Australian property prices

Rich expats returning home drive Australian property prices to record highs | WATCH

PHOTO: Anthony Walls, a director of boutique real estate consultancy Max Walls International, said buyers were prepared to pay up to $40million for a house on Sydney’s Lower North Shore or Northern Beaches. Pictured is a house at Palm Beach which sold for $24million in February

Rich expats returning home are driving Australian property prices to record highs and they are willing to spend up to $40million for a house in an upmarket suburb.

Compared with most other wealthy nations, Australia has dramatically lower Covid case numbers and is renowned for having the world’s best summer weather and beaches.

In November, 32 regions saw median house prices rise to new record highs, CoreLogic data showed.

After several months of decline, Sydney and Melbourne real estate values are rising again, with wealthy suburbs setting new records.

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Rich expats returning home are driving Australian property prices to record highs and they are willing to spend $40million for a house in an upmarket suburb. Pictured is Mosman on Sydney's Lower North Shore

Rich expats returning home are driving Australian property prices to record highs and they are willing to spend $40million for a house in an upmarket suburb. Pictured is Mosman on Sydney’s Lower North Shore

Anthony Walls, a director of boutique real estate consultancy Max Walls International, said buyers were prepared to pay up to $40million for a house on Sydney’s Lower North Shore or Northern Beaches.

‘The upper end in Mosman, we’ve got buyers looking $20million to $40million for houses, right the way up the Northern Beaches,’ he said.

Manly is also attracting interest as a new tech hub of Sydney.

Mr Walls said ultra-rich property buyers just wanted somewhere to put their money.

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