• Knight Frank has released its latest Prime Residential Review Q3 2020 reports
• The research contains the first-ever reported data for rental growth, average days on market (for sales), and gross rental yields for prestige property in Australia
• Brisbane was found to have the best performing prime residential market on Australia’s East Coast in Q2 2020, with fewer days on market, price growth, and rental growth
• Sydney’s prime property market was more resilient than expected over Q2 2020 with strong buyer inquiry, price growth, and rental growth
• The rental market in Brisbane and Sydney’s prime property market is strengthening due to an emerging trend of people renting until they find their next ideal home
Australia – BRISBANE had the best performing prime residential market on Australia’s east coast in the second quarter of 2020, followed by Sydney and Melbourne, according to the latest research from Knight Frank.
Knight Frank’s Prime Residential Review Q3 2020 found the average time for a prime property listed on the Brisbane market fell to 112 days in the June quarter from 116 days the previous quarter.
Price growth for prime property in Queensland’s capital followed suit, rising 2.5% over the year to June 2020 and 0.3% over the past quarter, while rents also grew by 6.9% over the past year.
Sydney’s prime property recorded capital growth of 3% over the past year and 0.3% over the past quarter, while average days on market for a prime property fell to 82 days in the June 2020 quarter, up from 72 days the previous quarter. Rents for prime property in Sydney increased by 2.2% over the year.
In Melbourne, where the lockdown has been significantly longer and stricter, average days on market for a prime property was 90, up from 86 days the previous quarter. Capital growth for prime property rose by 1.2% over the year to June 2020, but fell by 1% over the past quarter, while rental growth fell by 0.1% over the past year.
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