Sydney ranks in top six of ultra-prime cities globally for amount of prestige sales

Sydney ranks in top six of ultra-prime cities globally for amount of prestige sales
Sydney ranks in top six of ultra-prime cities globally for amount of prestige sales

Sydney has been ranked in top six of ultra-prime cities globally for number of residential sales above US $25 million, according to Knight Frank's assessment of the global ultra-prime residential market.

Hong Kong is the city with the highest number of ultra-prime sales, with New York and London ranked in second and third place.

Sarah Harding, Knight Frank partner for head of residential, said in a global market, Sydney remains the destination of choice for high net worth individuals due to a number of factors including the lifestyle and relative political stability.

“All ultra-prime transactions in Sydney over the past three years occurred in the Eastern Suburbs and all were for houses," Harding said.

"However, this is based on completed properties and we expect that off-plan sales will further increase these numbers when further prestige apartment buildings in Sydney are completed.

“In the 12 months ending August 2018, the total value of ultra-prime properties (over US $25 million) sold in Sydney was US $219 million across five transactions.

“Whilst Sydney is one of the smallest city markets in regard to transaction levels, it has some of the most spacious properties with the typical transaction encompassing plots of land, and an average saleable area of 1,976 square metres.

“Not only do the properties cover large areas, but the majority have waterfront views and a private swimming pool."

The 12 month period to August 2018 shows a slight decline in Sydney from last year, but well up on the total value of transactions from 2015 and 2016.

The number of transactions in Sydney has been steady since 2015.

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Sydney ranks in top six of ultra-prime cities globally for amount of prestige sales

Knight Frank partner, Crown Residences at One Barangaroo, Erin van Tuil, said Sydney is now established as one of the world’s top ultra-prime city markets.

"We have seen the reality of this in the market response to Crown Residences at One Barangaroo. Crown Residences has now offered UHNWIs a viable alternative to the traditional, free-standing harbour-side home in Sydney. 

“In Crown Residences, Sydney now has apartments that actually respond to the needs of UHNWIs; space, views, location, stunning design and of course the impeccable service of Crown Resorts.

"I would expect to see transactions over US$25m increase over the coming years in Sydney.”

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Sydney Global Ranking

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