The Knight Frank Prime Global Cities Index shows that growth in the top 5 per cent of the Brisbane property market has been significant enough to earn it 19th place in world city rankings for the first quarter of 2018.
Our respectable growth rate of 3.6 per cent is actually lower than our gain of 4.2 per cent a year earlier, but in the global scheme of things, this is a pretty good result, reports news.com.au.
Sydney and Melbourne, with growth in excess of 8 per cent, claimed 9th and 10th place respectively.
The top prestige growth market was Korea’s Seoul with a whopping 24.7 per cent growth.
So what is driving the boom in the upper echelons of the Brisbane market? Growing demand from downsizers looking for well-located and easy-to-maintain homes, according to the researchers. And the relatively affordability of our market compared to the southern capitals also makes it attractive.
The recognition of our top end performance comes as news breaks that a Hamilton mansion built by disgraced businessman Christopher Skase was been sold for $10.138 million, well under the reported $35 million it cost to build it in his 1980s hey day.
Presumably that particular sale didn’t do much to help our graduation to the ranks of internationally renowned prestige property growth market.