Australia’s ultra-luxury property market is booming – and competition is fierce. Homes priced above $10 million are being snapped up faster than they’re listed, creating a real scarcity that’s pushing values to new heights.
Gone are the days when only older, male business moguls dominated the luxury space. Today’s buyers are just as likely to be young tech founders, e-commerce millionaires, or rising stars in fashion and retail – and they’re bringing fresh energy (and deep pockets) into the mix.
Take for example millennial investor Yan Zhang, who made headlines this year by paying a record-breaking $141.55 million in cash for a penthouse at One Sydney Harbour. Or Sydney-based White Fox Boutique founders Georgia and Daniel Contos, both in their early 30s, who now own five properties in Vaucluse valued at a combined $150 million.
For this new wave of affluent buyers, luxury real estate offers something that stocks and crypto can’t – tangible value, lifestyle benefits, and long-term security. Knight Frank’s latest Wealth Report backs this up, revealing that high-end property is the top luxury asset of choice for wealthy individuals aged 18 to 35 around the world.
International Interest is Growing
Despite recent policy changes limiting foreign ownership of established homes, international buyers still see Australia as a desirable destination for real estate investment. Between January and September last year, there were 3,750 foreign residential property approvals. China led the charge with $400 million worth of purchases, followed by Taiwan, Hong Kong, Vietnam, and Indonesia.
Expat Australians are also returning home in greater numbers. According to McGrath’s Adam Ross, expat inquiries have surged by up to 50% over the past year, driven in part by favourable currency exchange rates.
Experience-Driven Buying
It’s not just the homes themselves drawing interest – it’s the full lifestyle package. Elite buyers are looking for move-in-ready homes in blue-chip suburbs that offer prestige, privacy, proximity to top schools, and world-class amenities.
Sydney buyers’ agent Tammy Soglanich of Aurum Advisory curates tailored experiences for her clients, chauffeuring them through the Eastern Suburbs and Lower North Shore to showcase not just homes, but the unique coastal lifestyle that comes with them.
“It’s about more than the property – it’s about the experience, the views, the exclusivity,” says Soglanich. “When you’re overlooking Sydney Harbour, you don’t need to be an expert to know it’s special.”
The Appeal of Ready-Made Luxury
In markets like Melbourne and Brisbane, there’s growing interest in architect-designed, fully equipped homes that are ready to enjoy from day one. Features like wine cellars, home cinemas, and outdoor entertaining areas are now standard expectations at the top end.
One standout was an Agushi-designed residence at 11 Kent Court, Toorak, which sold in April. Melbourne agent Sarah Case of RT Edgar Stonnington noted strong competition among high-net-worth buyers who wanted a turn-key luxury lifestyle near top private schools.
In Brisbane, the trophy home scene is rising fast – and sellers don’t even need to renovate to see huge returns. Ray White’s Matt Lancashire recently oversaw the resale of a Hamilton home that jumped from $8.7 million to $12.5 million in just one year, with no upgrades in between.
The Hidden Depth of the Market
Some of the most valuable homes in Brisbane’s inner suburbs – like Teneriffe and New Farm – may never hit the market at all. According to Lancashire, these tightly held properties could command record prices if sold, but their owners have no plans to move.
From Sydney’s waterfronts to Melbourne’s leafy Toorak and Brisbane’s prestige pockets, Australia’s luxury property market is evolving – and thriving. It’s not just about the price tag; it’s about owning something truly unique in one of the world’s most desirable locations.
