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Demand exists for properties worth more than $2m

Many people are still expressing interest in Australian properties valued at over $2 million, according to an expert.

There is still a reasonable amount of demand for Australian properties that are worth over $2 million (£1.3 million), an expert has claimed.

 

 

John McGrath, the founder and chief executive officer of McGrath Estate Agents, said that the Australian property market started to recover last year but this has been halted by "global and macro economic factors as well as natural disasters closer to home".

 

 

He went on to say that he stands by the predictions for solid growth in 2011 that he made late last year.

 

 

"That prediction might be slightly delayed due to these changes, however I still feel the worst is behind us and we are at the beginning of a long-term growth cycle," Mr McGrath added.

 

 

Last month, Mr McGrath asserted that the Australian property market is not overpriced, as some are claiming.

 

 

He went on to say that he has been in real estate for almost 30 years and is yet to experience a market that has fallen more than 20 per cent.

 

 

Posted by Craig Francis

- property, luxury, demand, sales, economy

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