THE Glitter Strip has once again been named one of the world’s top cities for luxury residential property.
Impressive price growth in the Gold Coast’s prestige market has seen it jump up the ranks in Knight Frank’s Prime Global Cities Index.
It was included in the list for the first time last quarter at No. 27 but the Coast’s growth of 1.3 per cent saw it climb to No. 26 for the September quarter.
It was one of five Australian cities and the only regional area to make the list. It also recorded growth higher than the average annual prime price growth of 1.1 per cent across 45 cities globally.
The index tracks movement in prime residential prices worldwide. Prime property is defined as the most desirable and expensive property which make up the top 5 per cent of each market, by value.
Moscow topped the list with the highest annual price growth of 11 per cent, followed by Frankfurt, Taipei, Manila and Berlin which all recorded 6.5 per cent or more.
Sydney ranked the highest for the country at No. 17 with 2.6 per cent growth, followed by Melbourne (21) and Brisbane (22) gaining 2 per cent each and Perth (30) with 0.7 per cent growth.
REIQ Gold Coast chairman Andrew Henderson said the Glitter Strip was no longer just considered a tourist hotspot.
“We are the number one regional city in Australia for luxury property — there’s no better place to live,” he said.
“We have got great diversity with our property with beachfront, main river, canal, acreage and Hinterland (homes), anyone that wants luxury there’s numerous types of property to suit.
“Not many places in the world would offer that diversity.”
Mr Henderson said interstate migration, technological advances that allowed people to work from anywhere and significant infrastructure particularly in the education and medical fields were to thank for the price growth.
Knight Frank head of residential research Australia Michelle Ciesielski said blue-chip property came out of the national downturn relatively unscathed.
“Whilst the Australian mainstream residential markets were progressively being corrected by tightened lending measures, the prime property market continued to experience positive growth given the prestige end of the market was less impacted by funding restrictions throughout this time,” she said.
“In fact, the major east coast cities of Sydney, Melbourne, Brisbane and the Gold Coast have now recorded 25 quarters, or more, of positive annual growth.
“Growth in prime property prices closely follows the performance on the stock exchange and there have been some significant gains made on the Australian sharemarket in 2019. “Collectively the Australian prime market has continued to see sustainable growth of 2 per cent in the year ending September 2019, whilst the sharemarket recorded a 7.7 per cent return.
“With equities on an upward growth trajectory, it’s likely this will follow through to further growth in prime property prices.”