{"id":37179,"date":"2022-03-02T10:31:47","date_gmt":"2022-03-01T21:31:47","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=37179"},"modified":"2022-03-02T10:31:47","modified_gmt":"2022-03-01T21:31:47","slug":"ultra-rich-put-money-into-trophy-homes","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/ultra-rich-put-money-into-trophy-homes\/","title":{"rendered":"Ultra-rich put money into trophy homes"},"content":{"rendered":"

PHOTO: The Ultra-rich. BBC<\/strong><\/p>\n

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One in three ultra-rich Australians bought a trophy home last year, allocating nearly a third of their wealth to their main residence or second dwelling, Knight Frank\u2019s Wealth Report reveals.<\/p>\n

This year, more than one in four ultra-high-net-worth individuals (UHNWI) plan to buy a house to capitalise on low interest rates. Australians with a net worth of $US30 million owned 2.8 homes on average in 2021.<\/p>\n

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The Knight Frank Prime International Residential Index 100 ranked Sydney at 17th place globally after prices surged by 16.2 per cent last year.\u00a0<\/strong><\/em><\/cite><\/p>\n<\/figcaption><\/figure>\n

Rich buyers have also returned to the cities, after fleeing to the suburbs at the onset of the pandemic, fuelling a sharp rise in\u00a0prime residential prices\u00a0in the capitals over the past 12 months.<\/p>\n

\u201cOverlooked in 2020 as suburbs and resorts attracted those looking for space to hunker down during the pandemic, the cities bounced back in 2021, averaging price growth of 12.3 per cent,\u201d said Michelle Ciesielski, head of residential research at Knight Frank Australia.<\/p>\n

\u201cThe resilience of cities in the face of COVID-19 has been stark across 2021, with the exodus from cities undergoing a boomerang effect in the last year.\u201d<\/p>\n<\/div>\n<\/div>\n