Five Australian cities are among the world’s top cities with the fastest growth in luxury property prices, according to Knight Frank’s Prime Global Cities Index for the second quarter of 2019.
The index tracked the movement in luxury residential prices across 46 cities worldwide. Brisbane, Gold Coast, Melbourne, Perth, and Sydney are the Australian cities included on the list.
Sydney is the best-performing Australian city, ranking 18th and recording 2.5% growth in luxury property values in the 12 months to June, the data showed.
The harbour city had its sixth consecutive year of growth, averaging 8.7% across this period, according to Michelle Ciesielski, head of residential research at Knight Frank Australia.
“The Sydney prime market remains resilient at a healthy 2.5% growth per annum, being the best prestige performer in Australasia,” Ciesielski said.
Brisbane came in at 20th place, recording price growth of 2.2%. Melbourne closely followed at 21st, with a 2.1% price increase, according to the data.
The price change in Sydney, Melbourne and Brisbane was above the overall average of 1.4% across the 46 cities, the data showed.
Perth ranked 32nd, recording price growth of 0.6%, according to the data.
The Gold Coast ranked 27th, making the list for the first time and recording 1.1% price growth, the data showed.
The Gold Coast’s inclusion reflects stability and depth in the city's established luxury home market, with a solid pipeline of new projects catered towards affluent local and interstate downsizers, Knight Frank statement said.
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