Perth might be in the middle of a cost-of-living and housing crisis – but try telling that to the luxury residential sector which continues to outpace all Australian capital cities and major cities worldwide. New data from Knight Frank’s Prime Global Cities Index shows Perth recorded the highest luxury residential property price growth in the country in the past 12 months. The index tracks the movement of prime residential property prices across 44 cities worldwide.
The research found four Australian cities – Perth, Sydney, Brisbane and Melbourne – recorded positive growth with Perth the strongest at 3.7 per cent, followed by Sydney (3.1 per cent), Brisbane (2.
4 per cent) and Melbourne (0.8 per cent). On a global scale, Perth ranked 14th in front of Tokyo, Paris, Beijing and Toronto.
Manila recorded the highest annual growth at 26 per cent, followed by Mumbai and Delhi. Major cities Shanghai, Dubai, New York, Berlin, London and Hong Kong all saw a decline in the luxury residential market. Despite the growth, research shows global housing markets declined between the first and second quarter of the year, with growth well below the long-term average of 5.
3 per cent. “The slowing in price growth this quarter across global prime markets reflects the fact that, without further stimulus from rate cuts, the bounce in market pricing we have seen over the past few quarters is running out of steam,” Knight Frank Global head of research Liam Bailey said. “The biggest influ.