The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
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
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
The two towers, of 35 and 34 storeys, help cement the SA capital’s growing status as the best place in Australia for the…
LATEST
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

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