Thursday, May 21, 2009

REJECT the Recession continues

Confidence is running hot as RP Data release a national report on $1m plus sales. Toop&Toop “Reject the Recession” theme adopted for 2009-10 is off to a flying start with record breaking sales activity.

Let’ share some Toop&Toop stats with you. Since May 2008 Toop&Toop have sold 105 properties over $1,000,000 and in the past 3 months alone we’ve sold a total of 29 with a number of these negotiated off market. In the first 18 days of May Toop&Toop sold on average of one million $ plus home every second day - a staggering 9 properties over $1,000,000.

RP Data has released some very interesting National statistics on the top end market. Considering a $1million sale in Adelaide means a whole lot more than it does in most of Australia, the report supports the strength of Adelaide’s property market.

Have a look at some facts out of the RPData report:

“Over the last 12 months the number of suburbs with a median house or unit price of more than $1 million has fallen from 151 suburbs nationwide to 134 suburbs. NSW saw the greatest change in the number of these elite suburbs, with a net loss of 8 suburbs or 9%. Qld and SA on the other hand, recorded a net gain of $1 million plus suburbs of 1 each.

It is unsurprising to see that the number of suburbs with a median price of more than $1 million has shrunk during the last 12 months given the impact of the global financial crisis. This has resulted in huge losses in superannuation, large falls across equity markets and price falls across premium property markets.

Across the 151 suburbs which recorded a median house price of $1 million or greater during 2008, 106 suburbs or more than 70 percent of these suburbs, recorded a fall in median price during the year...”, the report says.

Looking into the RP Data detail, we had both North Adelaide and Leabrook fall out of the million dollar club, while Toorak Gardens and Malvern entered with Malvern seeing a staggering 33.98% increase.

The activity and sales occurring along with new records being set and then reset are results that simply cannot be ignored.

Anthony Toop, Managing Director.

© Toop Real Estate Group

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