Sydney is becoming more affordable for buyers and investors of prestige property, according to the latest Knight Frank Wealth Report. The report indicates that growth is continuing, but in comparison to other luxury city hotspots around the globe, such as Shanghai and Beijing, Sydney remains relatively affordable.
This means that you'll be paying less than you would in these Asian cities, but still see large value increases over the coming years.
$1 million gets you more in Sydney
Sydney's affordability crisis is a hot topic of conversation at present. However, if you're in the market for luxury property this shouldn't worry you; Sydney has actually moved down the rankings in terms of the world's residential luxury property markets.
If we look at the statistics, luxury property seekers certainly get a lot more bang for their buck if they purchase in Sydney. $1 million will get you 59 square metres in Australia's largest metropolis, but only 46 square metres apartment in Shanghai, 30 square metres in London and 20 square metres in Hong Kong.
Affordability and lifestyle attracting overseas buyers and investors
Foreign interest in Australian prime residential property has remained relatively strong.
Due to its affordability and lifestyle quality, Sydney is now ranked number one globally for net inflows of the world's wealthy property buyers and investors.
"Sydney is at the top of the list for the highest net inflows of high-net-worth individuals (HNWIs) globally, with the inflow representing growth of 4 per cent of the HNWI population already based in the city," Michelle Ciesielski, Knight Frank's director, told The Sydney Morning Herald.
"Foreign interest in Australian prime residential property has remained relatively strong throughout 2016, with many currencies holding an ongoing purchasing power against the Australian dollar," she continued.
The good news isn't just for Sydney as a city but for Australasia as a whole; the region was the strongest-performing luxury market in the world in 2016.
There's clearly never been a better time to purchase a luxury apartment here. Join the growing trend of luxury property buyers and investors around the world that are flocking down under for the enviable lifestyle and reasonable prices.
Crown Group has luxury apartments to buy all over Sydney, including the new Waterfall development in inner city suburb Waterloo that will set the benchmark for luxury development in Australasia. Get in touch with us to take a look at Waterfall and our other beautiful complexes.