Australian Prime Property Market Continues To Surge
After a steady year, even greater growth is predicted across cities in 2021.
2 min
Luxury residential price growth was consistent across Australia in 2020, but strongest in smaller cities, with greater growth forecast for 2021, according to the results of the Prime International Residential Index (PIRI 100) in the forthcoming edition of Knight Frank’s The Wealth Report 2021.
The PIRI 100, which tracks luxury residential prices across the world’s top 100 residential markets found five Australian cities – Perth, Gold Coast, Brisbane, Sydney and Melbourne – were ranked in the top 65 for luxury residential market performance over the past year.
It’s smaller cities that shone in 2020, with Perth coming in as the top performer at number 24 with 3.6% annual growth, the Gold Coast following at 36 with 3.2% annual growth and Brisbane at 44 with 2.5% growth. Sydney and Melbourne both held up well in what was a tumultuous year for the global market, with the Harbour city coming in 56 (1.1%) and Melbourne 63 at (0.9%).
“In 2020, 29 per cent of locations saw prices decline year-on-year, up from 21 per cent in 2019, however, five markets also registered double-digit price growth in 2020, compared with just two the previous year,” said Knight Frank’s head of residential research Australia, Michelle Ciesielski.
“Australia’s luxury residential property market fared well, with three of the five cities included in the PIRI 100 recording growth greater than the global average, and in the case of Perth, nearly doubling it,” Ciesielski added.
The future of the prime market looks bright with the Knight Frank report forecasting luxury residential property prices in Perth, the Gold Coast and Sydney to rise by three per cent over 2021, while Brisbane is predicted for a two per cent rise and Melbourne to grow at a slower one per cent.
The forecast comes off the back of demand for luxury property in Australia continuing to be strong, boosted by the ongoing pandemic and the continuing return of expats.
“Property prices in Perth are coming off the back of several years of price decline, but recently population growth has improved with prospering mining activity and resilient commodity prices, and this has led to a strong rebound in the residential market,” said Shayne Harris, national head of residential, Knight Frank.
“In Sydney, it’s the super-prime property market – those sales exceeding $10 million – which is driving up the overall prime performance as we see our ultra-wealthy clients upgrading the family’s main residence and buying new holiday homes as international travel is likely to remain subdued in the coming years.”
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
Whimsy Farm is a playful period estate positioned in Byron Bay’s picturesque hinterland.
3 min
Tucked away in Byron Bay’s coveted hinterland, Whimsy Farm is a traditional rural homestead surrounded by more than 16ha of lush fertile grounds with equestrian facilities and a host of whimsical additions including a fairytale-inspired maze.
Just listed with Sotheby’s International Realty Byron Bay, agents Denzil Lloyd and Will Phillips are running an expressions of interest campaign on the glamorous getaway with a price guide of $5.25 million to $5.75 million.
The romantic estate in Federal, 25 kms from Byron Bay dates back more than a century, but has been meticulously renovated by its current owners to attain modern day dream home status.
Back in 2016, the enviable property even featured on Foxtel’s short-lived reality TV show I Own Australia’s Best Home. The picturesque parcel has also been appreciated by location scouts and has appeared in a long list of fashion brand and magazine shoots such as Country Style and Queensland Homes.
Owner Melinda Boundy, founder of boutique interiors firm Melinda Boundy Design, was instrumental in reviving the historic Federal homestead. She has described the rural property as a “a respite from the world” where she and her husband have raised their two sons over the past decade.
“I brought my boys down 10 years ago to nurture their creativity, their boyhood,” Boundy said in a recent Instagram post announcing the impending sale.
“We found our farm with its double-storey treehouse and 40 acres the perfect place for two young boys to thrive.”
In addition to hiring out the estate for formal events, Boundy said the family had celebrated several milestones at the address.
“Many parties, sleepovers, friends staying and events have been held [here]. It has seen the filming of a TV show or two, music videos, location shoots and weddings,” she added.
“Now it’s time to pass the baton to another family to share the magic and wonderment of this beautiful compound.”
Lloyd agreed that the listing is a magical estate, ripe for the picking.
“It’s a wonderland. There’s the maze, but it’s also got the treehouse, teepee, dams, beautiful established veggie gardens and it’s perfect for those who love horse riding,” Mr Lloyd said.
“It really is an oasis with plenty of classical charm as well. It’s not an ostentatious home; it’s an original Queenslander from 1910.”
Living up to its storybook name, Whimsy Farm is home to a preserved traditional Queenslander residence with five bedrooms, plus a freestanding guest cottage. There is also a separate pool house and a combined shed or office on site, all capturing scenic hinterland views.
The main single-storey residence has a choice of entertaining spaces inside and out as well as bedrooms opening to private alfresco areas. A grand kitchen and the large living room both open to a vast terrace and pool area.
In the primary bedrooms suite there is a bay window overlooking the natural surrounds, an ensuite with double vanities, and out on the covered deck an outdoor bathtub is an idyllic spot for soaking under the stars.
The playful property has also operated as a holiday rental and offers up unique bonus features including a solar-heated semi circle pool, a double-storey treehouse, a teepee, horse stables, paddocks and a an Olympic-sized dressage arena.
A true tree change destination, the Federal address is home to 10 acres of regenerated forest, eight water tanks, two lagoons, extensive raised veggie gardens and a citrus orchard.
It is conveniently located a scenic 30-minute drive to Byron Bay and 20 minutes to Bangalow.
Whimsy Farm at 711 Federal Dr, Federal is listed through Sotheby’s International Realty Byron Bay through an expressions of interest campaign closing February 20, 5pm.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
