30 Apr 2013

Top end residential property fetching high prices

7:48 am on 30 April 2013

Upscale residential property in Australia is in demand and the top end is buzzing at the moment.

A case in point is the recent sale of a waterfront house in Point Piper, Sydney.

Radio New Zealand's Sydney correspondent said this particular address went for $A33 million - $A9 million more than it last traded at just seven years ago.

Helping the Sydney market is an influx of Asian investors and interest rates at their lowest for 40 years.

Even Canberra is fetching top dollars. A new house there is expected to fetch $A10 million at auction. The house on a 5000 square metre block lost sold in 1996 for a tenth of that.