Brisbane is Australia’s new luxury market growth capital
Brisbane has been named Australia’s top capital for price growth in the luxury residential market for the first time, outshining Sydney and Melbourne and some of the world’s wealthiest cities.
The latest Knight Frank Prime Global Index report has revealed that the value of Brisbane’s prestige market jumped 3.2 per cent over the past 12 months, earning the city the 14th spot in global rankings.
Brisbane first entered the global top 45 at 19th spot in the first quarter of 2018, moving to 17th spot by the fourth quarter last year, one spot behind Sydney.
In the latest report, the river city has leapfrogged Sydney, with Sydney now in 18th spot and luxury market that has grown by 2.4 per cent, while Melbourne, which is in 22nd position, recorded just 1.8 per cent growth — on par with Perth.
Brisbane prime properties have been popular with families migrating from Sydney and Melbourne, as well as local downsizers looking for properties with low or no maintenance and a high standard of amenities to enjoy,” Knight Frank’s Australian head of residential research Michelle Ciesielski said.
“Given the relative value to other east coast cities, we expect the Brisbane prime market to record a similar annual growth by the year’s end.”
The index tracks the movement in prime residential prices (the top 5 per cent of the housing market in most cities, by value) across 45 cities worldwide.
Berlin and Moscow came out on top, recording growth of 14.1 per cent and 12 per cent respectively.
Other cities to rank higher than Brisbane included Tokyo, Paris, Delhi Beijing and Singapore, which recorded growth of 3.6 per cent — 0.4 per cent more than Brisbane.
But Brisbane outranked the likes of Miami — the top performer in the US — and Los Angeles and New York.
In terms of price growth, Brisbane also exceeded a number of cities within the European Union including Monaco, Vienna, Milan and Stockholm, and London, which has been under the Brexit cloud.