Across Australia, the prestige property market has shown resilience, with several key areas performing strongly despite broader economic conditions. From Perth to Sydney, market dynamics have been influenced by factors such as migration, housing supply shortages, and shifts in buyer sentiment. Here's a snapshot of some of the standout sales and trends in the national prestige market for 2024.
Perth
The Perth prestige market has thrived, driven by the state’s growing economy, population influx, robust labour market, and continued housing supply shortage. Several high-value sales have marked the year, especially in Perth’s coveted western suburbs, renowned for ocean views and proximity to the city.
Signature Sales
- 177 Wellington Street, Mosman Park: $25M
- 3 Owston Street, Mosman Park: $22M
- 59 Keane Street, Peppermint Grove: $20.1M
- 20A Deane Street, Cottesloe: $15.5M
- 33 View Street, Peppermint Grove: UO $14.5M
- 10 Hill Terrace, Mosman Park: $13.5M
- 6 Fraser Road, Applecross: $13M
- 6D Johnson Parade, Mosman Park: $11.75M
- 28 Challenger Parade, City Beach: $11.12M
- 4 Duncraig Road, Applecross: $11M
While western suburbs dominate, it’s promising to see areas like City Beach and Applecross emerge in the high-value transaction charts. The traditionally subdued unit market has also seen strong sales, particularly in South Perth, where new builds with river and city skyline views continue to drive demand.
Signature Unit Sales
- 9B/8 Parker Street, South Perth: UO $6M
- 802/8 Parker Street, South Perth: $6M
- 401/39 Mends Street, South Perth: $5.9M
- 3/47 South Perth, Esplanade South Perth: $5.65M
On the record-breaking front, 11 Pearse Street, Cottesloe, is listed with an expected price tag of $20M, which could set a new land price record of approximately $17,000 per square metre. The elevated corner block with development potential sits across from the Sea View Golf Club, boasting ocean views—certainly one to watch as we move into the new year.
Melbourne
Despite a cooling of the broader Melbourne residential market, the upper-end sector remains robust. While limited transactions have been above $20M, several sales between $10 and $20M signal continued demand.
Overall, market sentiment for the year has been cautious, but notable movements are still on the horizon. Melbourne’s wealthy Myer family is preparing to sell their iconic historic mansion, which has been in the family since 1921, potentially setting a new city house price record.
While there has been a lack of high-value sales and construction costs continue to rise, significant renovation and redevelopment projects are driving the creation of more high-value properties. Acumentis has been directly involved as a valuer and consultant in several of these projects during 2024, including an $11 million renovation of a period residence in Brighton, a $7 million new dwelling in Kew, a $5 million two-unit construction in Glen Iris and $10.6 million new dwelling in Camberwell nearing completion. These projects indicate an underlying confidence in the upper end of the market.
Sunshine Coast
Noosa
Resilient is the best word to describe the Noosa prestige market. After a dip in activity in the first half of 2024, the second half has shown a strong recovery, with monthly sales over $4M now matching pre-COVID levels. Sales above $10M have roughly doubled from 2023, though not to the levels seen during the peak of the COVID market in 2022. A key trend is the stronger sales in still-water areas, likely attracting older buyers, compared to the beach areas popular with younger buyers.
Signature Sales
- 43 Witta Circle Noosa Heads: A modern Tim Ditchfield designed riverfront residence sold for $30M.
- 10 Noosa Parade Noosa Heads: A north-facing Stephen Kidd designed riverfront residence sold for $22.5M.
Central and Southern Sunshine Coast
The central and southern Sunshine Coast prestige markets attract fewer interstate buyers, meaning they don’t experience the same high peak sales as Noosa. After the COVID peak in 2022, this area had strong sales in 2023, but 2024 has been more subdued, with prices generally holding steady. The Sunshine Coast medical precinct development around Birtinya has boosted values in nearby beachside areas, while the still-water waterfront market has remained stable.
Signature Sales
- 27 Watson Street Currimundi: A new architect-designed beachfront home sold for $9.05M.
- Two-unit sales in the high-quality riverfront Tangalooma building in Mooloolaba: Unit 1 sold for $9.5M, and Unit 4 sold for $12.4M.
Sydney
The Sydney residential property market has gradually fizzled towards the end of the year. While the year started well, expectations of rate cuts were dashed by April, leading to an urgency receding out of the market. Those waiting on cuts decided to downsize or offload investments to reduce debt. As a result, more properties hit the market, with Sydney likely finishing the year with growth just above inflation—a significant drop from 2023, when prices rose by 11%.
Though the prestige market is less affected by interest rates, it is influenced by the overall market sentiment. In the second half of 2024, it shifted into a buyer’s market, with more options available and buyers becoming selective about realistic pricing.
Highlights
- John Symonds is holding out for $240M for his luxury Point Piper waterfront. Multiple offers above $200M have been reported, and if achieved, this could recalibrate Sydney and Australia's luxury market, which is currently capped at $130M for a house sold in Point Piper in 2022.
- Atlassian’s Scott Farquar sold his 2017 $71M Point Piper purchase for $130M in the second half of this year, matching the Australian record price set in 2022.
- A significant price shift was seen at a property called Tresco, Elizabeth Bay, once listed at $50M in 2020. After the record $130M sale in 2022, Tresco is now listed on the market with expectations of around $110M in 2024. Who says that one sale doesn’t make the market?
- The luxury acreage market in north-west Sydney has cooled, with a property in Dural reselling for $8.45M, down from $9.5M in 2022.
- On the Northern Beaches, an Avalon property re-entered the market at $35M, a sharp drop from its 2022 listing of $65M. The owners, who bought it for $12.995M in 2017, have spent $20-30M on renovations.
- The year ends on a strong note with a reported $50+M sale in Fitzwilliam Road Vaucluse – ranking as the 5th highest sale of 2024.
Looking ahead, 2025 will be an interesting year. Will interest rates be cut, and if so, by how much? The impact of a potential new Trump administration and Australia’s upcoming federal election may also influence the market, as elections often cause hesitation in making commitments.