Auckland is one of the world’s top cities for luxury residential property, a new report shows.
Auckland ranked 24th in the world’s top 50 cities for prestige market performance in the past year, according to Knight Frank’s The Wealth Report 2019, which is released today.
The report’s Prime International Residential Index follows the movement of the world’s top 5 percent of prestige property values across 100 cities.
Auckland was ahead of the five Australian cities to make the list, showing 4.1 percent annual growth in its luxury property market. Sydney ranked 30th, with 3.1 percent growth, Brisbane 31, Melbourne 41, and the Gold Coast and Perth ranked an equal 42.
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Manila's luxury property market came first, enjoying 11.1 percent growth. London ranked 91 and New York came in 82nd.
Knight Frank ranked Auckland 13th for future growth in the luxury property market, ahead of New York, Dubai and Hong Kong, which are flattening.
Ian Little, head of research for Bayleys Realty Group, which is the New Zealand partner of Knight Frank, said in the report that Wynyard Quarter in Auckland was already benefiting from the 2021 America’s Cup.
"Wynyard Quarter is changing – fast," Mr Little said. "Apartments at 132 Halsey are attracting some of the city’s highest values. Other new developments offer a wider range of purchase prices: for example, the 91-unit 30 Madden St project includes maisonettes and penthouses from NZ$600,000 to NZ$6 million. Plans have also been announced for a 435-apartment and retail complex."
Celebrity property developer Simon Herbert and his wife Paula, a designer, paid $27.5 million for 15 Cremorne Street, in Auckland’s Herne Bay – The highest residential sale price of 2018 was the $27.5 million paid for 15 Cremorne Street, in Auckland’s Herne Bay.
Nine of the country’s ten most expensive property sales last year were in just a handful of Auckland’s best suburbs, with just one house outside the city making the top ten.
Read the Knight Frank report here.
