Sydney’s super-prime property market surges in Q4 2023, ranking 4th globally
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Sydney recorded 42 transactions of super-prime residential properties in the fourth quarter of 2023, placing it fourth out of 12 global cities, according to Knight Frank’s latest Global Super-Prime Intelligence report.
The report, which provides a quarterly snapshot of US$10 million-plus residential sales across key international markets, found that Sydney’s super-prime sales doubled from 21 in Q3 2023 and almost doubled from 22 in Q4 2022.
Global super-prime residential sales rose 11% year-on-year in Q4 2023, with 411 sales across the 12 markets compared to 370 in the same period in 2022.
Dubai led the rankings with 108 super-prime sales, followed by London and New York, each with 52 sales.
Geneva rounded out the top five with 38 sales, while Hong Kong’s sales dipped to 15, pushing it out of the top five for the first time.
In 2023, Sydney had a total of 113 super-prime residential sales, up from 108 in 2022, placing it sixth out of the 12 cities analysed.
The total value of super-prime sales in Sydney was US$1.932 billion in 2023, with US$632 million in Q4 alone.
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Liam Bailey, Knight Frank’s Global Head of Research, said the uptick in super-prime sales activity “reflects a more confident global economic outlook at the end of 2023, as expectations for interest rate cuts in 2024 grew stronger.”
Erin van Tuil, Knight Frank Partner, attributed the growth in Australia’s super-prime market to “a combination of strengthening buyer sentiment, a shift in market outlook and the ever-present attractiveness of Australia as a safehaven to live and invest.”
The number of ultra-high-net-worth individuals in Australia, those with a net worth of US$30 million or more, rose by 2.9% from 2022 to 2023, reaching 15,347 people, and is expected to rise a further 27% by 2028, according to Knight Frank’s The Wealth Report 2024.