Perth, Brisbane and Gold Coast lead prestige price growth: Knight Frank
Perth is leading the uplift in prime Australian residential markets over the past 12 months, according to Knight Frank's latest Prime Global Cities Index which tracks the movement in the top 5% of the global residential market across each quarter.
The research shows Perth saw 4.1% growth, followed by Brisbane 3.8% growth and the Gold Coast 3.5% growth.
The global report noted Australian markets were seeing lower growth than most other global markets, especially the major cities of Sydney and Melbourne which have experienced slightly softer growth at 1.9% and 0.4% respectively.
The report noted that global prime residential prices are rising at their fastest rate since Q4 2017 with housing markets in value terms increasing 4.6% over the past 12 months.
Eleven cities in the world registered double-digit priced growth up from just one a year ago, including Shenzhen which was the city with the fastest rising prime prices in the year to Q1 2021 at a 19%.
"The five major Australian cities have reported positive annual growth every quarter since Q4 2017," Knight Frank’s head of residential research, Michelle Ciesielski, said.
"When taking Perth out of the equation, the last time negative annual growth was recorded was further back in September 2013."