The Australian economy is recovering from a property downturn, but the growth in national house prices is still faster than many cities across the world.
And it’s expensive property that’s in highest demand.
In fact, a handful of Australian cities rank among other leading global cities for having some of the fastest luxury property price growth in the world.
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Sydney, Brisbane, Melbourne, Gold Coast, and Perth all feature on Knight Frank’s Prime Global Cities Index of Q2 2019, which tracks the movement in luxury residential prices across 46 global cities.
Sydney ranks in at 18th place, with 2.5 per cent rise in luxury property prices in the 12 months to June 2019.
Brisbane came 20th place, recording 2.2 per cent price growth, followed closely by Melbourne at 2.1 per cent.
Gold Coast is a new name on the list, with the newcomer ranking 27th and recording 1.1 per cent growth in luxury property prices, while Perth – at 32nd place – saw 0.6 per cent growth.
Sydney, Melbourne and Brisbane’s price change was above the overall average of 1.4 per cent across the 46 cities.
Berlin took out first place on the list with a stunning 12.7 per cent growth in high-end property, followed by Frankfurt at 12 per cent.
Break it down
Knight Frank head of residential research research Australia Michelle Ciesielski said Sydney had recorded its sixth consecutive year of growth, averaging 8.7 per cent across this period.
“This outstrips the average of 1.8 per cent recorded the six years prior,” she said.
“The Sydney prime market remains resilient at a healthy 2.5 per cent growth per annum, being the best prestige performer in Australasia.”
Meanwhile, Gold Coast was noted for making its first appearance on the list.
“The Gold Coast has been included in the Prime Global Cities Index for the first time in the second quarter of 2019, reflecting 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,” a Knight Frank statement said.
Who made the cut?
This is the full list of the 46 global cities where luxury property prices have grown the fastest:
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