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Brisbane is fastest growing city for luxury homes in Australia

Beautiful one day, snobbier the next! Working-class city pips Sydney and Melbourne in the list of the world’s fastest growing sites for luxury homes

  • Brisbane was ranked 14th in a list of fastest growing cities for luxury homes
  • The Queensland jumped from 19th spot to 14th on the global list
  • Sydney and Melbourne, ranked 18th and 22nd, have been surpassed 
  • Berlin topped the list followed by Moscow and Frankfurt 

Brisbane has pipped its snobbier cousins Sydney and Melbourne on a global list of the fastest growing cities for luxury homes.

Brisbane jumped from 19th to 14th after a 3.2 per cent annual growth, according to the Knight Frank Prime Global Index. 

Sydney and Melbourne, ranked 18th and 22nd respectively, have been surpassed by the Queensland capital. 

Sydney had 2.4 per cent growth while Melbourne had 1.8 per cent just ahead of Perth which came in at 23rd spot with 1.8 per cent growth.

The Knight Frank Prime Global Index report tracked the movement of prime residential prices across 45 cities in the world.

Brisbane’s opulent property market has been ranked 14th, after a 3.2 per cent annual growth

Berlin topped the list with 14.1 per cent growth in 12 months followed by Moscow with 12 per cent and and Frankfurt with 9.6 per cent.

Delhi with 5.8 per cent growth claimed 7th spot while Miami was the top U.S. city with 3 per cent growth at 16th place.

‘Brisbane prime properties have been popular with families migrating from Sydney and Melbourne,’ Knight Frank’s Australian head of residential research Michelle Ciesielski said.

Ms Ciesielski said there were also a number of residents looking for homes with ‘low or no maintenance’ but have a ‘high standard of amenities to enjoy’.

Sydney and Melbourne, ranked 18th and 22nd respectively, have been outshined by the unassuming city

Sydney and Melbourne, ranked 18th and 22nd respectively, have been outshined by the unassuming city

Melbourne and Perth tied at 1.8 per cent growth, according to the latest Knight Frank Prime Global Index report

Melbourne and Perth tied at 1.8 per cent growth, according to the latest Knight Frank Prime Global Index report

In Sydney, high-end buyers were faced with limited options for luxury homes.

Knight Frank Partner & Head of Residential Australia Sarah Harding said prestige house hunters were looking for properties with ‘smart technology’ and ‘high levels of privacy’.

Brisbane has outranked the top luxury housing cities in US, Miami, Los Angeles and San Francisco, ranked 16th, 26th and 28th respectively (pictured: New Farm, one of the city's most expensive suburbs)

Brisbane has outranked the top luxury housing cities in US, Miami, Los Angeles and San Francisco, ranked 16th, 26th and 28th respectively (pictured: New Farm, one of the city’s most expensive suburbs)

TOP 25 CITIES FOR LUXURY HOUSING

1. Berlin, Germany

2. Moscow, Russia 

3. Frankfurt, Germany

4. Tokyo, Japan

5. Edinburgh, Scotland

6. Paris, France

7. Dehli, India

8. Zurich, Switzerland

9. Madrid, Spain

10. Geneva, Switzerland

11. Beijing, China

12. Manila, Philippines

13. Singapore, Asia 

14. Brisbane, Australia

15. Toronto, Canada

16. Miami, USA

17. Taipei, Taiwan

18. Sydney, Australia

19. Cape Town, South Africa 

20. Bengaluru, India

21.  Monaco, Europe

22. Melbourne, Australia

23. Perth, Australia

24. Jakarta, Indonesia, 

25. Guangzhou, China 

 

Source: Knight Frank Prime Global Cities Index Q1 2019 

Read more at DailyMail.co.uk


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