According to an article in today’s Sydney Morning Herald, Sydney has been ranked as the world’s leading city in luxury homes in the Knight Frank 2021 Prime Forecast Report.
With prices expected to rise 10 per cent over the coming year, the report shows that wealthy Australians have not been deterred by the global pandemic, border closures and lockdowns in their desire for luxury property. Like us, anyone working at the prestige end of the residential real estate market in Sydney will attest to these findings.
Knight Frank’s annual Prime Global Forecast 2021/2022 shows that globally, luxury residential prices are forecast to rise faster than envisaged. It showed that in the first quarter of calendar 2021, 1429 prime sales were recorded in Sydney; the highest quarterly figure on record for the city. It even predicts Sydney will continue its reign in the top spot in 2022, when, together with London, both cities are forecast to see prime prices accelerate 7 per cent year-on-year.
An Ongoing Under-Supply of Luxury Prestige Homes
Knight Frank Australia’s head of residential research, Michelle Ciesielski said every quarter since March 2013 Sydney’s prime residential market has recorded positive annual price growth, demonstrating the ongoing under-supply of luxury prestige homes being built whilst our ultra-wealthy population continues to rise.
She said as wealth creation continues amongst Sydney’s elite, the thin number of prime luxury property listings has pointed towards further price growth in the second half of 2021.
Private Sales & Off-Market Purchases
“Although lockdowns are currently in place, exclusive viewings are custom when buying prestige residential property and in many instances off-market purchases were already taking place with ultra-wealthy Australians, who have been grounded on home soil for the past 16 months,” she said.
Our experience this year supports these findings, with the Goldman Brothers Team has selling many properties ‘Off-Market’ and negotiating several private sales during this current lockdown period.
Original Article by Carolyn Cummins in the SMH – 21.7.21
- Posted by The Goldman Brothers
- On July 21, 2021
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