Luxury home prices are falling in Sydney, Brisbane, the Gold Coast and Perth, and rising only modestly in Melbourne, research shows.
Rising interest rates have pushed property prices lower in the broader market and reduced how much money home buyers can borrow. But top-end properties are less affected because many wealthy buyers have had success in business and can purchase a home without a mortgage. Australia’s collective prime residential prices fell 1.2 per cent in the third quarter, but were still 6 per cent higher than a year ago, she said.After the pandemic boom, prime prices in each of the cities are still higher than a year ago: Sydney is up 5.4 per cent, Melbourne up 6.7 per cent, Brisbane up 5.2 per cent, Gold Coast up 11.3 per cent and Perth up 3.4 per cent.In the global ranking, Dubai took top spot after it recorded 88.8 per cent growth in 12 months, followed by Miami and Tokyo .
“It is a self-perpetuating thing in the sense that people selling have less confidence about buying an alternative,” he said. Several properties in that price range in South Yarra and Toorak have recently hit the market, along with some more expensive offerings in the same neighbourhoods, and in Brighton and on the Mornington Peninsula.
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