COAST IN LUXURY
THE Gold Coast has been named one of the top global locations for price growth in the luxury residential housing market.
For the first time, the Glitter Strip has earned a spot on the Knight Frank Prime Global Cities Index, which ranks the top cities for growth in the prestige property market each quarter. The Coast was ranked 27th out of 46, for its stability and luxury home market.
TWO Queensland cities are among the top global locations for price growth in the luxury residential housing market.
For the first time, the Gold Coast has earned a spot on the Knight Frank Prime Global Cities Index, which ranks the top cities for growth in the prestige property market each quarter.
Queensland’s Glitter Strip, which is ranked 27 out of 46, joined Brisbane (20th), Sydney (18th), Melbourne (21st) and Perth (32nd) on the global list for the second quarter of 2019.
The report said the Coast’s inaugural inclusion reflected the tourist haven’s stability and established luxury home market with a “solid pipeline of new projects catered towards affluent local and interstate downsizers”.
The index tracked the movement in luxury residential prices across global markets.
While prices globally were up 1.4 per cent on average, the research found that growth was “significantly lower” than the four-year average, suggesting global economic headwinds were having an impact.
Berlin took out pole position again but Sydney reclaimed top spot for Australia after Brisbane briefly knocked the property powerhouse from its pedestal in the first quarter of this year.
For Brisbane, there was a small drop in prices (0.7 per cent) over the past three months.
But the city still recorded annual growth of 2.2 per cent, which was higher than the overall average annual prime price growth of 1.4 per cent across the 46 global cities in the 12 months to the end of June.
The Gold Coast recorded year-on-year growth of 1.1 per cent, outperforming Singapore, Los Angeles, Bangkok, Mumbai and London, to name a few cities.
In Brisbane and on the Gold Coast, prestige agents have reported an increase in buyers seeking out high-end homes but a shortage of sellers listing properties for sale.
Knight Frank head of residential research Australia Michelle Ciesielski said owner-occupiers and downsizers continued to drive up values at the prestige end of the Gold Coast residential market.
Alex Phillis Luxury Real Estate director Alex Phillis said the city had grown from a transient tourist town into a laid-back place to live in luxury.
He said many buyers were cashed-up and coming from interstate where prices were exorbitant, meaning many could afford the over-the-top mansions the Coast was renowned for.
“A lot of those (buyers) from Melbourne and Sydney have worked hard for the past 40 to 50 years and they want to come and escape the weather,” he said. “They’re making a lifestyle choice and they’re going extreme.
“The Gold Coast is being taken seriously now at a global level.”
He said more flights going in and out of the Gold Coast Airport and improved infrastructure had also bolstered the city’s position as a go-to destination.