The Gold Coast has staked its claim as one of Australia's fastest-growing luxury home markets, ranking in the top 32 of the Knight Frank Prime Global Cities Index for the first time.

The coastal city came in at 27 on the Q2-2019 list, joining Sydney (18), Brisbane (20), Melbourne (21) and Perth (32) as the Australian destinations to make the cut.

The Prime Global Cities Index – Q2 2019 found three Australian cities - Sydney, Melbourne and Brisbane - all recorded growth in luxury residential prices higher than the overall average annual prime price growth of 1.4 per cent across the 46 global cities in the 12 months leading up to the end of June this year. 

At a glance:

• The Gold Coast has joined Sydney, Melbourne, Perth and Brisbane in the top 32 of Prime Global Cities Index – Q2 2019.
• The city came in at 27th with a growth of 1.1 per cent.
• The index found Sydney, Melbourne and Brisbane all recorded growth in luxury residential prices higher than the overall average annual prime price growth of 1.4 per cent across the 46 global cities in the 12 months leading up to the end of June this year.

With early signs the Sydney and Melbourne luxury markets are strengthening, these regions have recorded sustainable yearly price growth of 2.5 per cent and 2.1 per cent, higher than the 2.4 per cent and 1.8 per cent recorded over the 12 months to March. 

Brisbane recorded year-on-year growth of 2.2 per cent, while the Gold Coast recorded growth of 1.1 per cent and Perth recorded growth of 0.6 per cent.

The Prime Global Cities Index increased by 1.4 per cent in the year to June 2019, up marginally from 1.3 per cent in March 2019, but still significantly lower than its four year average of 3.8 per cent, with slower prime price growth attributable to mounting economic headwinds.

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Source: Knight Frank

Knight Frank’s Head of Prestige Residential Deborah Cullen said although the majority of our ultra-wealthy clients felt the local political and economic environment made it more difficult to create and protect their wealth over the past couple of years, 93 per cent still reported their wealth increased in 2018. 

“According to our research, 76 per cent of ultra-high-net-worth individuals expect their wealth to further increase by the end of 2019," she said.

“One-third of the total wealth of Australian UHNWIs is allocated to the properties they live in (as first and second homes), and on average, they own three residential homes.” 

The index is expected to moderate further in the second half of 2019 before strengthening in 2020. 

Click here to view properties for sale on the Gold Coast.

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