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
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)