The country's largest housing markets are on the list of the most expensive cities in the world – with 52 m² in Sydney and 97 m² in Melbourne, priced at US $ 1 million , according to Knight Frank's report on wealth 2019 [
Monaco remains the most expensive city in the world, with 16 m² of accommodation – the equivalent of a room in a luxury home – costing $ 1 million. Hong Kong came in second with a million US dollars to buy only 22 m² of property. Between New York and London, the third place is tied, with 31 m² of real estate valued at 1 million US dollars.
The report also revealed that the currency fluctuations of the past year had made Australia's preferred real estate more attractive to foreign buyers.
Throughout the year 2018, prime real estate in Sydney rose by 3.1%, but with a stronger US dollar, the overall impact of the currency change resulted in a 7% drop in prices for buyers who buy prime residential properties in Sydney with US dollars.
"With regard to the impact of exchange rate fluctuations on preferential residential prices in major Australian cities in 2018, the end of the year was marked by a 7% reduction in 8% of the price of purchases made with the US dollar, between 9% and 10%. % for those buying in Japanese yen, while those buying in renminbi currency recorded a 2% to 3% reduction over the same period, "said Michelle Ciesielski, head of Australian residential research at Knight Frank.
"When the selling price is taken into account, the selling price varies considerably for the buyers of a residential property in Australia."
When the US dollar strongly appreciated against the Australian dollar, the demands of wealthy expatriate clients have increased. According to Ciesielski, these future homeowners have taken advantage of the even greater amount of luxury residential properties that can be purchased.
The report showed that by the end of 2018, 1 million US dollars could buy 52 sqm of prime floor space in Sydney, or 4 sq m more than we had recorded at the end from last year.
Lehman Brothers collapsed in the global financial crisis ten years ago. During this period, 86 sq. M. Of prime residential properties in Sydney could be purchased for $ 1 million, or 34 sq. M more than what could have been purchased by the end of 2018.
In 2008, one million US dollars could cover 155 square meters in Melbourne. The figure narrowed to 97 m² in December 2018, but exceeds 90 m² at the end of 2017.
An amount of US $ 1 million could bring 123 m² in Brisbane, compared with 160 m² in 2008. Gold Coast also reported that one million US dollars could yield 136 m² by the end of 2018, compared to 173 m² in 2008.
Perth, on the other hand, has announced an increase in the amount of space that can be purchased by one million US dollars – from 109 m² in 2008 to 116 m² in December 2018.
"Although this represents only seven more square meters, this represents an opportunity for buyers of the luxury residential sector given the height of the resource boom that occurred in June 2011, only 71 m² could be purchased with a million US dollars, "said Deborah Cullen, partner and head of Australia's prestigious residential home at Knight Frank.
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