Sydney and Melbourne are among the top 15 fastest-growing prestige property markets in the world, a new report shows.
Despite an easing of price growth across Sydney generally, the city’s top-end property market recorded double-digit annual growth in 2017, according to Knight Frank’s 2018 Wealth Report.
Of 100 cities analysed, Sydney ranked 9th in the report’s Prime International Residential Index, beating Melbourne which placed 14th – down from 12th place last
year.
Topping the list was Guangzhou, China, where luxury property prices increased 27%, followed by Cape Town (20%) and Aspen (19%).
Sydney’s prime market – the top 5% – recorded 10.7% annual growth, which saw it jump from last year’s 11th place ranking. By comparison Sydney’s median house price grew just 4% over the 12 months to December, according to Domain Group data.
Meanwhile, Perth, the only other Australian city analysed, came in equal 55th
place with Tel Aviv, thanks to 1.3% annual growth.
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