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Prestige purchases on the rise
Released 25 August 2010

Sales of prestige homes were up 3.35 per cent on the previous quarter, reveals a report for REINSW by valuer Dyson Austen.

In three months, 10 Sydney homes have been purchased for a total of more than $120 million. An interest rate rise of 0.5 per cent and stock market decline of 11.6 per cent weren’t a deterrent to these pricey purchases.

The prestige market bottomed in the June quarter of 2009. It has since risen by more than nine per cent. However, this is still lower than the overall increase in Sydney house prices by 21.4 per cent over the same period, according to the Australian Bureau of Statistics.