Peter Kelaher, Director of PK Property Sydney's Buyer's Agents purchases 2 Trophy Homes worth $26 Million in 4 weeks
Peter Kelaher, Director and Owner of PK Property says the upper end of Sydney's Property Market is alive and well. He says the team have just purchased 3 Pavilion Street, Queenscliff for $12 Million and 44 Bower Street, Manly (a knock-down) for $14 Million, all within the space of 4 weeks.
Kelaher attributes the success in the top end of the market to a number of contributing factors. Interest rates are the lowest in history. However, in most cases, Kelaher says that the higher the purchase price of a property will mean the lower the loan, or in some cases even no loan.
Kelaher says the 'Baby Boomers' are now inheriting a lot of property and cash from their deceased parents, and therefore cashing in on these Trophy Homes to live out their next 30 (or more) years. The common saying Kelaher hears when he buys these Trophy Homes is, 'I can't take my money with me, and the only thing the Government can't tax is the family home. I don't trust them with my superannuation anymore.'
As the saying goes, 'A-Grade property always sells for A-Grade prices' and that's what's happening at the moment in the Sydney marketplace.
Kelaher says the Spring property market will be interesting, as the 'word on the street' is that the stock is tight, and if that's the case, we could be looking at a little bit of competition in the marketplace to either lift prices or stop the falling of prices in some areas.
If you would like more information or independent advice on your property, please contact our team today on 02 9960 1066 or enquiries@pkproperty.com.au.