Prestige property buyers drive demand across Sydney, Melbourne and Gold Coast despite uncertainty

The high-end property market in Sydney, Melbourne and the Gold Coast remain resilient, with buyers driven by a desire to find the perfect property, not ideal market conditions.

Highland Double Bay director David Malouf says after a challenging few months, renewed optimism, energy and activity is returning to Sydney’s prestige eastern suburbs market. 

“There was a bit of a hold, but what we’ve found coming into the new financial year is we’re definitely seeing activity,” he says.

“I had opens on Saturday with stock ranging from $10 million up to $40 million, and there was good activity through all of those.”

Lifestyle trumps market timing for prestige buyers

Malouf says buyers in other market segments are often more affected by economic uncertainty, while those with the capacity to buy are motivated by the chance to secure a rare high-quality asset.

“Many buyers are also motivated by lifestyle rather than timing the market perfectly,” he says.

“Whether it’s securing a family home, downsizing into a premium apartment or acquiring a trophy property, they recognise that the right property is often more important than waiting for the ‘perfect’ market conditions. When quality assets become available, buyers with confidence and a long-term outlook are prepared to act.”

Malouf notes that turnkey properties such as 80 Beresford Rd, Bellevue Hill, which is currently on the market, and 27 Victory St, Rose Bay, which recently sold for $19 million, are highly sought-after by buyers.

He says prestige buyers are time-poor and don’t want to deal with the costs or project-management hurdles associated with renovating.

Buyers are also looking for homes with wellness features including pools, spas, saunas, ice baths and fitness studios.

“People are spending more time at home so they want to have a house that offers a steam room and ice bath … and 80 Beresford Road offers that, along with multiple living zones and the pool. It’s turnkey; that’s what people want.”

Malouf says the prestige market outlook is positive.

“Prestige real estate has always been driven by confidence, and I think we’re seeing that confidence return,” he says. “For well-presented homes in prime locations, the outlook is encouraging.”