The luxury residential property market has been buoyant across all metro markets throughout 2023, confounding most market predictions. The market in capital cities is consistently set new market records, with deep pockets aplenty. We expect the prestige markets to continue to perform well during 2024. Here’s a quick look at key developments in the major markets;
Melbourne
The market for ultra-prestigious properties is usually less influenced by shifts in interest rates, residing almost in its own exclusive sphere. In 2024, it is anticipated that the top-tier property prices will stay consistent, particularly in blue-chip neighborhoods. The strong demand from wealthy buyers for these high-value properties suggests that a notable price correction is unlikely.
61 Calendon Road Toorak VIC – $40,000,000
20 Shakespeare Grove, Hawthorn, Vic – $41,000,000
Brisbane
The Brisbane prestige market has continued from strength to strength during 2023, with a new record set with the sale of landmark riverfront estate Amity House in New Farm, selling for $20.5M. There was considerable demand in the market for +$10m from interstate and local buyers and few properties available for sale. Moving forward we potentially see significant demand for high quality prestige units with construction costs curtailing many projects and limited supply.
101 Welsby Street, New Farm – $20,500,000
15 Perry Street, Hamilton – $13,000,000 (off-market)
25 Grays Road, Hamilton – $10,000,000
Gold Coast
The Gold Coast prestige market remains strong, fueled by the ever-increasing population growth. The highest sale of the year is below;
5 McMillian Court, Southport – $24,800,000
Sunshine Coast
Similar to the Gold Coast, there is still lots of activity at the top end of the Sunshine Coast market. A notable sale includes:
33 Ross Crescent, Sunshine Beach – Reported sale approx. $28M.
Large 3,520sqm with an approx. ~63m beach frontage. Older two level home. Likely site value only.
Perth
Perth’s prestige market has experienced a strong period of growth over the past few years, reflective of the strong market conditions in Perth on the back of a resilient share markets, the minerals and resources sector and the larger property market. Taking out any external shocks to the share market, commodity prices, worsening international conflict and to a lesser extent where interest rates go over the next few months, the prestige market is likely to see continued supply shortages and value growth particularly for well located, newer or well-presented homes over the next 12 months. Up to 5% - 10% growth.
18 Richardson Avenue, Claremont – $13,300,000
Adelaide
Adelaide’s prestige market, though more subdued than the east coast, reveals a number of notable sales, suggesting there is significant demand for premium properties.
39 Mills Terrace, North Adelaide – $7,750,000
14-16 St Margaret Drive Aldgate – $7,000,000
Hobart
Hobart joins the mainland’s prestige party scene, with several high quality properties selling above $5M.
10 Howrah Point Court, Howrah – $6,300,000
9 Mawhera Avenue, Sandy Bay – $5,800,000
The trends observed underscore the resilience and continued allure of high-end properties. We look forward to seeing what 2024 brings.