Sydney in top 6 cities for ultra-prime property sales
A new ranking has placed Sydney in sixth place for the highest number of property sales worth more than US$25 million.
Research from Knight Frank, analysing the ‘global ultra-prime residential market’, has placed Sydney in the top six when analysing total value of transactions, number of transactions and average transaction value over the last 12 months to August 2018.
Sydney places sixth place for total value of transactions at US$219 million and number of transactions at five,
However, when considering average transaction value, Sydney placed third with US$43.8 million.
Sarah Harding, Knight Frank’s partner and head of residential said Sydney remains the destination of choice for individuals with a high net worth due to a number of factors, two of which include lifestyle and relative political stability.
“All ultra-prime transactions in Sydney over the past three years occurred in the Eastern Suburbs and all were for houses. However, this is based on completed properties and we expect that off-plan sales will further increase these numbers when further prestige apartment buildings in Sydney are completed,” Ms Harding said.
“Whilst Sydney is one of the smallest city markets in regard to transaction levels, it has some of the most spacious properties with the typical transaction encompassing plots of land, and an average saleable area of 1,976 square metres.”
“Not only do the properties cover large areas, but the majority have waterfront views and a private swimming pool,” said Ms Harding.
Meanwhile, Hong Kong took out each top six list for each of the three metrics, with a total value of transactions at US$2.481 billion, 47 total transactions and an average transaction value of US$52.8 million.
The top six rankings for ultra-prime property, according to Knight Frank, are:
Total value of transactions (US$ million)
|
2015 |
2016 |
2017
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|
12 months to August 2018* |
|
|
Hong Kong |
$1,831 |
$1,646 |
$2,679 |
$2,481 |
|
New York |
$1,026 |
$1,723 |
$1,627 |
$1,497 |
|
London |
$2,881 |
$1,713 |
$1,563 |
$1,479 |
|
Singapore |
$175 |
$131 |
$146 |
$529 |
|
Los Angeles |
$201 |
$718 |
$660 |
$441 |
|
Sydney |
$195 |
$123 |
$221 |
$219 |
Number of transactions
|
|
2015 |
2016 |
2017 |
12 months to August 2018* |
|
Hong Kong |
37 |
30 |
47 |
47 |
|
New York |
28 |
50 |
42 |
39 |
|
London |
72 |
36 |
37 |
38 |
|
Singapore |
4 |
2 |
5 |
12 |
|
Los Angeles |
5 |
16 |
18 |
12 |
|
Sydney |
6 |
3 |
6 |
5 |
Average transaction value (US$ million)
|
|
2015 |
2016 |
2017 |
12 months to August 2018* |
|
Hong Kong |
$49.5 |
$54.9 |
$57.0 |
$52.8 |
|
Singapore |
$43.6 |
$65.5 |
$29.1 |
$44.1 |
|
Sydney |
$32.5 |
$41.0 |
$36.9 |
$43.8 |
|
London |
$40.0 |
$47.6 |
$42.2 |
$38.9 |
|
New York |
$36.6 |
$34.5 |
$38.7 |
$38.4 |
|
Los Angeles |
$40.2 |
$44.8 |
$36.7 |
$36.7
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