Australia’s luxury property market: The prices will surprise you – The Property Tribune

Australian prices do not appear in the Top 10 globally Prestige property was expecting to take a hit Cash rate rises may have taken heat out of the market

In July this year, The Property Tribune looked at the International Construction Market Survey (ICMS), which ranks metrics across 88 global cities.

No Australian cities featured in the top 10 for most expensive cities, with Perth ranking 36th, with an average cost of USD$2,822 per sqm (AUD$4,098.81), followed by Sydney (42nd) at USD$2,699 per sqm (AUD$3,920.16), Melbourne (44th) at $2,666 per sqm (AUD$3,872.23), Brisbane (46th) at $2,620.7 per sqm (AUD$3,806.44) and Adelaide (50) at $2,454.4 per sqm (AUD$3,564.89).

The most expensive place in the world was San Francisco, with an average cost of AUD$6,868.64 per square metre, followed by Tokyo and Osaka.

Australia’s million-dollar house club is also shrinking, recent CoreLogic data showed.

Data shows that only seven suburbs across Australia’s capitals and regions saw median house prices rise above $1 million, while 169 suburbs saw prices plummet below the million dollar mark.

Corelogic Research Director Tim Lawless said several outer suburbs in Sydney and Melbourne are no longer in the million-dollar club with more affordable suburbs declining in value.

“Many of these outer fringe suburbs that have fallen below the $1 million mark were previously showing median values that were only marginally over the seven-figure threshold, so in many cases, a small percentage drop in value has been enough to push values below $1 million,” he said.

Mr Lawless added that housing values in more expensive suburbs are falling faster than the more affordable suburbs, but pointed out that these suburbs would require a significant price decline to drop below the million-dollar threshold.

There are currently 836 suburbs in Australia’s exclusive million-dollar club, with 347 of these in Sydney

The original article can be found here