Rich get richer on property, but may now have to settle for a smaller living room
The size of homes that can be bought for $1.6 million or more in most Australian cities has diminished as luxury real estate prices have continued to climb.
This luxury Southport, Gold Coast, home on a 1,411sqm block (left) sold for $22 million. (Image source: McGrath Estate Agents/Knight Frank)
Luxury property continues to deliver capital growth for well-heeled owners but US$1 million doesn’t buy what it used to.
Prices for prestige real estate assets delivered modest – in the face of inflation – rises in most Australian capital cities, with Perth (5.3 per cent), Brisbane (4.1 per cent) and the Gold Coast (3.6 per cent) recording luxury property price growth equal to or above the global average over 2024.
Wealthy home owners in Sydney…
