In February alone the top 25 per cent of values in Australia’s combined capital cities jumped 2.7 per cent, reports CoreLogic.
This compared to the middle 50 per cent of the market, which increased by 1.5 per cent and the lower priced quartile which grew 1.2 per cent.
This growth came off the back of a strong year for prestige property growth in 2020 – so strong in fact it propelled Brisbane’s top tier property market into the global spotlight.
The latest Knight Frank Wealth Report showed Brisbane, as well as the Gold Coast and Perth, outshone Sydney and Melbourne in the prestige growth market.
Brisbane took out the 44th spot with 2.5 per cent growth in its prestige property market, compared to Sydney (1.1 per cent) and Melbourne (0.9 per cent).
Perth was the highest ranked Aussie city having recorded 3.6 per cent growth.
But it was our cashed-up counterparts across the ditch who really made international headlines with Auckland’s prestige property market taking out top spot on the global list recording a whopping 17.5 per cent growth in values.
That’s a hefty price to pay for a property in the land of the long white cloud when you could have a piece of Brissie’s sunny climate for a fraction of the cost!