Sydney ranks 8th for global residential sales above $10m
In 2024, Sydney tripled its sales volume for “super prime” properties over US$10 million, ranking in the top 10 best global markets, new industry findings showed.
Knight Frank’s Global Super-Prime Intelligence Q4 2024 report showed that 100 residential properties in Sydney sold for US$10 million or greater in 2024, which added up to a total of US$1.586 billion worth of sales over the year.
The firm’s report analysed sales volumes for “super-prime residential properties” and found 2,018 sales across 12 key international markets, marking a 6 per cent increase on the 2023 total.
Knight Frank said that the year-on-year rise across the globe was largely driven by a surge in Q4 sales, which registered 34 per cent higher than the same period a year earlier.
Sydney recorded 31 super-prime residential transactions in Q1 of 2024, and 19 in Q2, followed by 25 transactions in both Q3 and Q4, totalling 100 transactions over the year.
The report noted that sales activity for super-prime residential properties in Sydney took a slight hit from 2023, where the 103 sales notched up to a slightly higher aggregate value of US$1.71 billion over the year.
Knight Frank’s global head of research, Liam Bailey, said Sydney was one of four markets, alongside London, Los Angeles and Singapore, that had seen a continual contraction in sales since the post-COVID 2021 market peak.
Bailey observed that the contraction in Sydney was “mild”, with the number of sales falling by 15 per cent from 2021 to 2024, and returning to more normal levels.
He said the conditions in the Sydney market limited the number of super-prime residential sales last year.
“There is ongoing demand for super-prime residential property in Sydney, with a significant number of cash buyers looking to downsize in particular, but supply does not match the demand, which has constrained the number of sales,” Bailey said.
In 2024, five markets recorded an increase in sales from the previous year, which was led by a revival in key US centres such as Miami, Palm Beach and New York, and the resurgence of Hong Kong.
In contrast, European markets were weaker in 2024, with London, Geneva and Paris all seeing 12–19 per cent sales declines.
Across the 12 international markets, Sydney’s 100 super-prime residential sales resulted in the market having the eighth most transactions in 2024.
Over 2024, Sydney’s 100 super-prime properties came in higher than the markets of Orange County in California (96), Singapore (89), Geneva in Switzerland (46) and Paris in France (10).
The average super-prime property price in Sydney came in at US$15.9 million in Q4 of 2024, cheaper than Hong Kong at US$22.9 million and London at US$20.4 million.
Across the globe, the 426 super-prime properties in Dubai sold for a total of US$6.912 billion, followed by the 269 properties in New York that notched up a total sale value of US$4.996 billion.
Knight Frank’s recent Wealth Report 2025 showed that Australasia is expected to see a 5.3 per cent rise in its US$10 million-plus population by 2028, with the majority of these individuals located in Australia.
Bailey said that the growth in wealth populations was expected to lead to strong continued demand for luxury property over the rest of 2025.
“Sydney will continue to attract buyers including expats looking to take advantage of the favourable currency exchange in Australia and enjoy a wonderful lifestyle at the same time,” he concluded.