Ooh la la! Perth hits global top 20 for luxury home price growth
Perth has had Australia's strongest luxury home price growth over the past 12 months, but growth is slowing globally as uncertainty grows, Knight Frank's latest research shows.
The firm's Prime Global Cities Index first-quarter index for the year, which tracks the movement of prime residential prices across 44 cities worldwide, found Perth came in 16th place globally, with luxury property price growth of 3.8 per cent over the year to the end of March.
Sydney and Melbourne both saw a fall in luxury residential prices over the 12 months, with a drop of 0.7 per cent and 2.1 per cent respectively.
Over the past three months Sydney, Melbourne and Perth have all seen a fall, with Brisbane the only one in positive territory, recording a minor increase of 0.1 per cent.
Asia-Pacific and the Middle East continue to lead the recovery, with Seoul recording the highest luxury price growth at 18.4 per cent over the past 12 months, driven by rising wealth and increasing institutional activity in the luxury residential segment. Also recording double-digit price growth were Dubai and Tokyo.
Knight Frank's global head of research Liam Bailey said the direction of interest rates remained pivotal to future luxury residential property prices.
'Although inflation has been easing in many key economies, US policy on tariffs has created the potential for significant future volatility,' he said.
'There is the potential for dis-inflationary pressures to increase outside the US, while the US itself faces a risk of higher inflation.
'While expectations of interest rate cuts have risen outside the US, including in Australia, greater clarity on the pace and extent of future cuts is needed before we see significant upside in pricing in most housing markets.'
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