Demand for prestige property from cashed-up downsizers has propelled Brisbane into a global list of top-performing cities for the first time.

That rate of gain was below the 4.2 per cent recorded a year earlier, but it was enough to put the city on the international list due to changing circumstances, such as higher borrowing costs, in many global markets.

Knight Frank’s Australia head of residential research Michelle Ciesielski said that while Brisbane still faced the challenge of new stock and a hangover from the end of the resources boom, the premium market was benefiting from the growing demand of downsizers looking for well-located and easy-to-maintain homes. ͞

Demand for truly exceptional properties in sought-after positions have outweighed the supply coming to the Brisbane market, including new builds,͟ she said. ͞

Retirees continue to downsize and look for properties that offer high security while they travel abroad and low maintenance living with an array of amenities, including technology. ͞

The prestige market is well-placed in Brisbane not only from an ageing population looking for higher amenity, but families and couples looking for prestige living well-priced when compared to other East Coast cities.͟

It comes as it was revealed the lavish Brisbane mansion built by disgraced businessman Christopher Skase has been sold for $10.138 million and Australia’s richest woman Gina Rinehart is now the owner of an $18.5 million property on the Brisbane River.

Perth also made the list for the first time, while Sydney and Melbourne stayed in the top 10 —even though the rate of gain at the top end of the two markets slowed. Seoul topped the list, due to a near-25 per cent gain in premium property over the year to March.

The overall index gained 4.8 per cent in the year to March, down slightly from December’s 4.9 per cent gain but stronger than the 4.3 per cent gain of a year earlier.

Source: Realestate.com.au