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Rise of rightsizers pushes up prestige apartment prices

Australians downsizing to luxury apartments are driving a rapid rise in prestige property values, with sales of apartments worth $10 million or more in the first half of the year running at nearly eight times more than the 10-year average.

Penthouse apartment interior at Crown Group's Crown Residences
Crown Group's $2 billion tower at One Barangaroo accounted for more than 70 per cent of prestige apartment sales in the first half of 2021. Photo: Crown Group

Australians downsizing to luxury apartments are driving a rapid rise in prestige property values, with sales of apartments worth $10 million or more in the first half of the year running at nearly eight times more than the 10-year average.

Research by Knight Frank showed that the pandemic had accelerated many Australians’ plans to move into a lower maintenance, higher-end dwelling, contributing to a large increase in transactions at the top 5 pe…