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Market Wrap

Melbourne luxury real estate among top ten in world for growth

Appetite for luxurious living is alive and well in Melbourne, with the city gracing the top ten in the world for price growth in luxury real estate.

Latest data from Knight Frank’s Prime Global Cities Index reveals Melbourne is ninth in the world for growth in high-end real estate – the tenth consecutive quarter the city has made the list. The other top cities included Sydney, Guangzhou, Shanghai and Cape Town.

Luxury real estate in Melbourne, typically homes of more than $2.5 million, grew by 10.4% in the year to September 2017, with a quarterly growth of 2.8% – a higher rate even to that of New York and London.

So why is Melbourne outstripping some of the world’s most populated cities? A lack of prestige homes on the market and strong demand is one factor.

Agents also cite Melbourne’s renowned events including the Australian Open and the Spring Racing Carnival as a key driver in interest from wealthy overseas investors who wish to have a base in Melbourne to attend prestigious events.

Keep in mind however that a beautiful home doesn’t have to be over $2.5 million. Multi-bedroom properties with spacious backyards and a price tag below $1 million are out there – take a look at our website, Red Mag or speak to your local agent to find out where.

Market Wrap