The Gold Coast is no stranger to luxury homes, so it’s no surprise it has been named in the world’s top cities for best prestige market performance.

The Glitter Strip is one of the world’s top cities for luxury residential property, a new report shows.

The Gold Coast was one of only five Australia hot spots 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 per cent of prestige property values across 100 cities.

The Gold Coast ranked 42nd in Knight Frank’s The Wealth Report
2019.

The Gold Coast was ranked 42nd equal with Perth. Only Sydney, Brisbane and Melbourne rated higher in Australia.

It is the first time the Gold Coast has featured on the list in the report’s 12-year history.

MORE NEWS: Main Beach penthouse breaks multiple property records

MORE NEWS: Dated Mermaid Beach house sells under the hammer for premium price

Knight Frank director and Queensland head of project marketing Chris Litfin said owner occupiers had been spurring the top end of the market.

“Developers have reacted to the demand for luxury product from owner-occupiers and are building product to cater directly to it, but the definition of luxury has changed.

“While once luxury would have been totally categorised at penthouses and sub-penthouses, now luxury is wrapped in the location and the amenity of the offering, even if it’s for a smaller apartment.

“We’ve seen good multimillion-dollar sales in Sandbar Burleigh and both Opus and Koko at Broadbeach, with some selling in excess of $2 million.”

Broadbeach development, Opus, is set to add to the Gold Coast’s luxury residential offerings.

As will Morris Property Group’s Koko development at Broadbeach.

The new findings come a week after an Urbis report found the average sale price for luxury new apartments on the Gold Coast has jumped $100,000 to more than $700,000 since 2017.

That report also found developers are selling five units a week more than they were just two years ago.

So far this year, a number of eye-watering sales have been penned on the Gold Coast, three in excess of $7 million.

Already this year, three sales in excess of $7 million have been penned.

Philippines capital Manila was crowned the top city of luxury listings, notching 11 per cent growth.

Sydney was Australia’s most affluent with 3.1 per cent growth in 2018, placing it 30th in the world, followed by Brisbane at 31 with 3 per cent change.

Knight Frank head of residential Australia Sarah Harding said Australia was a top destination for the ultra-wealthy because of its lifestyle, education and political stability.

“Ultra-high-net-worth individuals dedicate a large portion of their wealth to property.

“This has been confirmed by the growth in the average number of homes owned by wealthy people around the world increasing from 2.9 to 3.6 over the past year.”

The report found Australia’s wealthiest owned three residential homes, on average, in 2018.

Australia’s top performing luxury markets

Sydney, ranked 30, 3.1 per cent prime price growth.

Brisbane, ranked 31, 3 per cent prime price growth.

Melbourne, ranked 41, 2.2 per cent prime price growth.

Gold Coast, ranked equal 42, 2.1 per cent prime price growth.

Perth, ranked equal 42, 2.1 per cent prime price growth.