Australia Luxury Residential Real Estate Market Report and Forecast 2024-2032

Australia Luxury Residential Real Estate Market Outlook

The Australia luxury residential real estate market size was valued at USD 24.02 billion in 2023. The market is further projected to grow at a CAGR of 5.3% between 2024 and 2032, reaching a value of USD 38.41 billion by 2032.

Key Takeaways

• The Ultra High Net Worth (UHNW) population is increasingly investing in luxury residential properties across Australia.

• According to research, areas like Vaucluse, Double Bay, and Rose Bay in Sydney offer luxurious waterfront villas with stunning views.

• In the 2021 Census, there were a total of 10,852,208 private dwellings counted in Australia. Among these, approximately 70% were separate houses, 13% were townhouses, and 16% were apartments.

The increasing demand for luxury residences in major cities, driven by affluent and foreign buyers seeking high-end properties, significantly impacts Australia luxury residential real estate market growth. Also, the surge in median house prices in Australia's affluent capital cities, surpassing seven figures in the beginning of 2022, reflects the market's growth trajectory. For example, in Sydney, the median house price has accelerated significantly, rising by 5.3% quarter-on-quarter to reach AUD 1,535,869.

Moreover, the rising prices of real estate and annual capital growth in cities like Perth, Brisbane, Gold Coast, Sydney, and Melbourne, along with the emergence of Hobart as a hot property market, contributes to the overall growth of the luxury residential real estate market.  For instance, the estimated total value of residential dwellings in Australia reached USD 10,397.1 billion in the December quarter of 2023. This represents an increase of USD 196.8 billion from the previous quarter.

Another trend towards home connectivity and the integration of smart technology in luxury residences, including smart alarms and surveillance systems, positively impacts the Australia luxury residential real estate market development. The rising popularity of internet-connected devices like Google Alexa and Amazon Echo in Australian homes drives the demand for technologically advanced luxury properties, shaping the market's offerings and consumer preferences.

Villas and landed houses represent a segment of the luxury residential real estate market in Australia characterised by features like private gardens, swimming pools, and smart equipment. These properties cater to affluent buyers seeking privacy, elegance, and expansive living spaces.

Apartments and condominiums properties, on the other hand, offer a sophisticated urban living experience with amenities such as concierge services, fitness centres, and panoramic views. These properties appeal to buyers seeking convenience, modern design, and access to city amenities.

Market Segmentation

Australia Luxury Residential Real Estate Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Villas and Landed Houses

• Apartments and Condominiums

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Western Australia

• Australian Capital Territory

• Others

Competitive Landscape

Market players aim to provide exclusive properties with superior quality and unique features to cater to affluent buyers through innovative strategies and collaborations.

• Nicon Built

• Novus Homes

• Englehart Homes Pty Ltd.

• Rossdale Homes Pty Ltd.

• Atrium Homes

• Lomma Homes

• Summit Homes Group

• BBS Homes

• Carlisle Homes Pty Ltd.

• Bruin Builders

• Others

Key Highlights of the Report