Luxury home sales in Australia have been steadily increasing over the first quarter of 2021. The main reason? A burgeoning ultra-high-net-worth population in the country, which has boosted demand for prime properties, according to real estate consultancy Knight Frank.
In the first quarter of this year, the number of prime residential sales, defined as the top 5 percent of homes in each market, rose 58 percent in Australia year-over-year to a record 1,429 homes. Compared to the fourth quarter of 2020, luxury sales were up 17%.
In addition to factors that boosted the overall real estate market, such as a stock market rally, the rollout of Covid-19 vaccines, and improving economic conditions, the high-end end also benefited from a growing population of ultra-high-net-worth individuals, again according to Knight Frank.
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