Luxury property prices are still holding up in Australia, despite a slowdown elsewhere in the world triggered by rising interest rates crushing affordability.recorded an increase in luxury residential property prices. Perth led the way, jumping 3.7 per cent over the past year to June, followed by Sydney, up 3.1 per cent, then Brisbane, up 2.4 per cent and Melbourne, up 0.6 per cent.Overall, annual price growth for the top 5 per cent of the property markets around the world slowed from 4.
Perth came in at number 14 on the growth list, Sydney at 18, Brisbane at 20 and Melbourne at 31 in the ranked cities around the world.The Philippines capital Manila topped the list, up 26 per cent, and India’s Mumbai and Delhi took out the next two spots, increasing 13 per cent and 10.6 per cent respectively. All three cities are profiting from population growth, and a growing middle class. The US, Dublin, Madrid and Lisbon have been boosted by migration.
Melbourne luxury property was not doing as well, with a slight 0.2 per cent weakening over the June quarter, but overall, there was still plenty of activity at that top end, said Marshall White group sales director John Bongiorno.