The luxury property market in Australia showcased resilience in 2024, driven by robust demand from affluent local buyers and international investors. Despite economic uncertainties, high-end properties remained in demand, particularly among high-net-worth individuals less affected by financing costs. The segment’s allure extended to expatriates, global executives, and the overall strong performance of business and share markets throughout the year.
While luxury properties thrived, the premium property sector witnessed more subdued growth, with a 2% increase nationally in 2024. Sydney saw no change, Brisbane rose by 7.2%, Perth by 13.6%, and Adelaide by 9%, contrasting with softer results in Melbourne, Hobart, Canberra, and Darwin. These figures fell below the 4.5% growth of the wider capital city market.
Looking ahead to 2025, Australia’s luxury property market is poised to outperform the broader property market, buoyed by favorable exchange rates attracting offshore buyers, robust business and share market performance, and a scarcity of top-tier luxury properties available.
The pinnacle of luxury property sales in 2024 was the $130 million transaction of a Point Piper mansion, ‘Elaine’ Estate, a waterfront property with historical significance. This sale equaled the national house price record set in 2022 for another Point Piper residence. Sydney’s Eastern Suburbs and Northern Beaches, along with Victoria’s Toorak, led the charge in Australia’s most expensive property sales.
Sydney’s top 20 residential deals alone amounted to nearly $1 billion in sales in 2024, making it a standout year for the luxury property market. Notable sales included the ‘Elaine’ estate, the ‘Rockleigh’ property on Wolseley Road, and the ‘Alcooringa’ mansion in Bellevue Hill. These properties exemplify the allure of Sydney’s Eastern Suburbs, drawing buyers with their stunning views and premium amenities.
In Melbourne, Toorak dominated the luxury property market with multimillion-dollar transactions. The sale of a contemporary mansion on Macquarie Road for around $70 million and the ‘Karum’ property on St Georges Road for $40 million highlighted the city’s luxury real estate landscape. Additionally, Mornington Peninsula witnessed a record-setting $61 million compound sale, underscoring the region’s appeal to affluent buyers.
Brisbane and the Gold Coast also saw substantial luxury property sales, with multimillion-dollar transactions in Palm Beach and Noosa. Redevelopment plans for beachfront properties in Palm Beach and the sale of a fully furnished residence in Noosa for approximately $30 million underscored the demand for luxury living in these regions.
The scarcity of high-quality luxury properties, coupled with sustained buyer interest, continues to drive values in this asset class. Prestige agents have noted strong activity in the trophy property segment, with discerning buyers actively seeking premium properties. As the year progresses, the luxury property market is poised for further growth and continued demand for exclusive real estate offerings.
📰 Related Articles
- Travel Accessories Market Poised for Sustainable Growth and Innovation
- Soy Protein Market Set for Strong Growth Amid Government Support
- Rate Cuts Spark Property Market Speculation in Australia
- Queensland Property Market Booms in 2024, Townsville Leads Growth
- How Renovated Australia Home Loan Property in Newtown Transformed Real Estate Market