Five Australian cities rank in the top 32 for luxury residential price growth

Five Australian cities ranked in the top 32 cities around the world for luxury residential price growth, according to the latest research findings from Knight Frank.

The Knight Frank Prime Global Cities Index – Q2 2019, which tracks the movement in prime residential prices (the top 5% of the housing market in most cities, by value) across 46 cities worldwide, revealed Sydney was ranked 18th for luxury price growth.

Following Sydney is Brisbane ranking 20th, Melbourne 21st, the Gold Coast 27th and Perth 32nd.

Sydney has moved back into the top spot for Australia, while Melbourne has moved up the rankings one spot from the previous quarter.

The Gold Coast has been included in the Prime Global Cities Index for the first time in Q2 2019.

Knight Frank says this reflects stability and depth in the city’s established luxury home market, with a solid pipeline of new projects catered towards affluent local and interstate downsizers.

The Prime Global Cities Index – Q2 2019 found three Australian cities - Sydney, Melbourne and Brisbane - all recorded growth in luxury residential prices higher than the overall average annual prime price growth of 1.4% across the 46 global cities in the 12 months leading up to the end of June this year.