How Our Luxury Markets Compares
Australia’s luxury property market values are continuing to rise according to the latest Knight Frank Prime Global Cities Index.
The report tracks the movement of 46 luxury residential markets worldwide and reveals that in Australia, Sydney’s luxury property prices rose by 4.2% in the past 12 months, while the Gold Coast rose by 3.9% and Perth by 3.8%.
Sydney was ranked eighth in the world for growth in the past 12 months, followed by the Gold Coast (11), Perth (12), Brisbane (15) and Melbourne (26).
Manila had the highest growth in the world coming in at the top spot with an increase of 21.2% in the past 12 months.
The report says that Australian markets all managed to deliver positive annual growth which was buoyed by strong demand and low supply, although drops in values in the top end of the Perth and Melbourne markets in the past quarter meant those markets had limited growth in the current cycle.
