The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
2 WEEKS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 550 ALREADY ATTENDING
2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
36
print
Print
OtherAna NarvaezWed 14 Aug 19

Gold Coast Enters Luxury Market Hit List

6ed27bcc-6742-4c6e-b81d-3e2ef4d91f7a

The Gold Coast is the newest entry on to a list of international high-end property markets, with a strengthening pipeline of new projects attracting affluent local and interstate buyers.

Demand for prestige real estate in the Gold Coast has pushed it on to the Prime Global Cities Index, entering the list at 27.

The quarterly prime residential index, published by Knight Frank, measures the top 5 per cent of a city’s housing market.

The Gold Coast joins Queensland’s capital on the list, with Brisbane tracking ahead of Melbourne in terms of luxury home price growth over the year.

Brisbane’s 2.2 per cent annual price growth had it place at number 20 on the list, just in front of Melbourne — at 21 — which grew 2.1 per cent over the year.

Despite suffering significant house price declines over the last year, Sydney’s prime market remained resilient and grew a healthy 2.5 per cent.

“Prime property performance in Sydney is now in the sixth year of positive annual growth, averaging a remarkable 8.7 per cent growth over this time,” Knight Frank head of residential research Michelle Ciesielski said.

“This outstrips the average of 1.8 per cent recorded the six years prior [making it] the best prestige performer in Australasia.”

Related: Crown Sells Four $40m Apartments at One Barangaroo


Prime Global Cities Index

City12-month % change
1Berlin12.7%
2Frankfurt12.0%
3Moscow9.5%
4Manila6.2%
5Geneva6.0%
6Madrid5.2%
7Paris5.0%
8Zurich4.5%
9Beijing4.5%
10Delhi4.4%
18Sydney2.5%
20Brisbane2.2%
21Melbourne2.1%
27Gold Coast1.1%
32Perth0.6%

^Knight Frank Q2 Prime Global Cities Index. Ranked by annual % change.

Sydney, Melbourne and Brisbane’s high-end real estate markets all registered annual growth above the annual 1.4 per cent global average. The only other Australian cities on the list, Perth and the Gold Coast, grew a more moderate 0.6 per cent and 1.1 per cent respectively.

Knight Frank’s latest wealth report, published in June, showed Sydney’s high-end house prices are the highest on record at $27,244 a square metre.

Ciesielski said Sydney also achieved its top residential price in 2018.

“At an estimated A$76,919 per square metre (US$54,149 per sq m), which was the fourth highest price achieved out of the 10 cities examined.”

Luxury home prices registered subdued growth across the board, with interest rates edging lower in some of the world’s largest economies and sluggish global economic growth affecting residential markets.

The Federal Reserve in the US cut interest rates for the first time in more than a decade, while Australia, New Zealand and Russia have all cut interest rates to record lows.

ResidentialAustraliaGold CoastFinanceReal EstateSector
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
View All >
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
The 510-apartment Triniti Lighthouse development has received conditional planning approval despite community objections…
LATEST
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
3 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
3 Min
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/gold-coast-enters-luxury-market-hit-list-