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Uber rich seek refuge in Sydney trophy homes
The Crown Residences at Barangaroo are drawing a wealth of interest.
Ultra-wealthy buyers seeking safety from the pandemic piled into Sydney’s super-prime residential market during the past six months, snapping up 15 trophy homes worth at least $214.5 million, a Knight Frank report says.
Sydney was the only market to record a rise in ultra-luxury home sales, outperforming 11 key superprime markets around the world, which all suffered large declines in transactions.
Between March and June, buyers pounced on top-priced Sydney homes, pushing the average super-prime transaction to $24 million – a 33 per cent jump from a year ago.
Since the onset of the pandemic, Sydney has notched up one home sale worth more than $35.8 million and six super-prime sales, while Melbourne managed to close one super-prime transaction.
Super-prime homes are valued at least $US10 million ($14.3 million), while ultra-prime are worth at least $US25 million, Knight Frank said.
Continue reading . . . . Courtesy Australian Financial Review