03 Sep Million-dollar market
Amid what is now officially a recession in Australia, parts of the real estate market continue to thrive, with some buyers able to weather the economic storm brought on by COVID-19.
VThree Real Estate’s Senior Property Partner, Steve Meins says the higher-end of the market for $1 million-plus properties is selling relatively quickly in the right places and “having strong responses to the marketing of properties for sale”.
A property for sale at $1.2 million he is aware of in Adelaide had 50 people through for open inspection in one weekend – a rare phenomenon these days. The property sold within 10 days for an undisclosed price.
Million-dollar properties can also pop up in unlikely places. “I get surprised at the locations where $1.5m properties exist but a quality property is a quality property,” says Meins
Founder and Director of VThree Real Estate, Ruan Perera says in the Greater Adelaide area, recent data from Core Logic shows there are well over 35 suburbs within the wide Adelaide Area where the top 25% of properties sold are achieving prices of $1m or more. “So there’s plenty of locational choice,” he says. “There is a lot of diversity and it does go to both how Adelaide has grown and its future growth. It has so many different types of neighbourhoods, streets and houses and many different types of people who are looking to buy and sell a home.”
V Three Real Estate is familiar with this end of the market, having sold and working to sell quality properties for its residential and commercial vendor clients. In the 18 months since V Three Real Estate commenced business, it has had more than 1.5 million people look at their property listings, registered inquiries from up to 3000 people, and closed over $15 million in sales.
“Not too bad by any stretch,” Perera says. “And there’s only three senior agents. It just tells you that the market is wanting that sort of service from agents. We are a bit selective in the types of properties we will list and we are very upfront with our vendor clients and with the buyers about what we are selling. It’s the team the team our clients get. it’s not the individual. It’s not just the single agent listing a property servicing our clients, it’s the whole team working as one to get something done and achieve results.”