Auckland Has Marked The Highest Growth In Luxury Real-Estate Prices

Despite the pandemic, global luxury prices have seen a great raise in prices all across the world.

As per statistics from the Knight Frank’s Prime Global Cities Index Q3 2020, that suggests that major luxury properties across 45 cities oversaw a gradual rise in property prices in the past year.

According to the list, Auckland topped the charts by marking by a significant growth in luxury property prices by 12.9%.

This was followed by a 2.3% growth in Sydney, which topped the charts in Australia. Gold Coast marked a 1.8% growth while Brisbane and Melbourne are at 1.1% and 0.3% growth rate respectively.

In a time of uncertainty, Australia showed immense growth in the rate of purchase for luxury properties across the country. The purchase growth rate has seen a gradual increase from 23% in 2019 to 38% in 2020.

Head of Knight Frank’s Residential research Australia, Michelle Ciesielski explains how despite stringent lockdowns across the country, Australia has managed to observe such a profitable growth in luxury real-estate industry along with a significant rise in the stock market, resulting in lower interest rates and higher purchases.

As an outcome of the pandemic, wealthy people are more likely to purchase a second home to use as a retreat which is a safe and tangible asset for future investments as well.

This growth in purchase rate is likely to continue all through the last quarter of this year.