FERRARI Oz is charging towards a record year in sales and it has our burgeoning property markets to thank for it.

As well as being on track to sell more vehicles in this year than any other, Australia has surged past the global market when it comes to the relative amount of first-time owners.

Herbert Appleroth, Ferrari Australasia CEO, has labelled it a “supercar boom” for Ferrari when speaking to the Australian Financial Review, and linked it to Australia’s extremely competitive housing markets.

This boom comes from the new rich, reportedly, with 61 per cent of Ferrari buyers first-timers, which is more than China and Middle Eastern markets.

Ferrari 488

For instance, Sydney’s median house prices have soared to $1,068,303, double what they were 10 years ago.

According to statistics from the Federal Chamber of Automotive Industries Ferrari sold 147 vehicles by October’s end. Or 1.4 per cent more this time last year.

Ferrari FF

The 147 Ferraris sold so far towers over McLaren’s 59 or Lamborghini’s 120, and is predicted by the CEO to surpass 2015’s total of 167 units.

FF-badge

The FF was the first ‘family-friendly’ Ferrari and the GTC4 Lusso ‘T’ variant plans to bring it closer to buyers with the 488’s smaller twin-turbo engine, rear drive, and a more attainable price when its expected to land this month.

Source: Australian Financial Review