According to Knight Frank’s latest prime global index, Brisbane’s premium residential property market recorded a 0.3 per cent gain, even as global luxury markets record the lowest growth in 11 years.
By contrast, Melbourne’s prestige home prices fell 1 per cent weighed down by excess supply and weaker demand amid the border closures.
“Brisbane is attractive as an up and coming city undergoing transformation, as well as its affordability in comparison to its southern counterparts and lifestyle, which has been emphasised during the various Covid-19 lockdowns,” March said.
“We have seen strong enquiry over the past few months from both local and interstate buyers, as well as some from overseas.
“While some have been investors, we are mainly seeing owner occupiers looking to ‘rightsize’—that is, downsizing to luxury apartment living.”
Prime prices in Australasia and North America were the most resilient globally in the second quarter of 2020, boosted by low levels of supply and strong demand from affluent buyers.
Despite Australia’s relatively solid showing, the pandemic has clearly impacted global demand for prime properties with the index rising by just 0.9 per cent over the year to June—its lowest rate annual growth since the height of the global financial crisis in 2009.
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