{"id":3444,"date":"2019-06-25T09:52:54","date_gmt":"2019-06-25T09:52:54","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3444"},"modified":"2021-06-04T14:30:14","modified_gmt":"2021-06-04T07:30:14","slug":"prime-sydney-homes-hit-new-price-high","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/prime-sydney-homes-hit-new-price-high\/","title":{"rendered":"Prime Sydney homes hit new price high"},"content":{"rendered":"<p>Australia&#8217;s finest outprice those in Shanghai and other global cities<\/p>\n<figure id=\"attachment_3445\" aria-describedby=\"caption-attachment-3445\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-3445\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_1142225120.jpg\" alt=\"\" width=\"1000\" height=\"563\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_1142225120.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_1142225120-300x169.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_1142225120-768x432.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-3445\" class=\"wp-caption-text\">Expensive properties crowd the waterfront of Sydney Harbour. TBaker770\/Shutterstock<\/figcaption><\/figure>\n<p>The average price of prime homes in Sydney hit AUD27,244 (USD19,179) per square metre in 2018, reported Knight Frank this week.<\/p>\n<p>The figure is the highest on record for the New South Wales capital, topping the average of AUD26,413 per square metre set in 2017, the consultancy noted.<\/p>\n<p>Among 10 global cities tracked by Knight Frank, Sydney outranks Shanghai that had an average price of USD17,417 per square metre last year for prime homes. It is also more expensive than Berlin with USD12,577 per sqm; Miami (USD10,768 per sqm); and Dubai (USD6,729 per sqm).<\/p>\n<p>Prime properties, defined as the top five percent of a residential market by value, have been on the upswing in the Australian city for three consecutive years.<\/p>\n<p>\u201cThis continues to demonstrate there are only a handful of local exclusive super-prime properties available in Sydney for the growing ultra-wealthy and billionaire population, and competition for these rare properties is driving prices up,\u201d commented Knight Frank\u2019s partner and head of Prestige Residential, Deborah Cullen.<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/australia-has-worlds-slowest-growing-home-prices\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: Australia has world\u2019s slowest-growing home prices<\/strong><\/a><\/p>\n<p>Many buyers of prime Sydney residences zero in on rare, \u201cbest-in-class\u201d properties, especially waterfront homes with views of the city&#8217;s iconic harbour.<\/p>\n<p>Knight Frank\u2019s findings come against a general downturn in the nationwide housing market. With dwelling prices sinking 5.1 percent year-on-year in the first quarter of 2019, Australia placed last on Knight Frank&#8217;s latest Global House Price Index.<\/p>\n<p>Hong Kong remains the priciest prime home market in the world, with an average prime unit in the Chinese SAR costing USD45,760 per sqm in 2018. New York and London rate second and third for highest prime home prices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia&#8217;s finest outprice those in Shanghai and other global cities\u00a0<\/p>\n","protected":false},"author":8,"featured_media":20140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[149,345,346,217],"class_list":["post-3444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-australia","tag-new-south-wales","tag-nsw","tag-sydney","news_country-australia","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Prime Sydney homes hit new price high | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, 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