Prices have jumped 14.9 percent in the past 12 months, according to the Australian Financial Revue. And Sales are up, especially in the areas bounding Sydney Harbor. The sales explosion, centered in Sydney, is sending concentric circles of growth through the inner suburbs. The Lower North Shore's suburbs, including Cremorne and Neutral Bay, and the eastern suburbs surrounding Double Bay, are experiencing the most activity. The outlying Homebush area, host to the 2000 Olympics, also has experienced a 90 percent growth since the Olympic announcement, Ogilvie notes.
Properties are at a premium.
There are plenty of buyers but extremely limited stock, coupled with the lowest interest rates in 20 years. Luxury apartments are also selling rapidly at higher prices. He predicts that although the boom may slow slightly, luxury sales will continue to thrive through the turn of the century.