After the pandemic boom, prime prices in each of the cities are still higher than a year ago: Sydney is up 5.4 per cent, Melbourne up 6.7 per cent, Brisbane up 5.2 per cent, Gold Coast up 11.3 per cent and Perth up 3.4 per cent.
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In the global ranking, Dubai took top spot after it recorded 88.8 per cent growth in 12 months, followed by Miami (30.8 per cent) and Tokyo (17.0 per cent).
In Sydney, Brad Pillinger, of the eponymous selling agency, said there had been a reduction in the volume of prestige homes for sale, which had helped to maintain prices.
There were fewer homeowners trading one residence for another, he said. Many homes for sale were listed because they were a deceased estate, and there were not many opportunistic sellers, he said.
“It is a self-perpetuating thing in the sense that people selling have less confidence about buying an alternative,” he said.
He said the prestige market was the least affected by interest rate movements, as participants buy and sell based on individual circumstances such as marriages, separations, upsizing or downsizing.
In Melbourne, buyer’s advocate David Morrell, of Morrell and Koren, said the $5 million to $10 million bracket had an influx of new listings late in spring that would enable buyers to be more choosy.
Several properties in that price range in South Yarra and Toorak have recently hit the market, along with some more expensive offerings in the same neighbourhoods, and in Brighton and on the Mornington Peninsula.
Some had been offered quietly off-market earlier, did not sell, and were now listed publicly to try to get a result before Christmas, he said.
“There is so much choice for the limited buyers there,” he said. “They are not all going to sell.”
But more expensive homes were a different story, as the ultra-top end runs to a different drumbeat, he said.
He added global financial markets had changed in the last few weeks, and many buyers were cautious, although they would still purchase high-quality properties.
“This time last year everything was going nuts, people were trying to buy things before auction,” he said.
“It is a complete 180 this year.”
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