Prestige property growth is no longer being led only by Sydney and Melbourne. Knight Frank’s The Wealth Report 2026 shows Perth, the Gold Coast and Brisbane have emerged as Australia’s strongest performers for luxury property price growth, with all three cities appearing in the Top 100 international list.
Perth recorded the strongest luxury growth nationally, with prices increasing by 4.1% over the past year. The Gold Coast followed with 2.8% growth, while Brisbane rose by 2.1%. These results reflect the growing appeal of lifestyle markets, strong local economies and better relative value compared with Australia’s traditional prestige capitals.
Sydney and Melbourne remain major luxury markets, but both recorded declines. Sydney luxury property prices fell by 0.5%, while Melbourne declined by 1.3%. The figures suggest the prestige sector is becoming more geographically diverse, with buyers increasingly looking beyond established high-end postcodes.
Brisbane’s performance has been especially notable. Knight Frank said the city’s rapid growth has been supported by the 2032 Olympic Games and significant government infrastructure investment. These factors are strengthening confidence in Brisbane’s long-term outlook and encouraging more high-end development activity.
The report also highlighted Brisbane’s favourable planning environment, which has allowed developers to fast-track luxury projects. This has pushed top-end apartment prices from a historical ceiling of around $9 million to more than $15 million in just 12 months.
Luxury apartment living has become increasingly popular in Brisbane, particularly among downsizers and interstate buyers seeking a relaxed lifestyle without sacrificing access to premium dining, entertainment and lifestyle amenities. Riverfront developments and high-end inner-city projects continue attracting strong demand.
The Gold Coast is also benefiting from lifestyle appeal, limited waterfront supply and ongoing demand from interstate buyers. Prestige homes and luxury apartments remain highly sought after, particularly in tightly held beachfront and coastal suburbs.
Demand for premium coastal property has remained strong because affluent buyers are placing greater importance on privacy, lifestyle flexibility and climate. Waterfront homes, boutique apartment developments and residences with resort-style amenities continue attracting interest from both domestic and international buyers.
Perth’s luxury market is being supported by confidence in Western Australia’s economy and the relative affordability of prestige property compared with the eastern capitals. Buyers searching for premium homes can often secure larger residences and superior locations in Perth for significantly lower prices than Sydney or Melbourne.
Developers are responding to changing buyer expectations by including wellness facilities, private dining areas, concierge services and resort-style amenities within luxury developments. Prestige buyers are increasingly prioritising lifestyle integration and convenience rather than location alone.
Hybrid work arrangements are also influencing the luxury market. Some buyers are spending less time tied to traditional office locations, allowing them to prioritise lifestyle destinations such as Brisbane and the Gold Coast while maintaining professional flexibility.
Internationally, luxury residential prices rose by 3.2% in 2025. Australia’s performance shows high-end buyers remain active, but their preferences are shifting toward cities that offer lifestyle appeal, infrastructure investment, privacy and long-term growth potential.
The broader prestige market is likely to remain influenced by migration trends, infrastructure spending and lifestyle demand over the coming years. Queensland’s growing international profile and continuing population growth suggest Brisbane and the Gold Coast may remain strong performers within the luxury sector.
