Melbourne is where the money is
Melbourne overtakes Sydney in the $200,000 sports-car classIf large discretionary spending is an indicator, Melbourne has a stronger economy than Sydney – but there is hope NSW could make a turnaround in the wake of the state election at the weekend.
That's the economic conclusion drawn by at least one supplier of cars to the rich and famous.
Ferrari has for the past 12 months sold more of its top-end sports cars in Melbourne than it has in Sydney – even though Sydney has a higher population of wealthy people.
The industry-wide figures support the Ferrari phenomenon.
According to data from the Federal Chamber of Automotive Industries, Victoria has accounted for almost half (41 per cent) of all sports car sales over $200,000 so far this year – compared to NSW which has accounted for just 31 per cent of sales of exotic sports cars in the same period.
Queensland trails with 14 per cent, compared to West Australia (10 per cent), and South Australia (4 per cent).
"What we've seen is almost a complete reversal," said Ferrari Australia general manager Kevin Wall. "This time last year NSW led the way at about 38 per cent while Victoria followed with about 33 per cent, which reflects the Australian distribution of wealth and population."
He said he was unsure why some sections of Sydney's elite were keeping their hands in their pockets when it comes to expensive sports cars.
"People at the top end of the sports car market in Sydney are still buying, just not at the rate they were a year ago," he said. "Perhaps the election may improve consumer confidence."
Ferrari sales nationally are up 15 per cent this year in a market that's dipped by 1.7 per cent. But the raw numbers don't sound quite as impressive: Ferrari has sold 23 cars in January and February 2011 compared to 20 during the same period the previous year.
The most popular models are the $460,000 Ferrari California convertible (of which 70 per cent of buyers have never owned a Ferrari before) which has a 6 to 10 month wait, while the $530,000 458 Italia sports car is sold out for between 12 and 18 months.
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