According to the Knight Frank Prime Global Cities Index – Q1 2019, Brisbane, Sydney, Melbourne and Perth were among the 23 cities with the highest growth in luxury residential prices around the world.
Brisbane ranks 14th (annual growth of 3.2%) – and Sydney is in 18th position with annual growth of 2.4%. Melbourne is ranked 22nd (1.8%) and Perth in 23rd place (1.8%).
Australian cities all recorded higher growth than average annual base price growth of 1.3% in 45 cities worldwide.
The overall increase in the first quarter of 2019 index in the first quarter of 2019 is the lowest average annual growth rate since the fourth quarter of 2009, down from 1, 8% in the previous quarter.
According to Knight Frank's study, the average rise in luxury prices has been 57.4% over the last decade.
Australian luxury housing markets, particularly the capital cities of New South Wales and Victoria, are expected to continue to post positive results. The number of high net worth individuals – those whose net worth exceeds $ 1 million, excluding their principal residence – is expected to increase by 21% between 2018 and 2023 to reach a total of 116,049 in Sydney and 68,888 in Melbourne
"In the last five years, four millionaires have been created every day in Sydney. This figure is expected to reach 11 million a day over the next five years. In Melbourne, three millionaires were created every day during the same period and are expected to reach seven millionaires a day over the next five years, "said Michelle Ciesielski, head of residential research at Knight Frank, Australia. "The number of millionaires in Perth is expected to double from two per day in the last five years to four per day over the next five years, while for Brisbane it is expected to triple from one to three millionaires. every day during the same period. "
The study by Knight Frank revealed that the majority of luxury market buyers across the country are not experiencing the same pressures as those in the traditional market, characterized by minimal wage growth and restrictions on funding banks.
According to Sarah Harding, partner of Knight Frank and head of residential Australia, more people with more money should buy a luxury residential property in Australia.
"Sydney continues to see positive growth in the prestige market, with limited luxury properties suited to high-end buyers. They are looking for not only top quality finishes, but also smart technologies and a high level of privacy in their luxury homes, "she said. "With competition for limited stocks, we expect positive price growth for luxury homes, albeit at a faster pace than in previous years."
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