Perth a City Where the Rich Want To Live
Perth’s luxury residential property market is expected to continue strengthening over the coming year now the city has reopened to the world. Knight Frank’s Wealth Report for 2022 shows Perth came in at number 31 on the Prime International Residential Index (PIRI 100) in 2021, which tracks movements in luxury prices across the world’s top residential markets. Perth edged out dozens of well-known international cities such as Monaco, Zurich and Athens.
Perth prime prices (properties that sold above $2 million) experienced 10.5 per cent growth, coming in behind Sydney, ranked 17 with 16.2 per cent growth, and Brisbane, which ranked 29 with 11.2 per cent growth. Melbourne came in at number 39, with 9.4 per cent growth. As prices have risen in Perth, how much internal luxury floor space US$1 million can buy in the city has fallen below 100sqm to 98.4sqm, behind Melbourne at 84.3sqm and Sydney at 41.4sqm.
On the City Wealth Index, which assesses where the wealthy prefer to live, spend time and invest, Perth was ranked 67, which was the last of all the cities in Australia, but an improvement from 2021 when it was ranked 74. The number of ultra-high net worth individuals in Perth rose by 10.5 per cent in 2021, and is expected to grow by another 23 per cent by 2026 to reach 2,408 from the current 1,961.
Mack Hall of Mack Hall Real Estate said Perth’s luxury market was only just gearing up, with a forecast rise of 6 per cent over 2022. One of the suburbs set to capitalise from the ongoing growth in Perth’s prestige market is the riverfront locale of Applecross which has risen in value by 12.2 per cent in the year to March 2022. In 2011, the suburb recorded just three prime sales with an average sale price of $2.82 million. But in 2021, Applecross recorded 33 prime sales with an average sale price of $3.68 million. Hall said the affluent suburb would continue to be highly sought after by buyers. “Not only is it close to the CBD, with good connectivity to three world-class universities, top private schools and other amenities, but it is picturesque,” he said
Tags : Perth a City Knight Frank’s Wealth Report luxury residential property Mack Hall Mack Hall Real Estate