What downturn? Sydney’s trophy market hits peak performance

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The top 20 house and apartment sales alone have totalled about $760 million, and 50 sales for more than $20 million were recorded across Sydney, topping last year’s boom-time bonanza

This year’s trophy home market topped last year’s bonanza of 45 sales for more than $20 million.Property listingsSydney’s trophy home market has not only been spared the broader market downturn but has recorded its best-performing year for sales in the $20 million-plus range.

But, says veteran prestige agent Craig Pontey, “it is only the very top of the market that is still booming. The rest of the market is a bit of a mess.” The Agency’s Ben Collier said the oversupply of buyers – many of them returned expats – forced buyers to circle back to grand estates in Bellevue Hill that were trading in the $20 million range a few years ago and had since doubled in price.

The surge in trophy home values comes as Sydney’s broader property market copped an 11.4 per cent fall in median values from the market peak in January, according to recently published CoreLogic data.

 

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