Dover Heights jumped 40.3 per cent, Rose Bay rose 40.1 per cent, Woollahra was up 39.8 per cent and Double Bay up 31.1 per cent. Arguably Sydney’s most expensive suburb, Point Piper, had too few house sales to record a median price movement. The ultra-prestige harbourside suburbs of the eastern suburbs are among Sydney’s top-performing markets.Fuelling the growth across prestige neighbourhoods is an acute shortage of ultra-prestige homes for sale to meet demand, The Agency’s Ben Collier said.
The Ganeden mansion sold in February for more than $62 million, helping boost the Vaucluse median rise of 42.8 per cent in the year to March.Likewise, oceanfront suburbs like North Bondi, Bronte and Clovelly are among some of the top-performing markets, up 36.2 per cent, 35.1 per cent and 40.6 per cent respectively.
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