The Australian cities where luxury home values have more than doubled
A new property report reveals an ‘unprecedented surge’ in luxury home values as demand continues to outstrip supply
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Australia’s luxury home market is experiencing an “unprecedented surge in prices” due to a limited supply of large homes close to beaches, bays and rivers and strong demand from Australia’s growing high-net-worth population, according to Ray White senior data analyst Atom Go Tian.
The inaugural Ray White Luxury Report reveals luxury homes have risen in value at a much faster rate than median-priced properties across the capital cities over the 10 years from 2014 to 2023. Luxury house prices rose by 84 percent over the decade compared to 70 percent for median-priced houses. Luxury apartment prices soared 58 percent while median apartment prices rose 31 percent.
However, there was a change last year when median prices grew faster than luxury prices for the first time in the decade. CoreLogic analysis shows higher interest rates, which limited people’s borrowing capacity, and rising prices appeared to turbocharge buyer demand in more affordable markets across Australia, with Perth experiencing the most growth among the capital cities in 2023.
Mr Go Tian said some key trends in Australia’s luxury market over the past decade included Brisbane booking the fastest rise in prestige transactions among the major cities, as well as the emergence of the Gold Coast as a “rapidly growing” luxury apartment market. Sydney is the largest prestige market, accounting for 64 percent of national luxury house sales and 51 percent of luxury unit sales.
Interestingly, Australia’s second-smallest capital city – Hobart – recorded the highest luxury house price growth over the decade at 122 percent and the highest luxury apartment price growth at 101 percent.
Here is a summary of the report’s findings on the price growth of Australia’s luxury homes.
Sydney
The luxury house price median is $3.9 million, up 93 percent over the decade, while the median house price is $1.4 million, up 72 percent. In 2023, the suburbs that recorded the most luxury house sales above $5 million were Mosman, Vaucluse and Bellevue Hill. The luxury apartment price median sits at $2.1 million, up 72 percent, while the median apartment price is $794,000, up 25 percent. The suburbs with the most luxury apartment sales above $3 million were Mosman, Darling Point and Pyrmont.
Melbourne
The luxury house price median is $2.5 million, up 71 percent over the decade, while the median house price is $933,000, also up 71 percent. In 2023, the suburbs that had the most luxury house sales above $5 million were Toorak, Brighton and Kew. The luxury apartment price median is $1.3 million, up 51 percent, while the median apartment price is $603,000, up 27 percent. The suburbs with the most luxury apartment sales above $3 million were Toorak, Melbourne CBD and Brighton.
Brisbane
The luxury house price median is $1.8 million, up 103 percent over the decade, while the median house price is $838,000, up 82 percent. In 2023, the suburbs that recorded the most luxury house sales above $5 million were Hamilton, Park Ridge and New Farm. The luxury apartment price median is $1.1 million, up 51 percent, while the median apartment price is $554,000, up 35 percent. The suburbs with the most luxury apartment sales above $3 million were New Farm, Newstead and Brisbane City.
Perth
The luxury house price median is $1.7 million, up 49 percent over the decade, while the median house price is $676,000, up 25 percent. In 2023, the suburbs that had the most luxury house sales above $5 million were Cottesloe, Dalkeith and Mosman Park. The luxury apartment price median sits at just over $1 million, up 15 percent, while the median apartment price is $453,000, up 0.7 percent. The suburbs with the most luxury apartment sales above $3 million were South Perth, North Fremantle and West Perth.
Adelaide
The luxury house price median is $1.6 million, 2.2 times higher than in 2014, while the median house price is over $700,000, up 78 percent. In 2023, the suburbs that had the most luxury house sales above $5 million were North Adelaide, St Peters and Medindie. The luxury apartment price median is $994,000, up 52 percent, while the median apartment price is just under $500,000, up 44 percent. The suburbs with the most luxury apartment sales above $3 million were Dulwich, Adelaide CBD and Glenelg.
Hobart
The luxury house price median is $1.5 million, up 122 percent over the decade, while the median house price is $742,000, up 112 percent. In 2023, the suburbs that recorded the most luxury house sales above $5 million were Sandy Bay, Old Beach and North Hobart. The luxury apartment price median sits at $1.04 million, up 100 percent, while the median apartment price is $564,000, up 102 percent. The suburbs with the most luxury apartment sales above $3 million were Sandy Bay, Battery Point and Hobart.
Darwin
The luxury house price median is just over $1 million, up 18 percent over the decade, while the median house price is just over $600,000, up 5 percent. In 2023, the suburbs that recorded the most luxury house sales above $5 million were Larrakeyah, Darwin City and Palmerton City. The luxury apartment price median is $724,000, down 0.6 percent, while the median apartment price is $388,000, down 12 percent. The suburbs that had the most luxury apartment sales above $3 million were Fannie Bay, Darwin City and Larrakeyah.
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Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.
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Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.
The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.
Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.
“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.
“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.
“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”
The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.
Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.
“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.
“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”
The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.
Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.
The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.
Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.
Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.
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