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Sydney has been ranked the world’s number one city for luxury homes, in a Knight Frank 2021 forecast report.
With prices expected to rise by 10% in the coming year, the city of Sydney, Australia has just been voted the world’s top city for luxury home sales.
The Knight Frank report shows that wealthy Australians have continued to invest in luxury real estate, despite the global pandemic that has slowed many other sectors. The Australian city is outpacing Miami and Los Angeles in the United States in price growth.
Globally, luxury residential prices are expected to rise faster than expected. It was shown that in the first quarter of calendar 2021, 1,429 prime sales were recorded in Sydney, the highest quarterly figure ever for the city.
Michelle Ciesielski, head of residential research at Knight Frank Australia, said that every quarter since March 2013, Sydney’s main residential market has recorded positive annual price growth, demonstrating the continued undersupply of premium luxury homes being built as the ultra-rich population continues to grow.
“Many of our ultra-wealthy clients are now embracing the low interest rate environment to further expand their real estate portfolios, as they redirect funds to their business interests, the stock market and other investments,” says Ciesielski. “Despite the economic headwinds that have resurfaced in recent weeks, the underlying fundamentals of Sydney’s top tier prime real estate market are still incredibly strong,” she continued.
She said that despite the continued wealth creation among Sydney‘s elite, the low number of prime luxury real estate listings pointed to further price growth in the second half of 2021.
Lire aussi > AUSTRALIA’S LUXURY HOME SALES JUMPED 58% ANNUALLY IN THE FIRST QUARTER
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Sydney has been ranked the world’s number one city for luxury homes, in a Knight Frank 2021 forecast report.
With prices expected to rise by 10% in the coming year, the city of Sydney, Australia has just been voted the world’s top city for luxury home sales.
The Knight Frank report shows that wealthy Australians have continued to invest in luxury real estate, despite the global pandemic that has slowed many other sectors.
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Sydney has been ranked the world’s number one city for luxury homes, in a Knight Frank 2021 forecast report.
With prices expected to rise by 10% in the coming year, the city of Sydney, Australia has just been voted the world’s top city for luxury home sales.
The Knight Frank report shows that wealthy Australians have continued to invest in luxury real estate, despite the global pandemic that has slowed many other sectors.
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