Investment in luxury Australian property is continuing, according to a recent article in a New South Wales newspaper.
The Braidwood Times reported that two properties in the Mosman area of Sydney have sold for about $15 million (£9.65 million) each.
Both homes are non-waterfront properties overlooking Balmoral Beach and the sales could be evidence that cash-rich buyers are keen to invest in high-end Australian property.
Raine and Horne selling agent Brendan Warner told the newspaper that "the five-bedroom, eight-bathroom, Stanley Avenue family home with tennis court and heated 20 m lap pool is one of the finest non-waterfront properties in the area".
Meanwhile, the other luxury abode - located on Kirkoswald Avenue - sold for almost $15 million.
Mr Warner added that the agency still had a number of buyers willing to spend approximately $20 million on the right home, which could suggest that the Australian property market is appealing to those with money to spend.
The latest Housing Industry Association-JELD-WEN New Home Sales Report revealed that the number of new homes sold increased by 0.6 per cent in February.
After January's 2.5 per cent rise, this could mean that industry is still not back to full strength, with opportunities for investors to grab a bargain.
Posted by Steve Douglas
