Wealth on the rise as billionaires reshape Australia’s property landscape

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.

There is a fundamental advantage in being able to walk through a newly built penthouse before deciding to buy it.

The purchaser can see how northern light moves through the living room, judge whether the terrace is large enough for entertaining and understand the real relationship between the interiors and the view. The quality of the stone, joinery and finishes no longer needs to be imagined from a sample board.

That certainty forms an important part of the appeal at Park Residences in Cremorne, where Lower North Shore specialist Abadeen has released the completed whole-floor penthouse for sale by expressions of interest.

Occupying the building’s uppermost level, the residence spans 295sqm on title, including a 74sqm wraparound terrace. It has three bedrooms plus a study, 2.5 bathrooms and private lift access, with its principal rooms oriented north towards the leafy surrounds of Cremorne and Middle Harbour.

The scale is intended to feel closer to a freestanding home than a conventional apartment. It is also the crowning residence in a completed collection of just 11 homes, giving the building a degree of privacy increasingly difficult to find in larger residential developments.

A penthouse designed from the inside out

The penthouse is the product of a collaboration between Abadeen founder and executive chairman Justin Brown and designer and curator Jack Freeman, founder of FREEMAN & CO.

Their brief extended beyond specifying premium finishes. The intention was to create an established private residence — a home with warmth, art and individual pieces — rather than an immaculate but impersonal display apartment.

“The experience begins the moment the lift doors open,” Brown says.

“You’re welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.”

Brown says that when someone walks through the front door, they pause.

“It’s not just the view, it’s the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly. It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living.”

Freeman’s approach is based on the idea of collecting rather than decorating. Furniture, lighting and art are selected for their form, provenance and relationship to the architecture, producing an interior that appears to have developed over time.

At Park Residences, the curation includes furniture by Parisian design house Pierre Augustin Rose and the sculptural Ball and Shade pendant by London studio Square in Circle.

These international pieces sit within an architectural framework of oak flooring, marble surfaces, full-height glazing, integrated joinery and a feature fireplace.

The result is restrained but not anonymous. Curved and sculptural furniture softens the apartment’s clean architectural lines, while art and distinctive lighting introduce points of personality. Natural stone and timber give the rooms a tactile quality that is intended to age more gracefully than a heavily trend-driven palette.

Northern light as an architectural material

The penthouse’s north-facing orientation is central to the experience.

Floor-to-ceiling glazing brings daylight deep into the principal living spaces and frames a view across the surrounding treetops towards Middle Harbour. Instead of the harder glare and heat that can accompany a western outlook, the northern aspect provides more consistent light through the day.

That light also changes the character of the materials. Marble, timber, upholstery and metalwork become more expressive as shadows move across their surfaces.

The main living and entertaining spaces connect directly with the wraparound terrace, extending the usable footprint of the home and giving different parts of the interior access to the outlook.

At 74sqm, the terrace is conceived as a genuine outdoor living area rather than a narrow apartment balcony. It provides space for dining, informal seating and entertaining while preserving the elevated perspective over Cremorne’s greenery.

The fireplace gives the living room a counterpoint during cooler months, helping the large, glazed space retain warmth and intimacy after dark.

The appeal of a whole-floor residence

A penthouse occupying an entire level offers more than additional floor area.

It can provide separation from neighbouring apartments, greater control over orientation and windows on multiple sides of the building. Private lift access also creates a more deliberate sense of arrival and removes the usual transition through shared residential corridors.

At Park Residences, those attributes are combined with a boutique building of only 11 residences.

The comparatively small number of homes should appeal to buyers moving from substantial houses who want less maintenance without accepting the density or anonymity of a large apartment tower.

That downsizer market has become an important audience for luxury developments across Sydney’s established suburbs. Many buyers are not necessarily seeking smaller living spaces; they want to relinquish gardens, external maintenance and ageing houses while retaining room for family, guests, work and entertaining.

The Park Residences penthouse responds to that expectation with three bedrooms, a separate study, generous living areas and an outdoor space large enough to function as another room.

Cremorne beyond the harbour view

The penthouse is positioned at 2 Sutherland Street, opposite Cammeray Golf Club and close to Cammeray Croquet Club and Grand Slam Tennis Cammeray.

Neutral Bay Village, its cafés, restaurants and shops are approximately 650 metres away, according to Abadeen’s campaign material. The Oaks Hotel is also within walking distance, while the Sydney CBD remains readily accessible by road and public transport.

This combination of outlook and convenience is an important part of the proposition.

The residence is elevated above a green Middle Harbour landscape, but it is not isolated from everyday services. For an owner-occupier, the ability to walk to coffee, dining and shopping can matter as much as the panoramic view.

The advantage of buying completed

Off-the-plan purchasing necessarily involves interpretation. Buyers assess architectural drawings, renders, finish schedules and display suites before committing to a residence that may not be completed for several years.

A finished penthouse removes much of that abstraction.

Prospective buyers can test the privacy, sound, natural light, outlook and proportions themselves. They can also assess whether the interiors and furniture curation align with the way they want to live.

This is particularly relevant at the premium end of the market, where the emotional response to a residence can be as important as its specifications.

Park Residences is not selling the promise of what its penthouse may eventually become. The rooms, terrace, view and material detail are already there to be experienced.

The Penthouse at Park Residences is being offered for sale by expressions of interest through SRM Residential. Private inspections are available by appointment.

At a glance

Property: The Penthouse at Park Residences

Address: 2 Sutherland Street, Cremorne, NSW

Developer: Abadeen

Architecture: MHNDU

Interior curation: Jack Freeman and FREEMAN & CO

Building: Boutique collection of 11 completed residences

Title area: 295sqm

Terrace: 74sqm wraparound entertaining terrace

Accommodation: Three bedrooms plus study

Bathrooms: 2.5

Aspect: North-facing

Outlook: Across Cremorne’s leafy surrounds towards Middle Harbour

Access: Private lift entry

Selected design pieces: Pierre Augustin Rose furniture and the Ball and Shade pendant by Square in Circle

Sales method: Expressions of interest

Selling agency: SRM Residential

Project contact: 1800 700 880

Wealth on the rise as billionaires reshape Australia’s property landscape

Australia’s wealthy class is expanding fast, and Knight Frank says that a surge in billionaires is reshaping the nation’s luxury property market.

The completed penthouse at Park Residences showcases a considered approach to luxury apartment living, combining northern light, curated interiors and the privacy of a whole-floor residence.