The Gold Coast is now home to Australia’s best performing prestige property market, having upstaged all other major cities following a 3.5% price spurt in the March quarter.

According to Knight Frank’s Prime International Residential Index, luxury property price growth on the Gold Coast overtook Sydney in February with further gains yet to come.

The report clocked 19.3% growth for the Gold Coast over the past 12 months, followed by Sydney at 16%, Brisbane at 11.3%, Perth up by 11% and 10.9% growth in Melbourne.

On the global prestige property stage, the Gold Coast shot from 12th position to number 7 following spectacular price growth of up to 60% in some suburbs last year.

Dubai, Miami and Toronto had the fastest growing prices in the 12 months to Q1 2022.

Growth in the population of ultra-high-net-worth individuals – those with a net worth of $40 million or more – has reportedly supported the surge in prime real estate prices.

Wealthy Australian buyers have more cash to splash than the global average – in 2021 the country’s population of ultra-high-net-worth individuals grew by 10% to 20,800 people.

The report cites a race for space as driving competition among ultra-wealthy Australian buyers for large luxury waterfront plots and super size apartments with a roof terrace or balcony.

Knight Frank residential researchers predict that the imbalance between demand and supply will see Gold Coast prestige property prices increase by a further 8% this year.

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