Sydney has ranked among the world's most expensive housing markets, beating some of the poshest postcodes on the planet. The New South Wales capital sits eighth in the top ten ‘super prime’ real estate cities with sales of more than $US10 million ($AU14.82 million), above Geneva and Paris. Sydney clocked 99 sales of $US10-million plus last year, according to Knight Frank's The Wealth Report 2023.
For ‘ultra-prime’ transactions, of $US25 million ($AU37 million) or more, Sydney achieved seven in 2022. New York City topped the list, followed by Los Angeles, London, Miami and Hong Kong. NYC was number one for both super and ultra-prime markets.
Although Sydney is the highest-value Aussie capital, it is considered good value among the supremely wealthy. "The Knight Frank research found Sydney prime property was significantly more affordable than other cities around the world, with US$1 million buying 44 square metres of luxury space in the city, putting it almost on par with Paris at 43 square metres," the report said.
Since the start of 2021, sales in this super-prime apartment segment in Sydney jumped to average an annual 9.9 per cent of total prime apartment sales despite a modest uptick in the delivery of new luxury apartments over the two years. “Sydney is well-positioned to develop more depth in this luxury apartment market and build large sky homes to accommodate our ultra-wealthy clients.” Sydney's overall property market has been in a ground-breaking fall, with $181,000 shaved off the median value of a house - the steepest ever annual house price decline for the city.
Since the start of 2021, sales in this super-prime apartment segment in Sydney jumped to average an annual 9.9 per cent of total prime apartment sales despite a modest uptick in the delivery of new luxury apartments over the two years. "Sydney is well-positioned to develop more depth in this luxury apartment market and build large sky homes to accommodate our ultra-wealthy clients." Sydney's overall property market has been in a ground-breaking fall, with $181,000 shaved off the median value of a house - the steepest ever annual house price decline for the city.
