Sydney, Australia
Two luxurious apartments side by
side on the fifth floor of the iconic
Bennelong No1 with uninterrupted
180 degree views.
Price: £7.7 million
Asia &
Pacific
While neither region has proved immune to
the global slowdown, demand at the high
end, specifically in Asia, remains strong
ousing markets in Asia are driven by In the Pacific region, Australia has not been immune to
Interest in luxury
H
rising incomes and inward migration the current stress in global financial markets, and
residential properties,
particularly from
towards the cities, where expanding this has slowed demand considerably, alleviating
overseas buyers,
urban populations are straining the inflationary pressure. This has assisted the Reserve remains strong across
social and physical infrastructure. With Bank’s decision to instigate an expansionary bout of
Australia’s principal cities
principal cities and international trading hubs also monetary policy, which has reduced the cash rate to
attracting expatriates, as multi-national companies seek 4.25 per cent as of December 2008.
to invest. Rising domestic affluence is also strengthening Furthermore, the recent expansionary fiscal package
demand for high end residential. announced by the federal government includes greater
Demand for housing tends to be strong at all levels assistance to first home buyers which should translate
of the market. While access to housing has been into an improvement in first home buyer demand. n
facilitated by the recent growth in mortgage markets in
Asian countries, they generally remain in their infancy.
The global slowdown has affected Asian economies
in phases, beginning with denial as the theory of
“Rising domestic affluence
decoupling promoted the idea the continent was no
longer tied to the US or Europe. While banks have
not accumulated the ‘toxic debt’ of their western
is strengthening the demand
counterparts, a high degree of export dependence has
lead to a sharp economic contraction from Q3/2008. for high-end residential.”
savills global residential review 27
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