Century 21, the largest real estate sales organisation in the Asia Pacific region, believes that recent data showing capital gains in the premium property market may suggest a return of confidence to this segment.
Chairman and Owner of Century 21 Australasia, Charles Tarbey, believes this growth in confidence could be linked to other economic factors.
"Upward movement in the premium property segment tends to be linked to an improvement in confidence in equity markets and the wider economy."
"However, positive gains in the premium market shouldn't be confused with a turn in the property market.
"A more accurate bellwether for the property market is discretionary spending such as the purchase of holiday homes and the like, a market segment which Century 21 will be closely observing for any change in sentiment," Charles Tarbey concluded.
The recently released RP Data-Rismark Hedonic Home Value Index confirms that the premium property segment is also now showing higher capital gains than the broad middle and most affordable segments of the property market.