{"id":11195,"date":"2021-02-25T11:54:13","date_gmt":"2021-02-25T04:54:13","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=11195"},"modified":"2021-06-04T16:04:13","modified_gmt":"2021-06-04T09:04:13","slug":"sydney-and-melbourne-no-longer-ranked-highest-for-luxury-properties","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/sydney-and-melbourne-no-longer-ranked-highest-for-luxury-properties\/","title":{"rendered":"Sydney and Melbourne no longer ranked highest for luxury properties"},"content":{"rendered":"

A new report indicates Brisbane, Gold Coast, and Perth for highest luxury home price\u00a0growth\u00a0<\/span><\/p>\n

\"\"
16 percent of ultra-high-net-worth Australians\u00a0plan to buy a new home this year. DAEPhoto\/Shutterstock<\/figcaption><\/figure>\n

As people hunt for homes that double up as \u201cCOVID-free castle<\/span>s\u201d, prestige property prices in Brisbane, the Gold Coast, and Perth have surged, with a new report indicating<\/span>\u00a0that<\/span>\u00a0the three\u00a0<\/span>cities<\/span> have outrun Australia\u2019s two biggest capital during 2020, reported Domain<\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

The recently released Knight Frank Wealth Report 2021 also unveiled the trio<\/span>\u00a0made a global splash in the Prime International Residential Index (PIRI 100), which follows the fluctuations of luxury home prices across the world\u2019s 100 best residential markets.\u00a0<\/span>\u00a0<\/span><\/p>\n

The three cities, with Perth coming first, were ranked in the top 44 of prestige markets<\/span>\u00a0<\/span>on the basis of<\/span> surging buyer demand, greater emphasis on lifestyle, and low-interest rates, clocking up annual price growth of more than 2.5 percent.<\/span>\u00a0<\/span><\/p>\n

Sydney ranked 56<\/span>th<\/span>\u00a0after luxury home prices rose just 1.1 percent, while Melbourne ranked 63<\/span>rd<\/span>\u00a0<\/span>with a 0.9 percent increase<\/span>.<\/span>\u00a0<\/span><\/p>\n

On the other hand, Perth ranked 34<\/span>th<\/span>\u00a0<\/span>as prices soared by 3.6 percent last year. The Gold Coast came in at 36 after prices grew by 3.2 percent, and Brisbane in 44<\/span>th<\/span>\u00a0place with\u00a0<\/span>2.5 percent growth.\u00a0<\/span>\u00a0<\/span><\/p>\n

Michelle Ciesielski, head of Knight Frank\u2019s residential research Australia, said the pandemic have <\/span>encouraged\u00a0<\/span>high-end <\/span>homebuyers<\/span>\u00a0towards smaller cities that offered better lifestyle and value.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cDuring the pandemic, people reassessed their priorities…it made us re<\/span>–<\/span>evaluate how we want to live over the long-term,\u201d Ciesielski said. \u201cCOVID-19 was [also] handled well in Australia, with a brief lockdown<\/span>\u00a0<\/span>in all cities except for Melbourne, and whe<\/span>n our cities were opened up, we saw a surge in pent-up demand, particularly as\u00a0<\/span>homeowners<\/span>\u00a0re-evaluated their lifestyles.\u201d<\/span>\u00a0<\/span><\/p>\n

Increased remote working and shift in property priorities also boosted growth in smaller cities, as wealthy buyers from Melbourne and Sydney <\/span>realise<\/span>d<\/span>\u00a0a better bang for their buck in<\/span> Western Australia and Queensland.<\/span><\/p>\n

More: Australia\u2019s housing market booming, but from \u2018massive\u2019 debts<\/strong><\/a><\/p>\n

Ciesielski added, \u201cbefore COVID-19, people wanted to live close to where they worked, but since then that\u2019s changed…grounded by travel bans, Australia\u2019s luxury buyers [also] focused on building their property portfolios at home, buoyed in part by the country\u2019s bullish stock market and historically low-interest-rate environment.<\/span>\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

Knight Frank conducted an Attitude Survey as part of the report and found that 16 percent of ultra-high-net-worth <\/span>Australians<\/span>\u00a0plan to buy a new home this year, with outdoor space and leisure facilities\u00a0<\/span>or amenities listed as top\u00a0priorities.\u00a0<\/span>\u00a0<\/span><\/p>\n

Survey data also showed 58 percent of buyers were searching for homes in resort coastal areas.\u00a0<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A new report indicates Brisbane, Gold Coast, and Perth for highest luxury home price\u00a0growth\u00a0\u00a0<\/p>\n","protected":false},"author":12,"featured_media":21038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[149,1123,787,1124],"class_list":["post-11195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-australia","tag-home-hunting","tag-luxury-properties","tag-price-growth","news_country-australia","news_author-property-report"],"acf":[],"yoast_head":"\nSydney and Melbourne no longer ranked highest for luxury properties | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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