Knight Frank report

Sydney, Perth and Gold Coast top rankings for luxury property price growth: Knight Frank report

PHOTO: Luxury property prices on the Gold Coast have risen despite the pandemic. Photo: iStock

Five Australian cities have made an international ranking of the fastest-rising luxury housing markets in the world, despite the coronavirus pandemic.

Sydney’s top-end homes recorded 2.3 per cent annual price growth in the September quarter, the strongest luxury market in Australia and the 16th ranked in the world, according to the Knight Frank Prime Global Cities Index.

Perth posted 2.2 per cent prime property price growth to rank 17th on the list, followed by the Gold Coast at No.18 with 1.8 per cent growth.

Brisbane came in at No.23 with 1.1 per cent price growth for its top-end homes over the past year, and even virus-affected Melbourne recorded 0.3 per cent growth to rank at 26.

A surge in demand post-lockdown as luxury home owners re-evaluated where they wanted to live had supported sales and prices, Knight Frank head of residential research Michelle Ciesielski said.

“Once lockdown was eased, the prime property market was supported by an upward trajectory in the stock market, low interest rates and ultra-wealthy money which remained at home,” she said.

“Most of Australia was fortunate to ease out of restrictions in time to take advantage of the idyllic spring selling season. The thin number of prime properties on the market had great exposure to the ultra-wealthy population who would have otherwise been returning from a European vacation.”

The top-ranked global city was Auckland, with 12.9 per cent growth in its luxury market. The index measures price changes for the most expensive homes in each city, usually the top 5 per cent of each market.