Brisbane for the first time ranks first in the Australian luxury market, with more than Sydney and Melbourne. (reestate site, the Realtestate picture)
Brisbane ranked first in price growth in Australia`s luxury home market for the first time, surpassing Sydney, Melbourne and some of the world`s richest cities, according to real estate website Realestate.
It is reported that, real estate consultancy Knight Square (Knight Frank) released the latest global index of major cities (Prime Global Index), which tracks price changes in luxury housing markets (the top 5 percent of house prices) in 45 cities around the world. The results show that Brisbane luxury home prices have risen 3.2 percent in the past 12 months, ranking 14th among these cities.
In the first quarter of 2018, Brisbane ranked 19th in the global index of major cities for the first time. In the last quarter of the same year, the city rose to 17th place, just one place behind Sydney.
In the latest report, Brisbane has overtaken Sydney. The latter is now 18th, with luxury home prices up 2.4% in the past 12 months. Melbourne tied for 22nd place with Perth, up just 1.8%.
Cheselski (Michelle Ciesielski), head of research at Knight Square International Australian Housing Market, said that the Brisbane luxury home market is very popular with families from Sydney and Melbourne, in addition to attracting some local people to look for low maintenance or no maintenance homes. Those who want to enjoy high standards of facilities exchange large rooms for small rooms.
The top two in the report were Berlin and Moscow, where luxury home prices rose 14.1 percent and 12 percent, respectively.
Other cities that overtook Brisbane included Tokyo, Paris, Delhi, Beijing and Singapore, with an increase of 3.6 percent, 0.4 percent more than Brisbane.
However, Brisbane overtook Miami, the best performing city in the United States, as well as Los Angeles and New York.
Some European Union cities have also outpaced Brisbane in luxury home prices, such as Monegasque, Vienna, Milan, Stockholm and Brexit London.
The report also predicts that in the next five years, the number of millionaires in brisbane will double, making it even more bulky to buy high-end luxury homes.
