The Australian retailer taking on the world sitting down
After almost half a century in Australia, the furniture brand has started taking on the world, one sofa at a time
4 min
When the newly appointed CEO of King Living, David Woollcott, first started with the Australian furniture retailer last year, he admits he was puzzled by the price point for their popular range of sofas.
“I was questioning why we don’t charge more for our product,” he said. “With the Jasper (sofa), which starts from around $4000, we could charge $7000 or $8000.”
The galvanised steel-framed sofas, which come with a 25-year warranty, have a strong following in Australia where they are a popular choice for those looking for affordable style that will last. The range includes sofas and armchairs in a variety of styles designed to be flexible enough to suit any space, or lifestyle, at a price point that is deliberately accessible.
Central to the success of King Living, which started as a mother and son enterprise with David King and his mother Gwen in the 1970s, has been the decision to keep design, manufacturing and retailing under the one roof. Woollcott said it places King Living in a rare position in the market.
“We are in control, which is exciting for the consumer,” he said. “We know how our product is made and where the materials are sourced and we are acting as one entity. That instils trust.”
It also means there are no additional players looking to add further costs.
“We don’t support a third party, so the additional margin we invest in quality,” he said.
King Living has marked their time in the Australian market with the re-release of its first piece of furniture, now known as the 1977 sofa. A surprisingly contemporary-looking chair designed to be ‘built’ piece by piece to create a modular sofa of your choice to suit small or large spaces, it embodies the kind of relaxed elegance Australian design has become known for.
It’s a design aesthetic and business model Woollcott said has been embraced as King Living expanded into markets in Singapore and Europe in recent years with North America to follow soon.
“What delineates us is that we are a designer, manufacturer and retailer of furniture — that is really unique,” he said. “There are many businesses who do the retail bit and they source from factories around the world. But we are in control, which is exciting for the consumer.”
While the size of living spaces vary significantly across Europe, Asia and North America, Woollcott said there is enough variation and flexibility in the range to accommodate customers’ needs, whether it is the generous proportions of the Jasper and Kato sofas or the more compact Aura and Fleur designs. While best known for their sofas, King Living also has an extensive range of dining furniture, as well as beds, floorcoverings, lighting and storage options. Their outdoor furniture range is also gaining a strong following, taking the same approach to the design and construction of their interior furniture and translating it for outdoor spaces.
And it’s not just the Australian market taking notice.
“Australian design is globally loved because it has a casual nature to it,” he said. “It’s informal, which doesn’t mean it is less sophisticated or less detailed.
“Coming from the UK where it is all about the class structure and formality, Australia is the antithesis. It’s warm, approachable and casual.”
Having spent the past five years in Europe as managing director of Fisher & Paykel UK & Europe, Woollcott is aware that customers are increasingly concerned about the sustainability of their products. The ‘reduce, reuse and recycle’ ethos is nothing new to King Living, he said.
“What stunned me when I met (founder) David King, they have acted sustainably from day one because they have made that link with waste not being a good thing,” he said. “It’s all about resources. I don’t think there would be a business leader out there who would not see the link between preserving resources and saving money.”
King Living also offers their King Care service, a commitment to recover or completely refurbish sofas for a cost, whether they were manufactured in 1977 or 2023.
While it may seem like a lot of fuss over a sofa, Woollcott noted that this key piece of furniture is often the backdrop to family life for years.
“Memories are made on our furniture and the sofa can end up becoming a member of the family,” he said. “Our furniture is designed to last for generations — and to be reconditioned.
“They take on a personality of their own.”
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Australia’s wealthy class is expanding fast, and Knight Frank says that a surge in billionaires is reshaping the nation’s luxury property market.
3 min
Australia’s luxury property market is being quietly reshaped by one of the most significant wealth expansions in the world.
According to Knight Frank’s latest Wealth Report, the country’s billionaire population is set to grow by 77 per cent over the next five years, rising from 48 to 85 individuals.
That surge sits within a broader wave of wealth creation. Ultra-high-net-worth individuals, those with more than US$30 million, are forecast to increase by nearly 60 per cent to over 26,000 Australians by 2031.
Globally, the pace is accelerating. The report reveals that 89 new ultra-wealthy individuals are created every day, a figure that underscores a structural shift in capital formation rather than a cyclical upswing.
For luxury property markets, this is not just a headline number. It is a demand driver.
Australia’s wealth story is increasingly underpinned by diversification across resources, finance, technology and services, creating a depth of private capital that is both mobile and strategic.
And mobility is key. The ultra-wealthy are no longer tied to a single market. Instead, they are operating across multiple global hubs, maintaining footholds in cities like London, New York and Singapore, while using Australia as a stable base.
In this environment, real estate becomes less about shelter and more about positioning. Trophy assets remain desirable, but capital is increasingly being deployed across the full risk spectrum, from long-term holds to value-add opportunities. For Australia, the implications are clear. As wealth expands, so too does the expectation of product, and the locations that can attract it.
The billionaire effect
While property remains central to wealth preservation, the latest data shows that capital is increasingly spreading across luxury asset classes, albeit with a more disciplined approach.
Knight Frank’s Luxury Investment Index recorded a modest 0.4 per cent decline in 2025, signalling a stabilisation phase after several years of correction.
But beneath that headline number is a more telling shift. Collectors are moving away from speculative buying and toward assets defined by rarity, provenance and cultural significance.
Impressionist art led the market, rising 13.6 per cent, buoyed by landmark sales including a US$236 million Klimt painting. Watches also performed strongly, up 5.1 per cent, driven by continued demand for brands like Patek Philippe and Rolex.
At the same time, more volatile categories have corrected. Whisky values fell 10.9 per cent, while parts of the fine wine market have softened following pandemic-era highs.
Perhaps the most notable trend is behavioural. Younger investors are entering the market through fractional ownership platforms, gaining exposure to high-value assets that were once out of reach.
For property, the parallels are clear. The same focus on scarcity, narrative and long-term value is increasingly shaping buying decisions at the top end of the residential market.
Global wealth
The growth in billionaires is not just increasing demand, it is changing where that demand is directed.
In Australia, Brisbane has emerged as one of a handful of global cities experiencing rapid change in its luxury positioning. The city’s transformation is being driven by infrastructure investment and the 2032 Olympics, with top-end apartment prices rising from around US$6 million to more than US$10 million in just 12 months.
Luxury price growth has remained steady, with Brisbane rising 2.1 per cent in 2025, while the Gold Coast recorded 2.8 per cent.
At the same time, buying power is tightening. US$1 million now buys 5 per cent less in Brisbane than it did five years ago, reflecting the upward pressure on prime markets.
The trend is not confined to capital cities. Regional lifestyle markets are also capturing attention. Geelong’s waterfront has been identified as one of the world’s hottest luxury residential markets, driven by a combination of coastal amenity, infrastructure and relative value.
In these markets, pricing is no longer the sole driver. Lifestyle, accessibility and long-term growth are increasingly shaping buyer decisions, particularly among globally mobile wealth.
Alternative luxury assets
Beyond residential property, high-net-worth individuals are continuing to diversify into alternative assets that combine lifestyle and investment potential.
One of the most compelling examples is vineyard investment. Knight Frank’s Global Vineyard Index highlights the Barossa Valley as one of the best-value wine regions globally, where US$1 million can secure more than 18 hectares of land.
Despite a 10 per cent decline in land values over the past year, the broader outlook remains positive, particularly as the global wine industry shifts toward premiumisation.
This “trading up” trend is seeing consumers favour higher-quality, provenance-driven wines over mass-market products, reinforcing the long-term appeal of established regions like the Barossa and Eden Valleys.
For investors, the appeal lies in the intersection of lifestyle and capital preservation. Vineyard assets offer not only production potential, but also a narrative — something increasingly valued in a market where experience and authenticity carry weight.
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