Michelle Ciesielski

Why Brisbane’s prestige property market has outstripped Sydney and Melbourne’s: Knight Frank report

PHOTO: Brisbane’s prestige market has outperformed Sydney and Melbourne’s, the Knight Frank report found. Photo: Belle Property Wilston

Better bang for buck and a balmy lifestyle have thrust Brisbane to the top of the nation’s prestige property charts, following a stellar quarterly performance that saw the sunny northern city outstrip Melbourne and Sydney in the high-end residential market.

Despite the nation’s real estate sector continuing to feel the pandemic pinch, the Queensland capital’s low COVID-19 cases and well-priced luxury properties fuelled the market surge, with Knight Frank’s latest Prime Residential Review Q3 2020 report revealing the city outshone its east-coast counterparts in fewer days on market, price growth and rental growth.

Knight Frank’s head of residential research Australia Michelle Ciesielski said the nation’s luxury market had generally weathered the COVID-19 storm well thanks to the plethora of cashed-up buyers looking to bag the perfect pandemic haven, but said “upsizers and rightsizers” were turning their gaze north, lured by the sheer liveability of the country’s third largest city.