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
3 min
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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Mount French Lodge offers a rare mix of privacy, scale and hospitality potential as demand grows for prestige estates beyond beachside hotspots.
2 min
Mount French Lodge, one of the most remarkable private estates in Queensland’s Scenic Rim, has been brought to market, offering a glimpse into the growing appetite for high-end lifestyle properties beyond the state’s traditional beachside enclaves.
Located in the tiny locality of Charlwood, around 100km inland from Brisbane and home to just 146 residents at the 2021 Census, the estate stands in stark contrast to its quiet surroundings. Set across nearly 100 acres and positioned some 600 feet above sea level, the property occupies a commanding vantage point beneath the escarpments of Mount French.
It’s this combination of elevation, scale and seclusion that defines the estate, not just as a private residence, but as an experience-led destination. Mount French Lodge has been recognised in both the 2024 and 2025 Best of Queensland Experiences, reflecting a broader shift towards luxury rural retreats that blur the line between home, hospitality and investment.
Last sold for $3.65 million in 2021 to Brisbane-based entrepreneur Tim Woodhouse, the estate has since evolved into a multifaceted holding. At its core is a central lodge, complemented by guest accommodation, entertaining spaces and resort-style amenities spread across two distinct plateaus.
In total, the property comprises 12 bedrooms configured across eight self-contained apartments within multiple lodges. At its heart is the Great Room, a central gathering space anchored by a large living area and fireplace. Nearby, a fully equipped outdoor pavilion with barbecue facilities sits alongside the estate’s swimming pool.
The property is being marketed as a private compound, ranch, corporate retreat and a wedding venue, highlighting its potential as a lifestyle asset with income-generating capability. This kind of flexibility is increasingly resonating with buyers, particularly as demand grows for properties that can serve as multigenerational homes, wellness retreats or boutique accommodation offerings.
Despite its sense of isolation, Mount French Lodge remains within relatively easy reach of Brisbane, around an hour by road or just minutes by helicopter. That balance of accessibility and privacy underscores the broader appeal of the Scenic Rim, which continues to emerge as a quiet achiever in Queensland’s prestige property market.
The listing is being handled by Queensland Sotheby’s International Realty agents Sandy Davies and Nicholas Miranda, and is expected to attract interest from both domestic and international buyers.
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