The report’s authors credited the booming property market with the fact that closed borders had forced wealthy Australians to purchase at home instead of abroad.
The agents closely guarded the address for privacy reasons.Source:Supplied
It was snapped up within two weeks.Source:Supplied
Hot on the heels of Sydney was the US city of Miami, where prices are tipped to rise 6 per cent in 2021.
That was followed closely by LA, Hong Kong, and New York.
Paris, Geneva, Singapore, Auckland, Madrid and London also received honourable mentions.
Back in May 2020, Knight Frank predicted prime prices would sluggishly climb at 1 per cent in 2021, but rebounding economies forced it to revise that number to 3 per cent in December, and this month the forecast now sits at 4 per cent.
Knight Frank Australia’s head of residential research, Michelle Ciesielski, said increased demand but the same amount of supply had driven prices to skyrocket.
She explained there was an “ongoing undersupply of luxury prestige homes being built whilst our ultra-wealthy population continues to rise”.
“Many of our ultra-wealthy clients are now embracing the low interest rate environment to expand their property portfolios further, as they redirect funds into their business interests, the stock market and other investments,” Ms Ciesielski said.
“Although lockdowns are currently in place, exclusive viewings are custom when buying prestige residential property and in many instances off-market purchases were already taking place with ultra-wealthy Australians who have been grounded on home soil for the past 16 months.”
For real estate agent Ms Bellomo, who is also the principal of Stone Mosman, she certainly agrees.
“It’s business as usual,” she said.
She opened her business two years ago, and said in a surprising twist, prestige property demand really picked up once the pandemic hit.