Toorak's high-end market is defeated, and the ultra-high-end market remains strong
Sydney Today, April 4, Australia Eastern Time. The decline in the housing market last year made Melbourne’s traditional highest-end suburb, Toorak, no longer the most expensive area. Canterbury is now the TOP.2 in the high-end real estate market,
According to data from the Australian Property Monitoring Center, Toorak experienced a 43.5% annual decline. The average property price in the second half of 2011 was A$120 million, which is currently lower than Canterbury, which has an average property price of A$170 million. But long-term data shows that Toorak is still unique in Melbourne in terms of the super high-end real estate market-a market with more than 1000 million properties.
According to APM data, in the five years from 2006 to 2011, 70% of Melbourne's highest-priced high-end properties were located in Toorak; early signs indicate that the Toorak property market is most attractive to investors in the local and international markets because of properties in the area. Purchasing power is superior to the super high-end market in Australia and other parts of the world.
For example, compared with Point Piper, a super high-end market in Sydney, the highest property prices in Toorak have been nearly 60% lower than Point Piper in the past decade. Savill’s 2011 Billion Property Index shows that the housing prices in Sydney’s super high-end markets are much lower than other international cities such as Tokyo, Paris, Hong Kong, London and New York, which also makes Toorak’s housing prices more attractive. .
Data from the past ten years shows that the highest price paid for properties in Toorak has a strong correlation with all common stock indexes in Australia. Therefore, the signs that all common stock indexes on the stock market continued to rebound in 2012 this year also indicate the prospect of recovery in Toorak's high-end real estate market. (Wendy)
English version: http://smh.domain.com.au/real-estate-news/toorak-falls-to-second-20120331-1w4yh.html