Premium Buyers Return

One of the first sections of Australia’s property market to show signs of stabilising is the premium sector.

Ray White data shows national open-home attendance fell from around 4.5 people per inspection in January to about 2.0 by July, but has since edged back to approximately 2.2.

The improvement has been particularly noticeable in prestige areas that experienced some of the largest price corrections during the downturn.

Ray White Chief Economist Nerida Conisbee says it remains too early to declare a broad recovery, particularly with interest rates still a major influence.

“Our open home data is providing one of the clearest early signals,” she said.

Premium buyers also appear increasingly willing to transact when quality properties are appropriately priced, while buyers upgrading into more expensive homes may benefit from larger dollar-value declines at the upper end.

The early improvement is significant because premium markets often react quickly to changes in confidence.

For now, the data suggests buyer demand is no longer deteriorating at the same pace.