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Sydney Luxury Home Market Set to Lead the World in Growth, Topping Miami and LA

Sydney’s luxury home market is expected to lead the world in growth, with London-based global real estate consultant group Knight Frank predicting a 10 percent price jump in 2021. In its latest research, Sydney is also forecasted to top Miami (6 percent) and Los Angeles (5 percent) in prime residential property price growth this year. This comes after the first quarter of the year saw 1,429 luxury home sales recorded in Sydney—the highest quarterly figure on record for the city. “Closed borders have seen wealthy Australians purchase at home instead of abroad,” the report said. Knight Frank’s head of Australian residential research Michelle Ciesielski said the lockdowns were carrying Sydney’s premium property market as wealthy Aussies were purchasing at home instead of overseas. “Although lockdowns are currently in place, exclusive viewings are custom when buying prestige residential property,” Ciesielski told The Australian Financial Review. “In many instances off-market purchases were …

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