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Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
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The real estate boom in Sydney and Melbourne and the wealth effect it has fuelled has propelled Australia to the top-ranking country in the world when it comes to the proportion of first-time Ferrari owners in our midst.

Australia has even outstripped China and oil-rich Middle Eastern countries when it comes to the percentage of first-time owners out of all Ferraris sold in a particular country, and the local chief executive of the company attributes a large part of it to the surge in net wealth for many people from the property boom.

http://www.afr.com/business/transport/automobile/australia-no1-for-firsttime-ferrari-owners-as-property-drives-supercar-boom-20161115-gspkt6





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Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
No worky with no subscription.

The real estate boom in Sydney and Melbourne and the wealth effect it has fuelled has propelled Australia to the top-ranking country in the world when it comes to the proportion of first-time Ferrari owners in our midst.

Australia has even outstripped China and oil-rich Middle Eastern countries when it comes to the percentage of first-time owners out of all Ferraris sold in a particular country, and the local chief executive of the company attributes a large part of it to the surge in net wealth for many people from the property boom.

Herbert Appleroth, chief executive of Ferrari Australasia, said 61 per cent of Ferraris sold in Australia were to "new to Ferrari" people and this was the highest percentage of any country around the globe according to internal Ferrari data.

"For us, it's been a supercar boom," he told The Australian Financial Review.

"There's a strong level of confidence out there among business people. A large part of it is about property. Prices have gone up substantially and many people have quite a few investment properties as well," he said. Median house prices in Sydney have almost doubled since 2009 and in Melbourne are up 80 per cent, but in inner suburbs the rise has been much sharper.

"There has been a huge net wealth increase." Other countries had many more repeat buyers onto their second or third Ferrari vehicles.

The average age of Ferrari owners in Australia has also dropped by about four years over the past few years as sales accelerated to first-time owners, and is now at 49.

Ferrari is on target to notch an all-time high in sales in Australia in 2016, having already sold 146 vehicles in the 10 months to the end of October.

"We're on course for a record," Mr Appleroth said.

It is shaping up as a 60 per cent jump on 2009 when the Global Financial Crisis was in full swing, when 104 were sold in Australia.

Official figures from the Federal Chamber of Automotive Industries show the company sold 167 vehicles in 2015, up from 113 in 2014.

Rise of the business builder

Mr Appleroth said the customer base was largely small to medium business people who were rewarding themselves after building up a business. "It's trades people, it's property developers. A lot of their wealth has been derived from business building and from owning property," he said.

They may have started out as a plumber but had expanded and some were now running much bigger businesses with strong turnover, employing dozens of plumbers.

He said there had also been an increase in the number of female owners in Australia to 9 per cent, the highest in the Western world for countries where Ferrari was sold. But China has a higher proportion of female Ferrari owners.

The company had also noticed an increasing shift in how a Ferrari owner might be perceived driving around the streets of their suburb. "Nowadays, people are more accepting of it. There is actually a changing culture toward wealth and there is more acceptance of success," he said.

Mr Appleroth attributed that to the rise of social media and people sharing photos and text on Twitter, Facebook and Instagram which had brought the "luxury lifestyle" more into the mainstream. "Before all this it was kind of unAustralian."

There were still long waiting lists for many vehicles in the range, with one of the more expensive vehicles being the F12 TDF which has a price tag of $808,000 before on-road costs, while the California T model sells for $409,888



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