Melbourne recently ranked the world’s 10th fastest growing prime residential property market, outpacing growth in global popular metropolises like New York and London.
Top end houses gained 9.1 per cent across the past financial year to be ranked 10th fastest in the latest Knight Frank Prime Global Cities Index.
The city has risen from 12th place on the list since March, and is still climbing.
Melbourne’s east is home to the majority of the top 5 per cent of the city’s property market, containing elite suburbs in two of the city’s priciest municipalities - Stonnington and Boroondara.
Real estate agents have noticed increasing international interest over the last several years, with buyers typically looking at homes above $5 million.
Increases in interest can typically peak and be witnessed during large sporting events like the Spring Carnival, Australian Open and the International Boat Show.
There is a shortage of prestige homes at the top end of the market, and as a result, Sydney and Melbourne rank quite high for capital growth when compared to other cities around the world. Many top end buyers keep an eye on the market and purchase properties quickly as they come up.
In August of 2017, a new $40 million record house price was set by 18 St Georges Rd, Toorak.
The details showcase the health of the Australian property market, and prove that Melbourne is an extremely desirable location not just for Australian’s, but also for internationals looking for a new prestige home.