Melbourne`s once-hot market for luxury homes has cooled, but prices are still among the top 50 in the world on. (real estate`s Realestate.)
Melbourne`s once-hot market for luxury homes has cooled, but prices are still among the top 50 in the world, according to real estate`s Realestate.
According to the international high-end housing index (Prime International Residential Index), published by Knight Frank International (Knight Frank), a real estate consultancy, the overall growth in luxury housing prices in 100 cities slowed last year, by 1.3%. It was down from 2.1% the previous year.
Sydney is the highest city in Australia. The city`s luxury home market last year rose 3.1%, ranking 30th. In 2017, however, Sydney`s luxury market was among the top 10 in the world, ranking ninth at a 10.7 percent increase in prices.
Melbourne also slipped, with prices rising 2.2 percent last year, ranking 41st, down 14 places from the previous year, when prices rose 9.8 percent.
Brisbane overtook Melbourne at 31st, with prices rising 3 per cent. In addition, Perth and Gold Coast juxtaposed 42nd, a 2.1% increase in prices.
Cheselski (Michelle Ciesielski), head of Australian housing research at Knight Frank International, said prices in Australia`s luxury home market continued to rise faster than the global average in 2018. But she noted that prices in the five Australian cities are similar to those in the rest of the world, and are now in the 1 percent range, up from nearly 19 percent three years ago.
The agency also found that Australia`s political stability, lifestyle and education are the main attractions, and this remains the third-largest target market for buyers of luxury homes, after the United States and the UK.
Globally, the Philippine capital, Manila, has the world`s largest market for luxury homes in (Manila), with prices rising 11.1 percent last year.
It was followed by Edinburgh, up 10.6%. In third place was Berlin, up 10.5%. Munich and Buenos Aires came in fourth, up 10 percent; Mexico City, 9.5 percent; and Singapore, 9.1 percent.
On the other hand, there has been a setback in the luxury market in many cities, with Lagos (Lagos) in Nigeria down 25 percent. Vancouver was down 11.5 percent; Istanbul was down 10.4 percent; and Hampton (The Hamptons) was down 10 percent.
Sydney, Melbourne fell in the rankings. (photo by Australian newspaper)
The top 10 cities in the world with rising prices for luxury homes:
1. Manila (Manila): 11.1%
2. Edinburgh (Edinburgh): 10.6%
3. Berlin (Berlin): 10.5%
4. Munich (Munich): 10%
4. Buenos Aires (Buenos Aires): 10%
6. Mexico City (Mexico City): 9.5%
7. Singapore (Singapore): 9.1%
8. Boston (Boston): 8.6%
9. Madrid (Madrid): 8.1%
10. San Francisco （San Francisco）: 7.8%
