{"id":9006,"date":"2020-08-13T19:59:27","date_gmt":"2020-08-13T12:59:27","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=9006"},"modified":"2024-09-23T15:41:26","modified_gmt":"2024-09-23T08:41:26","slug":"prices-for-luxury-residences-in-australia-soar-undeterred-by-global-outbreak","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/prices-for-luxury-residences-in-australia-soar-undeterred-by-global-outbreak\/","title":{"rendered":"Prices for luxury residences in Australia soar, undeterred by global outbreak"},"content":{"rendered":"

Five cities were ranked among the top\u00a0performing luxury residential markets in the world<\/span><\/span><\/p>\n

\"\"
View from the water of Surfers Paradise on the Gold Coast, Australia. zstock\/Shutterstock<\/figcaption><\/figure>\n

The\u00a0Knight Frank Prime Global Cities Index has just named the Australasia region as the strongest performing region\u00a0in terms of<\/span>\u00a0price growth of luxury residences<\/span>\u00a0across the world<\/span>,\u00a0<\/span>reported the\u00a0<\/span>Australian Broker<\/span><\/a>.<\/span>\u00a0<\/span><\/p>\n

Knight Frank monitors changes in residential prices in 45 cities worldwide. In the\u00a0<\/span>year up to the\u00a0<\/span>second qua<\/span>rter of 2020, Brisbane, Gold Coast, Melbourne, Perth and Sydney\u00a0<\/span>were included in the top 24 list for best performing luxury residential market in the past 12 months.<\/span>\u00a0<\/span><\/p>\n

Among these five cities<\/span>, Gold Coast\u00a0<\/span>was the highest ranked, rising to the 10th spot with a 3.4 percent annual growth.<\/span>\u00a0<\/span><\/p>\n

\u201cKnight Frank\u2019s analysis by world region shows prime prices in Australasia and North America were the most resilient in the second quarter of 2020, with Australasia the strongest performing world region,\u201d said Michelle Ciesielski,\u00a0<\/span>the<\/span>\u00a0head of residential research Australia<\/span>\u00a0at\u00a0Knight Frank<\/span>.<\/span>\u00a0<\/span><\/p>\n

More: From disastrous bushfires to global pandemic: Australia\u2019s residential market rises from the ashes<\/strong><\/a><\/p>\n

\u201cThe relatively strong performance of Australian cities was a result of the shallow number of listings, keeping property prices firm. By global comparison, we have largely escaped the major impact of COVID-19.\u201d<\/span>\u00a0<\/span><\/p>\n

Even in the wake of the pandemic, particularly in June, 67 percent of cities across the globe recorded <\/span>annual price growth of\u00a0<\/span>either flat or positive<\/span>.<\/span>\u00a0<\/span><\/p>\n

As for Australia\u2019s ranking in the study,\u00a0<\/span>the Gold Coast was followed by\u00a0<\/span>Sydney at 11\u00a0<\/span>and then<\/span>\u00a0Perth at<\/span>\u00a012<\/span>,\u00a0<\/span>with both these cities documenting a three percent increase.<\/span>\u00a0<\/span>Brisbane came in at 16th with a 2.5 percent annual increase and Melbourne at 24 with 1.2 percent increase.<\/span>\u00a0<\/span><\/p>\n

S<\/span>hayne Harris, the national head of residential at Knight Frank, said that they expect the deman<\/span>d for luxury residences in the country to grow.<\/span>\u00a0<\/span><\/p>\n

More: Navigating the property industry amidst growing tensions between China and Hong Kong\/Australia<\/strong><\/a><\/p>\n

\u201cIn cities such as Sydney, we are seeing more demand for higher-value properties such as large detached homes or generously-sized apartments, which is supporting prime residential values,\u201d he clarified.<\/span>\u00a0<\/span><\/p>\n

\u201cDuring the pandemic, we\u2019ve seen the ultra-wealthy make their next residential property purchase decisions based on liveability so places like southeast Queensland will become more attractive in a post-COVID world.\u201d<\/span><\/p>\n

The resiliency of the\u00a0<\/span>residential\u00a0<\/span>property market<\/span>\u00a0in Australia<\/span>\u00a0is why<\/span>\u00a0<\/span>Fife Capital Group,\u00a0<\/span>UEM Sunrise<\/span>\u00a0and other winning developers at the\u00a0<\/span>2019 P<\/span>ropertyGuru Asia Property Awards (Australia)\u00a0<\/span>remain headstrong and optimistic whilst battling the<\/span>\u00a0business<\/span>\u00a0<\/span>impact of the pandemic.<\/span><\/p>\n

If\u00a0<\/span><\/i>you k<\/span><\/i>now of any\u00a0<\/span><\/i>developers o<\/span><\/i>r real estate projects in\u00a0<\/span><\/i>Australia\u00a0<\/span><\/i>that deserve recognition<\/span><\/i>, particularly during these trying times<\/span><\/i>,<\/span><\/i>\u00a0<\/span><\/i>n<\/span><\/i>ominate them for the\u00a0<\/span><\/i>3rd\u00a0<\/span><\/i>Asia\u00a0<\/span><\/i>Property Awards<\/span><\/i>\u00a0(<\/span><\/i>Australia<\/span><\/i>)<\/span><\/i>\u00a0on or before\u00a0<\/span><\/i>4<\/span><\/i>\u00a0<\/span><\/i>September<\/span><\/i>\u00a02020! Simply visit\u00a0<\/span><\/i>asiapropertyawards.com\/en\/award\/asia-property-awards-australia\/<\/span><\/a>\u00a0<\/span><\/i>for more details<\/span><\/i>.<\/span><\/i>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Five cities were ranked among the top performing luxury residential markets in the world <\/p>\n","protected":false},"author":9,"featured_media":20686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[101,92],"tags":[149,623,528,512],"class_list":["post-9006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-property-awards","category-news","tag-australia","tag-luxury-residences","tag-market-update","tag-residential","news_country-australia","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"\nPrices for luxury residences in Australia soar, undeterred by global outbreak | 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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