Ravida Sales See Prestige Market On The Rise

Ravida Sales See Prestige Market On The Rise
27 Oct 2009

Demonstrating that Melbourne’s prestige property market is back on track, renowned luxury builder and developer Ravida Group has today announced a record month of sales including three top-end homes.

Highlighting a return of prestige sales within inner Melbourne, Ravida’s private display town house in Toorak sold last month for approximately $2.6million while two town houses in Prahran yielded approximately $1.7million each, with demand for the properties very high.

Following a sluggish start to the year, brought about by a lack of consumer confidence resulting from the global financial crisis (GFC), Ravida is confident these sales indicate the end of the luxury market downturn.

Ravida managing director, Don Ravida, said the results were a very positive sign heralding the return of the new home luxury market which had stagnated following speculation of a recession from the GFC.

“These results indicate a return of confidence from buyers building or buying new homes in the high-end market range, after a very quiet start to the year. Many buyers in this segment chose to hold off on making big ticket purchases following the market crash in September last year, many waiting to see what the Australian fall-out would be. The overall effect of the USA market crash and subsequent GFC could have been devastating but Australia has borne the ripple effect extremely well … a year on, buyers are feeling safe to invest once again,” Mr Ravida said.

The Toorak sale was managed by luxury estate agent Kay and Burton who is likewise confident the luxury market is in full swing.

Kay and Burton director, Ross Savas, said the sale was a wonderful outcome for Ravida and reflected much of what the agents are experiencing across most of Melbourne’s leafier inner suburbs.

“Ravida is a new association for us and we are delighted by the outcome of this Toorak sale … it is testimony to their exceptional standards and high quality finish of the home. It is also very indicative of the wider trend in high-end prestige property with Kay and Burton continuing to attract brilliant results for properties valued in the many multiple of millions,” Mr Savas said. “Buyers are continuing to invest in quality, luxurious homes that are situated in prime locations across Melbourne whether it be Toorak, Prahran, South Yarra or Brighton.”

Ravida’s recently completed town house project in Aberdeen Road, Prahran, was another positive result for the firm, reinforcing their standards in quality construction across all sectors of the market.

This Aberdeen Road sale was managed by Castran and Gilbert who is also experiencing exceptional demand for quality homes in Melbourne’s desirable inner suburban areas.

For further information on Ravida Group, please contact the firm’s business development manager David Scott on 0437 740 654.

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