Of all the market segments across Australia and around the world, high-end properties are possibly faring worse than most. If you just had a lazy $5million there’d be some great buying around….
PropertyObserver.com.au reports one southern group is aiming to take advantage of the opportunity, launching a $30milion unit trust to buy up prestige residences. Properties will be in Sydney, Melbourne, Perth, Adelaide and Brisbane – possibly Noosa and the Barossa – and worth between $3 million and $6 million each.
Allure Properties recently launched their Diamond Fund, which aims to buy at least six luxury properties in London, the south of France, Colorado, Queenstown and Phuket while the dollar is high and real estate prices are low. Allure Properties’ Jo Perrott says “The residences that we have targeted are about 50% discounted on their prices several years ago. We have all the right indicators in place for this to work well.”
“We have had so much interest, particularly from Melbourne, WA and Sydney as well as from management companies, in this approach to shared investment in luxury real estate. Many clients talked about wanting domestic property with a shorter time span. We expect that by March next year we could be ready to close the international fund,”