Luxury Homes Continue To Jump In Sales And Price Growth
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Luxury Homes Continue To Jump In Sales And Price Growth

Prices rose 9.1% across the country in the third quarter of 2021, with Sydney registering the biggest gains.

By V.L Hendrickson
Wed, Jan 19, 2022Grey Clock < 1 min

Australia’s major cities continue to see robust growth in the luxury residential market, according to a report from Knight Frank released Tuesday.

There were 1,971 prime sales—the top 5% of homes in a market—recorded in the third quarter of 2021, a 119% rise compared to the same time in 2020, according to data from the estate agency. The sales number is the second-highest on record.

Australia’s Gold Coast, an area south of Brisbane on the country’s east coast, saw the biggest spike in sales in the third quarter, up 156% annually, followed by Brisbane itself, where sales jumped 135%, according to the report.

In addition, the average number of days a prime property stayed on the market in Australia was 105 in the third quarter, down from 114 days during the second quarter.

Meanwhile, prices for luxury properties across the country rose 9.1% year over year in the third quarter, the figures show. Quarter over quarter, prime prices ticked up 1.5%.

“Australia’s prime annual growth was led by Sydney (10.7%), Gold Coast (10.5%) and Perth (10.4%),” according to the report. “Brisbane followed (8.4%), then Melbourne (6.5%).”

Prices are expected to have grown as much as 11% by the end of 2021, and another 8% in 2022, the report said.

Rents have also increased across Australia, and the country saw a 5.2% year-over-year increase in rates in the third quarter, the data showed. Perth saw the largest growth, registering an annual jump of 11.8% between June and September.

Reprinted by permission of  Mansion Global, Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: January 18, 2022.

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