Australia’s Byron Bay is expected to grow more than 35% in the luxury property market
It currently has the most appealing luxury real estate portfolio in Australasia
The Business Times reported that luxury property prices in 28 key residential markets are predicted to increase by 5.7 percent in 2022. In the Asia Pacific, Seoul and Sydney are forecasted to rise by 9 percent while Auckland will grow by 7 percent.
Prices for prime residential real estate in the Asia Pacific increased by 7.5 percent, with Australasia accounting for the majority of the increase. Prices in Asia increased by 5.5 percent after excluding Australasia.
Knight Frank’s Prime International Residential Index revealed that the Gold Coast experienced the biggest gain in prime property prices in Australia last year, rising 17.1 percent to rank 12th in the world. It surpassed Sydney, which grew 16.2 percent and ranked 17th.
These were followed by Brisbane (11.2 percent), Perth (10.5 percent), and Melbourne (9.4 percent), according to The Sydney Morning Herald.
The luxury property market in Byron Bay, NSW’s premier seaside town, is also slated for growth in the next five years.
Knight Frank’s 2022 Wealth Report shared that it is expected to grow more than 35 percent compared to any other area across the globe.
More: Australian residential market breaks records in 2021
Byron Bay currently has the most appealing luxury real estate portfolio in Australasia.
“Byron Bay has obviously been very popular with our local population but essentially it’s had closed borders. But looking over the coming years, [with borders opened up], it is expected to see the strongest growth in the luxury space,” Michelle Ciesielski, Head of Residential Research at Knight Frank, told news.com.au.
Australia was named the third most desirable country to invest in for 2022, after the United States and the United Kingdom.
Last year, luxury market cities in Australia increased by an average of 8.4 percent, much less than the standard market’s 25 percent increase.
The Property Report editors wrote this article. For more information, email: [email protected].
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