Sydney’s prime residential market has reached new eye-watering heights, ranking sixth as the most expensive market ahead of Shanghai, the USA and Berlin.
Knight Frank’s latest research found Sydney’s average prime price was $27,244 (US$19,179) per sq m for 2018, the highest held on record.
The Knight Frank report covers prime property — the most desirable expensive real estate, generally the top 5 per cent of each market by value.
Covering the growth in the prime residential markets over the past five years, the wealth report covers 10 cities: Sydney, London, New York (Manhattan only), Miami, Hong Kong, Singapore, Shanghai, Berlin, Paris and Dubai.
Knight Frank’s Michelle Ciesielski said Sydney also achieved its top residential price last year.
“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.”
“Sydney ranked sixth for the average prime price in 2018, ahead of Shanghai ($27,740 per sq m), Berlin ($17,866 per sq m), Miami ($15,296 per sq m) and Dubai ($9,559 per sq m),” she said.
The last report found Australia was home to a growing number of billionaires, at last count 43.
Since 2013 the number of billionaires has grown by 95 per cent.
Knight Frank’s Deborah Cullen says Sydney’s super-prime luxury market has had three consecutive years of record breaking top sales.
“This continues to demonstrate there are only a handful of local exclusive super-prime properties available in Sydney for the growing ultra-wealthy and billionaire population, and competition for these rare properties is driving prices up,” Cullen said.
“These types of buyers own multiple residential homes and are typically looking for ‘best in class’ or ‘one-only’ style properties with a particular focus on iconic Sydney harbour-front residences with panoramic views and waterfront access.”
Knight Frank found Hong Kong was the most expensive market with an average prime price of $65,002 per sq m in 2018.
While New York and London remain dominant ultra-prime markets ranking in second and third position.