Knight Frank has established a new Prestige Residential Sales division in Australia, adding to the firm’s well established global presence in the sector.

Deborah Cullen will head up the division as Head of Prestige Residential Sales, Australia. Cullen comes from Colliers International’s Lifestyle Estates team, and will bring from her team Richard Sholl as Sales Executive, Australia.

Cullen has 25 years' experience in the prestige and luxury lifestyle market in Australia. Her team at Knight Frank will focus on prestige Australian residential sales over $3 million.

Knight Frank’s Global Head of Residential, Lord Andrew Hay, said, “Deborah joins Knight Frank’s global network of prime agents positioned in key markets around the world. These agents are positioned to act as a global team, passing investors and product around the network to give our clients access to the very best in the market."

Knight Frank has Prestige Residential operations in Asia Pacific, the UK, Africa, Europe, and the Middle East, and is partnered with Douglas Elliman Fine Homes in the US.

Knight Frank's establishment of a prestige residential team comes after the company released its 2017 Wealth Report, which identified Australia as one of the most favoured markets for wealthy individuals in the world.

“Our latest annual edition of The Wealth Report has found that Sydney and Melbourne are in the top 10 list of most important cities globally for the wealthiest to invest," said Lord Hay.

Australian prestige real estate is one of the fastest growing prestige markets in the world.

“While the value of the world’s leading prime residential markets recorded slower growth in 2016, at 1.4% in comparison with 1.8% in 2015, the top-tier of price growth is being driven by Australia, China, New Zealand and Canada," said Lord Hay.

Australia's status as an economic and political ‘safe haven’ and the its excellent quality of life mean the market is likely to remain popular with the "super-rich", said Lord Hay.

In Sydney, Knight Frank’s Asian Markets team recently secured three high-end residential transactions to the value of over $35 million. In Hobart, recent sales include:

• 'Sentosa' at 650 Sandy Bay Road, Sandy Bay for $6.5 million
• 11 Ellington Road, Sandy Bay for $3 million
• 15 Grange Avenue, Taroona for $2 million; and
• 21 Grange Avenue, Taroona for $1.925 million.

Cullen said she is excited to join the firm. “Knight Frank’s globally-connected Prestige Residential team means that we can look after our clients and their families’ international interests.

"We will be the only firm in Australia so far to achieve this level of international connectedness," she said.

See more pictures of 'Sentosa' on Luxury List.

Read more about prestige real estate sales:

Knight Frank Wealth Report shows Australia still mixing it with the best

'Safe-haven' status draws the global rich to Australia

Demand for Randwick property already exceeding supply