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The rush is on to quench the growing thirst for apartment living with a raft of new developments in the pipeline across Sydney.
"We're seeing record numbers of new building approvals for high-rise apartments in Sydney," says Dr Andrew Wilson, the senior economist at Australian Property Monitors.
The flood of new stock should easily be soaked up though as the increasing desire - particularly from empty nesters and young professionals - to live closer to infrastructure and amenities means "the unit market will continue to be popular", Wilson says.
Three houses were listed this weekend at more than $1 million in Bellamack, Farrar and Marlow Lagoon.
The Sunday Territorian reported this month that more Territorians were purchasing million-dollar properties in Darwin than ever before, as homeowners turn to high-end homes in more affluent suburbs.
Real Estate Institute chief executive Quentin Kilian said yesterday that the move towards higher priced properties had seen home hunters scout for more houses in Palmerston.
The drought in regional Queensland and New South Wales has not slowed property market activity in major towns, according to real estate agency Raine & Horne.
In Charters Towers, market activity has remained buoyant despite the 18-month drought.
Data from the agency shows sales are up 50 per cent for the December/January period compared with the same time last year, while buyer enquiries have increased 30 percent.
APPEARANCES can be deceptive — this derelict cottage in Mona Vale sold at auction for $1.8 million.
The old timber cottage hadn’t been listed for sale in half a century and had just two bedrooms and no garage.
Despite that, 47 contracts issued on the home and there was aggressive bidding and high emotion at the auction.
Locals had been watching 93 Narrabeen Park Pde for years due to its coveted location with lovely ocean views, Domain Residential’s Nik Vuko said.