Thursday, March 24, 2016

Million dollar buyers are still on the hunt this Easter!

The top end of Adelaide’s real estate market has had a strong start to the year. The supply of luxury homes in sought after suburbs across Adelaide remains tight, and at Team Toop we are seeing properties in this area of the market getting snapped up quickly, including a number of these before public release. 

According to RP Data, Adelaide’s top five performing luxury suburbs (in terms of median sale price) were: #5 Toorak Gardens, which had the most number of million dollar sales in this group with a total of 33 sales and a median sale price of $1,306,249. Coming in at #4 was Medindie with a median sale price of $1,341,703. #3 was Thorngate with a median sale price of $1,594,258. #2 was Unley Park with 31 sales and a median sale price of $1,658,356 and the most sought after and luxury suburb last year in Adelaide was College Park with 17 sales and an outstanding median sale price of $2,111,236!

These results are already transitioning into buyer activity this year and our team are seeing really strong interest in the million dollar plus bracket of the market. Statistics released by RP Data show that in 2015 the top end suburbs with median sale prices over $1 million made up only 3.8% of the Adelaide market, but Team Toop is confident this percentage will certainly increase this year. 

What homes are the most popular? We are particularly finding those homes that have been fully renovated are proving very popular with clients’ looking to buy in this luxury market as they are more often than not, busy, time poor professionals who are looking to conveniently move straight in. 

Location is also another key decision making factor. We are finding that properties in prime locations, such as close to private schools, are generating significant interest from buyers. We are seeing that even those ‘time poor’ buyers will consider conducting renovations on the home, if it means they can secure a spot in these tightly held suburbs. 

What are we finding right now? We currently have some magnificent properties on the market and in the ToopVault including some of Adelaide’s finest suburbs such as College Park, Unley Park and Medindie. In the past month, we have had 602 buyer groups come through our million dollar homes. Team Toop currently has a total of 58 homes for sale over $1 million dollars and has 1,670 buyers registered, interested and receiving alerts in this area of the market. 

The luxury homes in these tightly held Adelaide suburbs are in demand, and with the current supply shortage in the market there is no doubt the million dollar buyers will be on the hunt this Easter long weekend!

From all of Team Toop we hope you have a wonderful long weekend and happy Easter!


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