Luxury housing prices in Australia have risen 72.9% across the past decade, according to a Ray White report.
Prices for luxury homes nationwide now begin at A$2.52 million. Sydney is the country’s most expensive luxury market, with the housing price threshold rising by 72.7% in the past 10 years to reach $4 million.
“True luxury in real estate combines premium materials, architectural distinction, prime location, and limited availability,” said Ray White senior data analyst Atom Go Tian. "As our data reveals, the concept of luxury continues to transform across Australia’s diverse regions, shaped by changing demographics, wealth distribution, and lifestyle preferences."
Sunshine Coast luxury housing prices have grown the fastest of any area, up 133.2% to $2.4 million. Gold Coast prices have similarly increased by 128.1% to $2.6 million, while Brisbane’s rose by 115.8%.
Perth’s three luxury suburbs are also all within Australia’s top 10 areas by price growth. The city overall posted a 10% rise in luxury housing prices in the last year, or 69.5% growth in the past decade.
Melbourne’s luxury market, meanwhile, has seen slower growth of 47% since 2015. Its luxury housing threshold is now $2.49 million, and was the only major city to see a price contraction in 2024.
Darwin’s luxury housing prices began at the lowest threshold of any major city, at $995,000, and saw the lowest growth in the previous decade at 14.2%.
“It’s worth noting that only two of Australia’s nine major cities, Sydney and the Gold Coast, maintain luxury house prices above the national threshold of $2.5 million, highlighting how the luxury market remains concentrated in select locations. This concentration underscores the exclusivity that defines true luxury,” said Go Tian.
Australia’s luxury apartment price threshold grew by 52.3% in the last decade to $1.6 million. Sydney was also the most expensive market at $2.2 million, while the Sunshine Coast and Gold Coast saw the highest percentage increases.
Buyers of the highest-priced homes sold in Australia now represent a wider range of entrepreneurial backgrounds, the report found, with corporate executives becoming the minority. These ultra-luxury homes tend to feature trends like interior lifestyle amenities, multi-story functionality, and a wide range of premium construction and decorative materials.
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