Sales of Brisbane’s million dollar homes have increased by 74.2 per cent since June 2009.
According to the latest PRDnationwide data, premium properties are back en vogue as wealthy borrowers look to snag themselves a prestigious address.
“A resounding recovery within Brisbane’s Million-plus market could be the first real sign of an upturn in the Brisbane market,” PRDnationwide’s research analyst Josh Brown said.
A total of 594 Million-plus properties changed hands in Brisbane between January and June 2010, compared to 341 during the same six month period, a year earlier.
“This indicates that buyer sentiment within Brisbane’s prestige markets is at its highest since June 2007,” he said.
“A robust economy, historically low interest rates and a potential for discounted properties has seen Million-plus transactions skyrocket.”
Mr Brown said the growing demand for real estate in top suburbs has, and will continue to push price growth.
“Sales have been buoyed by increased investor activity, as well as attention from the ‘upgraders market’ which is people buying their second and third homes in more expensive price brackets,” he said.
The 74.2 per cent jump in Million-plus sales in Brisbane has coincided with a 7.2 per cent price increase in median price, according to PRDnationwide.
The Million-plus sales accounted for 7.8 per cent of total property transactions in Brisbane during the first half of 2010.
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