The Qld city climbing the global property rich list

FIVE Australian cities rank in the top 30 global cities for luxury price growth, including two from Queensland.

And one of those cities is marching up the rankings.

The Gold Coast, which only entered the global rankings for the first time last quarter, has moved up one spot from 27th to 26th position.

Brisbane is also on the list, and was ranked 22nd for the third quarter, down from 20th spot last quarter.

Sydney (17th), Melbourne (21st) and Perth (30th) also made the Knight Frank Prime Global Cities Index - Q3 2019.

26 Knightsbridge Parade East, Sovereign Islands, is listed for US$30 million, or approximately AUD$45 million
26 Knightsbridge Parade East, Sovereign Islands, is listed for US$30 million, or approximately AUD$45 million

Knight Frank's Australia head of residential research Michelle Ciesielski said the prestige end of the property market had been less impacted by the tightening of lending measures.

"In fact, the major east coast cities of Sydney, Melbourne, Brisbane and the Gold Coast have now recorded 25 quarters, or more, of positive annual growth," she said.

The latest report shows that the Brisbane prestige market recorded two per cent growth in the last quarter, a slight drop on the 2.2 per cent growth recorded in the second quarter of 2019.

The Gold Coast recorded 1.3 per cent growth - up from 1.1 per cent.

This Bulimba mansion recently sold for $8.4 million, equalling the Brisbane residential auction record.
This Bulimba mansion recently sold for $8.4 million, equalling the Brisbane residential auction record.

Every Australian city saw growth drop from last quarter, and from the same quarter last year.

But four of the five cities, Perth excluded, recorded growth in luxury residential prices that was still higher than the overall global average annual prime price growth of 1.1 per cent.

"Growth in prime property prices closely follows the performance on the stock exchange - and there have been some significant gains made on the Australian sharemarket in 2019," Ms Ciesielski said.

"Collectively the Australian prime market has continued to see sustainable growth of 2 per cent in the year ending September 2019, while the sharemarket recorded a 7.7 per cent return.

"With equities on an upward growth trajectory, its likely this will follow through to further growth in prime property prices."

32 Carey Pde, Tamborine Mountain is one of the country’s largest privately-held rainforest estates, and recently sold to international buyers in a multimillion-dollar deal.
32 Carey Pde, Tamborine Mountain is one of the country’s largest privately-held rainforest estates, and recently sold to international buyers in a multimillion-dollar deal.

Overall, the Prime Global Cities Index increased by 1.1 per cent in the year to September 2019, down from 3.4 per cent in 2018, with slower prime price growth attributable to mounting economic headwinds.

However, Knight Frank's head of prestige residential Deborah Cullen said the top end of the market was showing "more consideration and time in transacting".

Originally published as The Qld city climbing the global property rich list



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