Monday, September 04, 2006

$10m sale could be within sight

IT'S only a matter of time before an Adelaide property cracks the $10 million mark, according to our leading real estate professionals.
The top end of the market has never been hotter, with figures from the Real Estate Institute of SA showing 195 residential properties sold for more than $1 million in the past financial year.
It was a substantial jump from the previous year, where 160 $1 million-plus properties were sold - 27 of these in the Colley Terrace development.
Toop&Toop managing di­rector Anthony Toop said with Perth, Brisbane, Mel­bourne and Sydney all selling in the $10 million market, it couldn't be too long before an Adelaide home followed.
Adelaide's most expensive home sits at $5.3 million for the former Springwood Park home of bankrupt winemaker Andrew Garrett.
"When it comes to million dollar properties they are no longer a surprise sale like they would have been a few years ago," Mr Toop said.

"Perth in particular used to have very few top end sales but now are recording your $10 million and $15 million sales. Surely it's not too far off for SA. For the prestige of our property market, it's im­portant to see the top end continue to perform." Prov­ing this prestige market is very active, Toop&Toop have 396 active million dollar buyers on their system. Real Estate Institute president Mark Sanderson said an in­crease in interstate buyers had been one of the drivers behind much of the activity in the top end of the market. "If this trend continues we should expect to see the cur-rent barriers broken through," he said
Taken from The Advertiser

As quoted by the article 195million dollar homes were sold in South Australia last year. Of those 195 Toop&Toop sold 39 $1million dollar properties, 7 $2 million dollar properties and 2 $5 million dollar properties. Of those properties Toop&Toop hold the record for the highest $2 million property sold at auction, and the highest property ever sold (over $5 million dollar).We hold 24% of the market share for $million plus properties sold in South Australia in the last 12 months.At Toop&Toop we understand luxury homes, not any agent can sell them, not every buyer can afford them, but we know how to showcase them to find the buyer who can.

Anthony Toop, Managing Director.

© Toop Real Estate Group

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