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Sydney and Melbourne remain in top 10: Prime Global Cities Index


Knight Frank, the independent global property consultancy, launches the Prime Global Cities Index – Q1 2017, which tracks prime residential prices across 41 global cities worldwide. The report enables investors and developers to monitor and compare the performance of prime residential prices across key global cities. Prime property corresponds to the top 5% of the housing market in each city.

The index overall increased by 4.3% in the year to March 2017. Sydney and Melbourne remain on the top 10 list of global house price growth, coming in at 6th and 9th place respectively. Sydney has achieved 10.7% price growth while Melbourne has achieved 8.6% house price growth, both in the year to March 2017.

According to Knight Frank’s Head of Residential Research, Australia Michelle Ciesielski, “Although the world is in a state of political and economic flux at present, inevitably we are seeing a degree of safe-haven investment flows into luxury property markets – including Sydney and Melbourne.”

Tech hubs are outperforming the world’s financial centres, with a 7.4% average annual change to Q1 2017 in comparison with a 3.2% change for financial hubs. 

“Financial cities include Sydney, Hong Kong, London, New York, Tokyo and Shanghai. Tech cities include Melbourne, San Francisco, Dublin, Berlin, Taipei and Toronto. 

“Companies from all over the world, including numerous technology companies, have celebrated success in Melbourne emerging as a global city. 

“Amazon, Facebook and LinkedIn are among the latest global brands to lease space in the Melbourne Central Business District, and are part of a wave of technology companies seeking office space in the city. 

“In 2005, technology companies occupied 120,000 square metres of Melbourne CBD office space; today, this has increased to almost 200,000 square metres. 

“The Melbourne CBD office market was the best performing office market nationally over the six months to January 2017, recording net demand (110,000 sq m) of more than three times its historical average,” concluded Ms Ciesielski.

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