Australia’s luxury property market has boomed since 2020, according to Westpac Private Bank’s Prestige Property report.
The report shows that homes selling for over $5 million surged by 240% between 2019 and 2021.
Even pricier properties saw bigger jumps, with sales of $10 million and $20 million-plus homes rising by 312% and 244%, respectively.
This explosive growth levelled off last year, with sales over $5 million dropping to 2,927 from 2021’s peak of 3,845. However, sales were still up 159% from 2019 to 2023.
Taken over a longer term, the growth is even more impressive – with the number of $5 million-plus sales increasing more than 12-fold, up 1151%, over the 20 years to 2023,
The report said that for Australia’s wealthiest, property development and investment have been crucial for long-term wealth creation.
“The acquisition of prestige properties reflects not only financial success but also prudent investment decisions,” it said.
