Home Agents Realtors Sydney ranks fourth in international super-prime property gross sales surge

Sydney ranks fourth in international super-prime property gross sales surge


Sydney’s super-prime residential property market is proving buoyant, with town coming in fourth on the most recent Knight Frank rankings for that market sector.

In accordance with the World Tremendous-Prime Intelligence This fall report, the NSW capital metropolis recorded 42 gross sales within the super-prime market within the last three months of 2023.

The super-prime market includes residential gross sales above US$10 million and the Knight Frank rankings consider 12 markets throughout the globe.

Dubai took out high spot on the checklist, with 108 gross sales, adopted by London (52) and New York (52) 

Sydney’s 42 gross sales had been double the 21 transactions recorded within the September quarter of 2023 and virtually twice the variety of gross sales recorded a 12 months prior.

Knight Frank Companion Erin van Tuil stated the super-prime actual property market is constant to show in style and develop in momentum in Australia attributable to a mixture of strengthening purchaser sentiment, a shift in market outlook and the ever-present attractiveness of Australia as a protected haven to reside and make investments. 

“Wealth creation in Australia can be supporting the market – with a notable rise in money transactions, which now symbolize over half of all prime property gross sales in Sydney,” she stated. 

Knight Frank’s recently-released The Wealth Report 2024 discovered the variety of ultra-high-net-worth people (UHNWIs) – these with a web value of US$30 million or extra – in Australia rose by 2.9 per cent from 2022 to 2023 to succeed in 15,347 folks and is anticipated to rise an extra 27 per cent by 2028.

In 2023, Sydney had a complete of 113 super-prime residential gross sales, up from 108 in 2022, placing it in sixth place out of the 12 cities analysed globally. 

The full worth of super-prime residential gross sales in Sydney over 2023 was $US1.932 billion, whereas in This fall it was US$632 million. 

Though super-prime gross sales throughout the 12 international markets rose within the fourth quarter, pushing 2023’s whole gross sales forward of 2022, they had been nonetheless 22 per cent decrease than the degrees reached in 2021. 

Nonetheless, the whole was nonetheless considerably greater than the pre-pandemic degree seen in 2019. 

The full worth of super-prime gross sales reached US$31.9 billion within the 12 months ending December 2023. 

Whereas this was a 22 per cent lower from the US$40.7 billion peak through the 2021 pandemic property growth, it was nonetheless considerably greater than the pre-pandemic degree in 2019. 

Knight Frank’s World Head of Analysis Liam Bailey stated the uptick in super-prime gross sales exercise reverses the slowdown within the earlier quarter and displays a extra assured international financial outlook on the finish of 2023, as expectations for rate of interest cuts in 2024 grew stronger. 

“Final 12 months (2023) was a pivotal 12 months for international super-prime markets,” he stated. 

“Whereas charges continued to climb within the first half of the 12 months, wealth creation rebounded as asset costs surged on the again of the AI – fuelled fairness growth, which was then supported within the last quarter by expectations of decrease charges. 

“2024 is prone to be outlined by the eventual pivot to decrease debt prices which is able to increase exercise in key international super-prime markets.”

Geneva, which had 38 gross sales, rounded out the highest 5. 

Hong Kong volumes dipped to fifteen gross sales, pushing it out of the highest 5 markets for the primary time.

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