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Luxury home sales in Australia have been steadily increasing over the first quarter of 2021. The main reason? A burgeoning ultra-high-net-worth population in the country, which has boosted demand for prime properties, according to real estate consultancy Knight Frank.
In the first quarter of this year, the number of prime residential sales, defined as the top 5 percent of homes in each market, rose 58 percent in Australia year-over-year to a record 1,429 homes. Compared to the fourth quarter of 2020, luxury sales were up 17%.
In addition to factors that boosted the overall real estate market, such as a stock market rally, the rollout of Covid-19 vaccines, and improving economic conditions, the high-end end also benefited from a growing population of ultra-high-net-worth individuals, again according to Knight Frank.
The country had 3,124 individuals with more than US$30 million in 2020. An increase of 10.9% from the previous year. The ultra-wealthy class is expected to grow by almost 4% per year over the next five years, Knight Frank said.
“With a large portion of Australia’s ultra-wealthy population currently located on Australian soil, four of Australia’s major cities experienced their second consecutive quarter of highest-ever prime residential sales volume,” said Michelle Ciesielski, head of residential research at Knight Frank.
Included in the list of affected cities is Queensland’s Gold Coast, which saw a 91% increase in prime residential sales in the first three months compared to the same period in 2020. The second fastest-growing luxury market was Perth, the capital of Western Australia, with 85 percent year-over-year growth, according to the report.
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Luxury home sales in Australia have been steadily increasing over the first quarter of 2021. The main reason? A burgeoning ultra-high-net-worth population in the country, which has boosted demand for prime properties, according to real estate consultancy Knight Frank.
In the first quarter of this year, the number of prime residential sales, defined as the top 5 percent of homes in each market, rose 58 percent in Australia year-over-year to a record 1,429 homes. Compared to the fourth quarter of 2020, luxury sales were up 17%.
In addition to factors that boosted the overall real estate market, such as a stock market rally, the rollout of Covid-19 vaccines, and improving economic conditions, the high-end end also benefited from a growing population of ultra-high-net-worth individuals, again according to Knight Frank.
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Luxury home sales in Australia have been steadily increasing over the first quarter of 2021. The main reason? A burgeoning ultra-high-net-worth population in the country, which has boosted demand for prime properties, according to real estate consultancy Knight Frank.
In the first quarter of this year, the number of prime residential sales, defined as the top 5 percent of homes in each market, rose 58 percent in Australia year-over-year to a record 1,429 homes. Compared to the fourth quarter of 2020, luxury sales were up 17%.
In addition to factors that boosted the overall real estate market, such as a stock market rally, the rollout of Covid-19 vaccines, and improving economic conditions, the high-end end also benefited from a growing population of ultra-high-net-worth individuals, again according to Knight Frank.
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