- The luxury real estate market in Australia is experiencing an increase in sales, reaching new heights of success.
- Wealthy and highly skilled expatriates moving to Australian suburbs have considerably strengthened the current market.
- Prices are expected to remain strong due to the demand for family homes and upscale apartments, with predictions of more record-breaking sales in the next six months.
Australia’s upscale real estate market has recorded a boom in sales in both Sydney and Melbourne despite higher interest rates, lower home values in certain areas and reduced consumer sentiment.
Michael Pallier, head of Sydney Sotheby’s International Realty, stated that sales and prices at the top end of the luxury real estate market had shown significant strength, and agents predict that more sales records will be set in the next six months of 2023.
Pallier attributed Australia’s real estate boom to factors such as scarcity of available stock, the low Australian dollar compared to the US dollar and a swell in the number of high net-worth ex-pats and wealthy migrants coming into Australia.
There have been record-breaking real estate sales in Sydney this year, with the historical Leura estate in Bellevue Hill setting a new suburb high of $70m. Point Piper’s 49 Wunulla Road fetched $69m and 81 Fitzwilliam Road in Vaucluse sold for just over $40m.
Michael Finger of McGrath Real Estate Double Bay indicated that Sydney’s eastern suburbs are home to international high net-worth individuals (HNWIs) and professionals such as inventors and surgeons. Finger believes the wealth of the residents has kept interest rates from spiking.
HNWIs wishing to purchase real estate in Australia’s wealthy suburbs will need to make international payments from a reliable money transfer source.
Melbourne has also seen significant sales in 2023, including the sale of a mansion undergoing construction in Toorak for $80m.
Ross Savas, managing director of Kay & Burton, stated that the current market has become considerably more robust due to an influx of ex-pats from the UK and Europe.
Savas suggests that Australia is attractive to international HNWIs with families looking to provide their children with an excellent quality of life and education.
The luxury apartment market in Australia has seen a sudden increase this June, surpassing the previous record set in March. International HNWIs who wish to buy a luxurious home should utilise a safe money transfer service.
HNWIs looking to invest in Australia’s luxury market can use our online money transfer comparison tool to find the best exchange rates.
