Sydney still the nation's top luxury market

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Sydney is still the top luxury market across the nation and remains one of the world’s best-performing cities for high-end real estate despite drops in prices, according to news.com.au.

Knight Frank’s Wealth Report 2019 revealed that Sydney ranks 30th globally. Brisbane came at number 31, followed by Melbourne at 41 and then by Perth and the Gold Coast, which tied for 42nd.  

The value of the 100 luxury residential markets tracked by the Knight Frank Prime International Residential Index (PIRI 100) increased on average by 1.3% last year, down from 2.1% in 2017 – and the Index’s lowest rate of annual growth since 2012.

The lower price growth was a consequence of the change in monetary policy (away from the ultra-low interest rates), according to Michelle Ciesielski, Knight Frank’s head of residential research.

Australia’s high-end market rose above the global average for luxury residential price growth over the 12-month period ending in December.

Sydney led the list for Australian cities with growth of 3.1%. It was followed by Brisbane (3%), Melbourne (2.2%), Perth (2.1%) and the Gold Coast (2.1%).

“The price growth between prime global markets is converging — and Australia is no exception. The performance in 2018 saw all five Australian prime cities place in the top 50 of Knight Frank’s PIRI 100 — all five cities within one percentage point — when three years ago the range was closer to 19 percentage points,” Ciesielski said.

Manila was the world’s top performer due to the strengthening economy in the Philippines and the lack of supply. Other headliners included Edinburgh, Berlin and Munich.

In a separate poll called The Wealth Report Attitude Survey, Australia was ranked third — behind the US and UK — as the most popular country for those looking to buy prime residential property in 2019.

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