Doubtlessly, Sydney has become the most expensive city in Australia with the highest number of prestige residential properties. Due to the high demand and short supply of luxurious properties in Australia, many ultra-rich individuals are willing to pay beyond the market value to live in their own comfort. In chronological order, Melbourne, Brisbane, Perth and Gold Coast ranked after Sydney in terms of median property prices above $5 million in prestige residential market.
In essence, Chinese foreign buyers are drifting the prices up due to the high demand but low supply in terms of unique design of buildings and scarcity of land. Many Chinese foreigners are willing to pay higher than market value to seal the deal, especially during an auction. They are concerned not only with buying the right property but also what is lacking in the market.
For a large proportion of baby boomers and ultra-rich retirees, they sell their properties from Melbourne and Sydney relocating to Perth and Gold Coast, either buying beachfront apartments in Gold Coast or riverside residences in Perth by using cash.
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