Knight Frank

<p>The higher demand for new super-prime apartments has prompted a 36 per cent value lift since June 2015, outperforming the established apartment market, according to recent Knight Frank research.</p>

<p>There had been a 31 per cent increase in established apartment values across the major cities in the same period.</p>

<p>However Sydney was the only city to buck the trend with its older stock up by 48 per cent compared to 30 per cent for new apartments, with limited new luxury products being launched across Sydney.</p>

<p>Knight Frank defines super-prime as the top 1 per cent of each market by value &ndash; a threshold of more than $10 million in Sydney and Melbourne and $7 million in Brisbane, Perth and the Gold Coast.</p>

<p>Sales of luxury apartments worth more than $10 million surged during the first half of 2021, compared to the decade average, the Knight Frank research shows.</p>

<p>The report calculated 67 super-prime luxury apartments changed hands around the nation, although the majority were at Crown Residences at One Barangaroo.</p>

<p><img alt="" height="666" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/one_barangaroo_2.jpg" width="1200" /><br />
<em>Inside the One Barangaroo penthouse</em></p>

<p>&ldquo;The first half of 2021 was the first time it&rsquo;s been possible that exchanged sales in the super-prime Crown Residences at One Barangaroo have been captured within the total residential sales volume by our research team,&quot; aid Michelle Ciesielski, Knight Frank&rsquo;s head of residential research.</p>

<p>&ldquo;What we saw in this time was the top five super-prime apartment sales in Sydney average $39 million, and four of these five apartment sales took place at One Barangaroo - reflecting the demand of our ultra-wealthy population for super-prime luxury homes in the sky.&rdquo;</p>

<p>&ldquo;The widening gap between buyer demand and appropriate property supply remains concerning, and residential construction difficulties continue to delay delivery of new products,&quot; said Michelle Ciesielski.</p>

<p><img alt="" height="638" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/one_barangaroo_living.jpg" width="1200" /><br />
<em>Inside the One Barangaroo penthouse</em></p>

<p>&ldquo;The shortage of suitable product, particularly at the top end of the market where rightsizes play, has been exacerbated by developers unable to easily secure sites in prime locations adding to the highly pressurised buying environment across Australian cities.&rdquo;</p>

<p>When it comes to prime residential, generally defined as the top 5% of each market by value across Australia, Knight Frank&#39;s latest report advised Sydney saw the greatest rise in apartment prices, some 10.6 percent, followed by 10 percent in the Gold Coast.</p>

<p>Knight Frank definition of prime sees a threshold of more than $3 million in Sydney and Melbourne and $2 million in Brisbane, Perth and the Gold Coast.</p>

<p>Prime price apartment prices increased 3.2% in 2020 to $25,500 psi, ranging from $13,000 psm to $65,000 psm.&nbsp;</p>


Values for new apartments have jumped by 36 per cent since June 2015

jchancellor-FAypfDUnLy

One Barangaroo leads as super-prime apartment off the plan sale prices strengthen

<p>The video marketing for the One Barangaroo penthouse has gone live.</p>

<p>The 8101 apartment video creators advise "the residence is a milestone in Australian, and indeed global, real estate."</p>

<p>It's been listed by Knight Frank.</p>

<p>The penthouse spans two full floors with over 800 square metres space.</p>

<p>At 245 metres above sea level its offers multiple entertaining areas with over 6-metre high floor to ceiling windows.</p>

<p><img alt="" data-entity-type="" data-entity-uuid="" height="704" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/one_barangaroo_4.jpg" width="1200" /></p>

<p>There are five bedrooms, all with ensuite bathrooms.</p>

<p>The master suite comes with large walk in robes, twin rain shower and steam room, separate office, private plunge pool, cinema room, gym, and over 50sqm of open air space across three protected balconies.&nbsp;</p>

<p>A feature staircase connects the two floors, as does a private internal lift.</p>

<p>The interiors – designed by New York outfit Meyer Davis – take advantage of the lofty, light-filled spaces and feature light European oak flooring throughout, accompanied by plush carpets in the bedrooms.&nbsp;</p>

<p>The penthouse boasts private plunge pool, the only residence in the building.</p>

<p><img alt="" data-entity-type="" data-entity-uuid="" height="643" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/one_barangaroo_pool.jpg" width="1200" /></p>

<p>There is also access to the resident’s pool on level six, hotel pool on level five, and spa designed by Blainey North.</p>

<p>This exclusive sale is being managed by Knight Frank. The four minute video was produced by Golden Eye Media.</p>

<p>James Packer’s $60 million purchase ranks as the building's priciest deal, secured in 2017 for a two-storey apartment.</p>

<p><img alt="" data-entity-type="" data-entity-uuid="" height="654" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/crown_baragaroo_3.jpg" width="1200" /></p>

<p>It was 2019 when there was a deal next door, worth more than $140 million for the most expensive residence in Australia, when the top three floors of Lendlease’s One Sydney Harbour at Barangaroo South were sold off the plan.</p>

<p>The sale includes the two-storey penthouse atop the Renzo Piano-designed building and a sub-penthouse directly below.</p>

<p>Completion is expected in late 2023.</p>

<p>The Boyd penthouse in the ANZ tower in the Sydney CBD recently sold for $60 million.</p>

<p>There has been no price guide given on the One Barangaroo penthouse.</p>

<p>But Knight Frank's latest Prime Global Forecast 2021/2022 shows that globally, luxury residential prices are forecast to rise faster than envisaged, and that Sydney is the world’s leading city for Knight Frank’s 2021 prime forecast, with luxury prices in the city expected to rise 10% over the next year.<br />
&nbsp;<br />
Lockdowns and the COVID pandemic haven’t yet had a negative impact on Sydney’s luxury property market – in fact, they are carrying it from strength to strength, with wealthy Aussies purchasing luxury properties domestically instead of overseas.<br />
&nbsp;<br />
The report shows Sydney is the leading global city for prime price forecast in 2021, with luxury prices expected to rise in Sydney by 10% over the year.</p>

<p>Sydney will continue its reign in the top spot in 2022, when, together with London, both cities are forecast to see prime prices accelerate 7% year-on-year.</p>

<p>The first quarter of 2021 saw 1,429 prime sales recorded in Sydney – the highest quarterly figure on record for the city. Despite recent lockdowns, momentum is being maintained.</p>


Spanning two full floors and at over 800 square metres, the penthouse comes with over 6-metre high floor to ceiling windows

One Barangaroo penthouse video marketing gives inside look

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<p>The international residential and commercial real estate agency Knight Frank have put forward their top 10 predictions for 2021 in their recently released 2021 Outlook report.</p>

<p>Ben Burston, Knight Frank Australia's chief economist who authored the report, says that despite trade tensions and economic and environmental challenges at the start of 2020, the outlook for property markets seem bright.</p>

<p>"The market continued to respond positively to low interest rates and the weight of private and institutional capital seeking to be deployed", Burston said.</p>

<p>He says the advent of COVID-10 however has "upended the proverbial apple cart."</p>

<p>"Focus on the long-term challenge of weak productivity growth globally and locally has given way to the more pressing and immediate need to minimise the health and economic impact of the pandemic.</p>

<p>"Similarly, for many in property the focus for 2020 quickly shifted from identifying opportunities for future growth to managing existing assets and risks to income during a tumultuous period."</p>

<p>Below are Knight Frank's top 10 predictions.</p>

<h2>1. Urbanisation on hold, but cities will re-asset their strength</h2>

<blockquote>
<p>"At one level, COVID‑19 seemingly threatens to up-end the status quo of city-centricity, but the weight of evidence on the relative productivity of cities argues strongly that they will remain the engine rooms of the national and global economy. Importantly though, this will no longer be dominated by our major cities. Regional cities like Wollongong, Newcastle, Geelong and the Gold Coast will see accelerated growth. They have sufficient scale and critical mass of service sector jobs to continue to develop rapidly, while also benefitting from a tilt in lifestyle choices due to the pandemic that will see some people opting for a less CBD-centric working life."</p>
</blockquote>

<h2>2. ‘Thinking big’ on next wave of transport and social infrastructure projects</h2>

<blockquote>
<p>"Governments will be seeking to move the needle on economic recovery in 2021 with an ongoing pipeline of new infrastructure projects, enabled by the low interest rate environment. We expect to see renewed debate on projects previously considered to be too expensive or not an immediate priority, such as faster rail connections between Sydney, Newcastle and Wollongong, additional airport capacity for Melbourne and improved access for cyclists in all of our major CBDs. Besides these transport initiatives, we expect more emphasis to be given to social infrastructure projects going forward, encompassing social and affordable housing, renewable energy and aged care facilities."</p>
</blockquote>

<h2>3. Offices will adapt to remain key to collaboration, training and cultural cohesion</h2>

<blockquote>
<p>"Hybrid work arrangements will result in a shift in emphasis for offices toward their central role as an enabler of collaboration, culture and connection, with less emphasis being placed on facilitating individual, focussed work. Physical offices will be increasingly grounded in the concept of wellness, both mental and physical, meaning greater emphasis on green spaces, exercise and retreat rooms as well as natural light. In an environment of higher vacancy and the greater choice this implies for tenants, lower grade space which cannot meet more stringent requirements will increasingly become redundant."</p>
</blockquote>

<h2>4. The landlord-tenant relationship will need to adjust</h2>

<blockquote>
<p>"Flexibility will be increasingly sought by tenants, and landlords will have to adapt to these changes. Reflecting uncertainty over future space needs, large tenants will seek a mix of core leased space and flex spaces which can be scaled up and down as needed, and also look for an end-to-end service where workplace planning, design, fitout, head lease and flex space are managed under the one umbrella. Alongside more frequent break clauses, this will place greater management pressure on assets with long WALE tenancy schedules potentially having a number of break points."</p>
</blockquote>

<h2>5. Shifting pattern of prime residential demand</h2>

<blockquote>
<p>"The COVID-19 pandemic, subsequent lockdowns and closed state and international borders have given people time to reflect on their lifestyles. Demands on the home are expanding, reflecting changes in the way they live and use their space. As a consequence, more and more people are seeking detached family homes and favouring waterfront and rural homes in particular. Large gardens and outdoor space are now more of a priority, with the lockdown period emphasising the connection between wellbeing and the great outdoors. All of this will drive strong demand for prime property in 2021, with prices in our major cities set to rise, led by Sydney, Perth and the Gold Coast."</p>
</blockquote>

<h2>6. Short supply of prestige residential rentals</h2>

<blockquote>
<p>"Whilst the major cities across Australia have experienced minimal uplift in new sales listings, over the past year prime rental properties have also become scarce, in stark contrast to the mainstream residential market. We anticipate strong rental growth in the prestige market during 2021 driven by increased renovation activity, demand for part-time city living to complement rural or country homes and rising expat demand."</p>
</blockquote>

<h2>7. Investment performance will be relatively strong compared with previous downturns</h2>

<blockquote>
<p>"Given the high level of uncertainty over the economic outlook, forecasting returns is more challenging than normal. But on the basis of a gradual recovery with no further major lockdowns, we expect capital growth in the office sector to average -1% for calendar year 2020 and -2% in 2021, leaving total returns a little over 4% and 3% respectively. The investment return performance of the industrial sector will continue to be relatively strong, with total returns likely remain around or just under 10% in 2020 and 2021. This would mark a much stronger return performance than that experienced during the GFC."</p>
</blockquote>

<h2>8. Premium on income security as investors look to re-weight and adapt their portfolios toward industrial and specialist sectors</h2>

<blockquote>
<p>"Question marks over the strength of occupier demand in the office and retail sectors are resulting in a reassessment of risk with a greater focus on covenant strength and length of income. This will continue to drive strong demand for industrial and logistics property in 2021, as investors seek to increase their portfolio weightings to the sector. This will drive further yield compression in the industrial market, supported by the adjustment to lower interest rates. In addition, the desire for defensive income returns and diversification will see a further expansion of specialist asset classes such as healthcare, cold storage, data centres and build‑to‑rent."</p>
</blockquote>

<h2>9. Overseas investors to drive the office market in 2021</h2>

<blockquote>
<p>"In a more challenging environment, with higher risks to income and less expectation of capital growth, we expect overseas buyers to step up their share of major acquisitions. Major global funds are more accustomed to the shift‑down in interest rates and lower capital growth expectations, and overseas family offices will at times be driven more by the desire to diversify and preserve capital over the long term. On the other hand, domestic investors seeking higher returns will be cautious until the risks to the occupier market ease."</p>
</blockquote>

<h2>10. Lower return environment will drive appetite for debt strategies and boost competition in non-bank lending</h2>

<blockquote>
<p>"The shift to a lower return environment will see a further deepening in the real estate debt market during 2021 with a proliferation in the number of lenders and a widening of their remit to offer greater diversification within the space. Lower expected capital growth will narrow the gap between expected returns on equity and debt strategies, tilting the risk/return dynamic toward debt. The entry of new non‑bank lenders into the debt market will widen competition resulting in a broadening of the scope of borrowing available to borrowers, including longer loan tenors and higher LVRs than traditional bank lenders will offer."</p>
</blockquote>
</body></html>

The international residential and commercial real estate agency Knight Frank have put forward their top 10 predictions for 2021 in their recently released 2021 Outlook report.

Joel Robinson

Cities to reassess their strength: Knight Frank's top 10 predictions for 2021

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<div>Sydney's prime residential property price growth is set to rise higher than the global average in 2021, Knight Frank's Prime Global Forecast 2021 report has found.</div>
<div> </div>
<div>They expect Sydney to see three per cent growth, compared to the global forecast of two per cent.</div>
<div> </div>
<div>Melbourne is set for a positive 2021, with a more modest one per cent growth forecast.</div>
<div> </div>
<div>Knight Frank expect prime sales in Melbourne to pick up post lockdown, however they predict that demand will remain lower in 2021 with a solid pipeline of new prime supply.</div>
<div> </div>
<div>They only forecast a marginal increase in new supply in Sydney's prime real estate in 2021.</div>
<div> </div>
<div>
<div>Sydney has been grouped alongside London, Paris, Berlin and Madrid as cities whose prime prices are expected to rebound, assisted by low interest rates, pent-up demand, tax holiday or because of firm market fundamentals. </div>
</div>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/NOV/24/Knight%20Frank%20forecast.jpg" alt=""><img src="https://images//2020/NOV/24/Knight%20Frank%20forecast.jpg" alt="">   </p>
<div>Knight Frank’s head of residential research Australia Michelle Ciesielski<span class="Apple-converted-space"> </span>said the top three key prime property market drivers for Sydney are the pandemic-fuelled domestic demand, supply shortage and low interest rates.</div>
<div> </div>
<div>“These will be balanced out by the risks identified in the report’s Risk Monitor – for Sydney prime property the biggest risks ahead are the global and local economic performance, travel restrictions and the government’s ongoing response to the pandemic,” she said.</div>
<div>
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<p><span>Knight Frank national head of residential Shayne Harris said </span><span>prime property sales were back to pre-pandemic levels in Sydney, while that was not yet the case in Melbourne. </span></p>
<p><span>“In Sydney, we are seeing a higher than expected volume of wealthy expats wishing to return home, which will grow the buyer pool for prime residential property as international travel restrictions ease over the coming months and years.," Harris said.</span></p>
<p><span>“Many of the wealthy population are considering expanding their property portfolios while the prime market records modest growth and low interest rates cheap. </span></p>
</div>
</div>
</div>
</div>
<div>
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<div class="layoutArea">
<div class="column">
<p><span>The Knight Frank </span><span>Prime Global Forecast </span><span>found Shanghai and Cape Town lead the expectations for prime price growth in 2021, with annual price growth of five per cent forecast. </span></p>
</div>
</div>
</div>
</div>
<div>  </div>
<div> </div>
<div> </div>
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jrobinson-rf4aSBido9

Sydney prestige forecast stronger than global average in 2021: Knight Frank

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<p>Hobart was Australia's best performing city for residential price growth in Q2 2020, Knight Frank's Global Residential Cities Index Q2 2020 has found.</p>
<p>It led the way with a 10.8 per cent growth, 13th on Knight Frank's global list of 150 cities, up from 22nd in the Q1 report.</p>
<p>Sydney, Australia's most expensive capital, wasn't too far behind with price growth of 9.4 per cent, which saw it rank 20th on the list, down from 14th.</p>
<p>Melbourne was next, in 37th, well down from its top 10 rank in Q1.</p>
<p>The Victorian capital's residential property still grew 6.8 per cent, sharply followed by Canberra 39th with a growth of 6.7 per cent.</p>
<p>All four of the capitals record growth around double the average growth rate or higher.</p>
<div>There were small gains for Adelaide, who ranked 95 with 2.2 per cent growth, and Brisbane 116th with 0.5 per cent.</div>
<div> </div>
<div>The only two Australian capitals to see negative growth were Perth, 131st of the total 150 global cities with it values contracting -1.2 per cent, and Darwin, 144th with a -5.1 per cent contraction.</div>
<p><img src="https://www.urban.com.au/images/2020/10/1/AU%20CITIES%20Q2%20KNIGHT%20FRANK.png" alt=""></p>
<div class="layoutArea">
<div class="column">
<p>Michelle Ciesielski, Knight Frank's head of residential research, said the volume of residential sales in Australia has reduced by close to 34 per cent during COVID-19, although noted that there has only been a shallow number of listings on the market with little evidence of distressed sales.</p>
</div>
</div>
<div class="layoutArea">
<div class="column">
<p>“Price growth has been impacted across Australia, but dwelling values only fell by two per cent in the second quarter of 2020, faring much better at this point than first anticipated", Ciesielski said.</p>
<p>“In the short term we expect further falls in housing prices to be cushioned by the ongoing low number of listings and a decreased number of new properties due for completion, with the proposed relaxation of responsible lending in early 2021 to shield against economic headwinds.</p>
<p>“We anticipate there will be a lot of change in the global index going forward, depending on sentiment around the world, and if we see second surges of the pandemic, which could also impact demand and price growth.”</p>
<p>Shayne Harris, Knight Frank’s head of residential in Australia, said Hobart has recorded the highest price growth in Australia for several reasons, namely the relative value and lifestyle contuing to be appealing, as well as the states rapid response rate to COVID and ability to shut borders.</p>
<p>“Tasmania has seen increased popularity by those seeking a regional tree-change, especially now when we have officially seen the success in the adaptability of many white-collar workers working from their homes", Harris says.</p>
<p>“Sydney continues to be underpinned by a severe shortage of stock for sale by both auction and private treaty and this has been reflected by the high clearance rates recorded.</p>
<p>“In the past couple of months difficulties around obtaining finance has drawn out many Sydney sale transactions and this still remains a hurdle, but in the past few weeks, I’ve been taken back with the increasing number of registered bidders at auctions.</p>
<p>“In some instances, we are once again seeing first home buyers being outpriced by downsizers and this is most likely to continue given their lower reliance on steady employment and a reasonable performing stock market.”</p>
<p>Overall the Knight Frank<span class="Apple-converted-space"> </span><em>Global Residential Cities Index</em><span class="Apple-converted-space"> </span>increased by 3.4% in the 12 months to the end of June, with the annual rate of growth declining marginally from 3.6% in March. </p>
</div>
</div>
<div>Of the 150 cities tracked, 81% still saw a price increase over the year to June 2020. </div>
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Hobart Australia's best performer on Knight Frank's Q2 global index

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<p>Australia slipped to 19th in the world for house price growth for the year to June 2020, according to the Knight Frank<span class="Apple-converted-space"> </span><em>Global House Price Index Q2 2020.</em></p>
<p>In the same report for Q1, Australia had ranked 10th.</p>
<p>But it was still up 37 places from one year ago, when we were 56th, with negative growth over the previous 12 months of -7.4 per cent.</p>
<p>Over the last quarter, Australia was down -2 per cent, which made the house price growth 6.1 per cent higher for the year to date.</p>
<p>Topping the charts was turkey, whose 12 months change was up 25.7 per cent, with 11.2 per cent over the last quarter.</p>
<p>New Zealand was the best performing country in Asia Pacific, with growth of 9.1% over the past year, but it slipped in the rankings from 2 to 11 between March and June.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/8/Global%20Top%2020.jpg" alt=""></p>
<p> </p>
<div>
<div>Knight Frank’s head of residential research Australia Michelle Ciesielski said the data in the most recently released Knight Frank Global House Price Index Q2 2020 was backward-looking, covering the year up to June 30, when the COVID-19 pandemic had hit most global markets.</div>
<div> </div>
<div>“It is not unusual for official house price indices to be published with a two or three month time lag, but this quarter 29* of the 56 countries and territories we track have yet to report their figures for Q2 2020, no doubt as a direct result of Covid-19 and operational challenges,” she said.</div>
<div> </div>
<div>“Despite this the data still offers a glimpse into the impact of COVID-19, with the number of countries and territories seeing a decline in prices increasing again. In total nine per cent of the areas tracked registered annual price declines in Q2 2020.</div>
<div>
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<p><span>“While annual price growth in Australia has fallen slightly from the previous quarter, growth is still positive and 1.4 per cent higher than the average annual price change of 4.7% across the 56 countries and territories tracked in the index. </span></p>
<p><span>“Australia has dealt with the COVID-19 pandemic better than some other countries and territories around the world, with the length and severity of the lockdown not as strong, which partly explains its stable performance. </span></p>
<p><span>“However, it can also be attributable to the state of the housing market prior to the pandemic, with Australia’s market strong heading into 2020 with demand high and stock levels low.” </span></p>
<p><span>Knight Frank national head of residential Shayne Harris said </span><span>Australia’s housing market has seen continued demand throughout the pandemic, but fewer transactions due to sellers choosing to ‘wait and see’ how the pandemic would play out. </span></p>
<p><span>“In </span><span>Sydney </span><span>the market continues to be underpinned by a severe shortage of stock for sale by both auction and private treaty,” he said. </span></p>
<p><span>“Whilst in the past eight weeks the difficulties around obtaining finance have seen the number of registered bidders thin out at auction, the clearance rate remains stable as do prices across the inner and middle rings of metropolitan Sydney. </span></p>
<p><span>“In </span><span>Melbourne </span><span>market conditions have been in steady decline for the past four months, with volumes and prices heading gradually south, although there was a very slight uptick in August. </span></p>
<p><span>“The cities second lockdown, combined with reliance on overseas immigration and education to support the market, could see these conditions continue beyond the other capital cities who are ahead of the curve in relation to recovery. </span></p>
<p><span>“In </span><span>Brisbane </span><span>quicker recovery from the pandemic than expected, combined with a tight apartment supply pipeline, has seen the Brisbane market emerge in a very strong position for 2021 and beyond. </span></p>
<p><span>“Coming off an extended period of low price growth Brisbane’s affordability is the best capital city side by side with Perth in the short to medium term.”</span></p>
<p><span> </span></p>
</div>
</div>
</div>
</div>
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Australia drops down rankings in Knight Frank's Global House Price Growth Index

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<p align="center">Research released by Knight Frank confirms that despite lockdowns in response to COVID-19 around the world, 153 residential real estate transactions above US$10m (AU$14.3m) have taken place globally between March and June 2020, with a total value of US$3.2bn (AU$4.6bn). </p>
<p>However, despite positivity that the global super-prime market didn’t buckle during lockdown, transaction levels to the end of H1 2020 are below the levels seen in H1 2019, with 281 super-prime (US$10m+ / AU$14.3m+) transactions taking place January to June 2020 compared to 594 over the same period 2019. </p>
<p>The research looks at how 12 key super-prime markets around the world performed in H1 2020 compared to H1 2019 and delves into the number of transactions completed since March 2020 when COVID-19 was officially labelled a pandemic, lockdowns were enforced around the world and international travel ceased.  </p>
<p>Total Transaction Volumes </p>
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="118">
<p>Market</p>
</td>
<td valign="top" width="118">
<p>H1 2019</p>
</td>
<td valign="top" width="113">
<p>H1 2020</p>
</td>
<td valign="top" width="132">
<p>March – June 2019</p>
</td>
<td valign="top" width="151">
<p>March – June 2020</p>
</td>
</tr>
<tr>
<td valign="bottom" width="118">
<p>Hong Kong</p>
</td>
<td valign="bottom" width="118">
<p>155</p>
</td>
<td valign="bottom" width="113">
<p>60</p>
</td>
<td valign="bottom" width="132">
<p>111</p>
</td>
<td valign="bottom" width="151">
<p>41</p>
</td>
</tr>
<tr>
<td valign="bottom" width="118">
<p>Los Angeles</p>
</td>
<td valign="bottom" width="118">
<p>77</p>
</td>
<td valign="bottom" width="113">
<p>52</p>
</td>
<td valign="bottom" width="132">
<p>58</p>
</td>
<td valign="bottom" width="151">
<p>35</p>
</td>
</tr>
<tr>
<td valign="bottom" width="118">
<p>New York</p>
</td>
<td valign="bottom" width="118">
<p>137</p>
</td>
<td valign="bottom" width="113">
<p>41</p>
</td>
<td valign="bottom" width="132">
<p>100</p>
</td>
<td valign="bottom" width="151">
<p>19</p>
</td>
</tr>
<tr>
<td valign="bottom" width="118">
<p>London</p>
</td>
<td valign="bottom" width="118">
<p>75</p>
</td>
<td valign="bottom" width="113">
<p>24</p>
</td>
<td valign="bottom" width="132">
<p>56</p>
</td>
<td valign="bottom" width="151">
<p>16</p>
</td>
</tr>
<tr>
<td valign="bottom" width="118">
<p>Palm Beach and Broward</p>
</td>
<td valign="bottom" width="118">
<p>29</p>
</td>
<td valign="bottom" width="113">
<p>24</p>
</td>
<td valign="bottom" width="132">
<p>24</p>
</td>
<td valign="bottom" width="151">
<p>10</p>
</td>
</tr>
<tr>
<td valign="bottom" width="118">
<p>Singapore</p>
</td>
<td valign="bottom" width="118">
<p>29</p>
</td>
<td valign="bottom" width="113">
<p>27</p>
</td>
<td valign="bottom" width="132">
<p>24</p>
</td>
<td valign="bottom" width="151">
<p>8</p>
</td>
</tr>
<tr>
<td valign="bottom" width="118">
<p>Sydney</p>
</td>
<td valign="bottom" width="118">
<p>13</p>
</td>
<td valign="bottom" width="113">
<p>15</p>
</td>
<td valign="bottom" width="132">
<p>12</p>
</td>
<td valign="bottom" width="151">
<p>6</p>
</td>
</tr>
<tr>
<td valign="bottom" width="118">
<p>Dubai</p>
</td>
<td valign="bottom" width="118">
<p>17</p>
</td>
<td valign="bottom" width="113">
<p>8</p>
</td>
<td valign="bottom" width="132">
<p>13</p>
</td>
<td valign="bottom" width="151">
<p>6</p>
</td>
</tr>
<tr>
<td valign="bottom" width="118">
<p>Miami</p>
</td>
<td valign="bottom" width="118">
<p>25</p>
</td>
<td valign="bottom" width="113">
<p>12</p>
</td>
<td valign="bottom" width="132">
<p>16</p>
</td>
<td valign="bottom" width="151">
<p>4</p>
</td>
</tr>
<tr>
<td valign="bottom" width="118">
<p>Orange County</p>
</td>
<td valign="bottom" width="118">
<p>24</p>
</td>
<td valign="bottom" width="113">
<p>9</p>
</td>
<td valign="bottom" width="132">
<p>21</p>
</td>
<td valign="bottom" width="151">
<p>4</p>
</td>
</tr>
<tr>
<td valign="bottom" width="118">
<p>Geneva</p>
</td>
<td valign="bottom" width="118">
<p>10</p>
</td>
<td valign="bottom" width="113">
<p>8</p>
</td>
<td valign="bottom" width="132">
<p>9</p>
</td>
<td valign="bottom" width="151">
<p>3</p>
</td>
</tr>
<tr>
<td valign="bottom" width="118">
<p>Melbourne</p>
</td>
<td valign="bottom" width="118">
<p>3</p>
</td>
<td valign="bottom" width="113">
<p>1</p>
</td>
<td valign="bottom" width="132">
<p>2</p>
</td>
<td valign="bottom" width="151">
<p>1</p>
</td>
</tr>
</tbody></table>
<p>Knight Frank’s Erin van Tuil, Partner, Crown Residences at One Barangaroo, said: “In half one of 2020 transactions were down in 11 of the 12 markets analysed. Sydney was the stand out market and the only one to record an increase in sales compared to half one 2019, from 13 to 15 transactions respectively.</p>
<p>“Looking at the period between March and June 2020, there were six sales in Sydney compared to 12 in the same period last year. However, Sydney’s super-prime market is set for a successful year thanks to its fundamentals as a city, poising it for resilience, strength and stability.”</p>
<p>Leading on the sales of Crown Residences at One Barangaroo, a development which will consist of 82 super-prime and ultra-prime homes, van Tuil experiences first-hand the positive performance of Sydney’s prime market, despite the effects of the pandemic. From her commentary on viewer testimonials, it is clear to see why appetite for high end homes remains.</p>
<p>van Tuil said: “We are receiving a record number of enquiries for Crown Residences at One Barangaroo, Australia’s first fully-integrated hotel branded residences. While we had a quieter April, we received the highest number of enquiries to date in February and June 2020, and sales are performing phenomenally well.  </p>
<p>“After a period of dislocation, the flight to quality property from active participants in the market has increased dramatically. Buyers are looking for a more intimate connection to their homes with space, ceiling height, privacy, services, and the beauty of a building being front of mind. These feelings are evident in viewers of Crown Residences at One Barangaroo, who are attracted by the private sanctuary of the Residences amidst the proximity to public space, with the services and amenities from the hotel below having become more appealing than ever.”</p>
<p>Overall, four markets were within seven of their March to June 2019 levels of transactions, Melbourne only one below, Geneva six below and Dubai seven below, with a total of six sales. </p>
<p>Total Sales Volume </p>
<p>Despite the falling number of transactions, deal values were generally higher. Overall, the global average transaction value increased by 15 percent for the March to June period, at US$20.7m (AU$29.6m) compared to US$18m (AU$25.8m) for the same period in 2019.</p>
<p>Sydney recorded a significant rise in average transaction value to US$16.8m (AU$24m), up from US$12.6m (AU$18m) in 2019, an increase of 33 percent. London saw the largest increase and takes the top spot with an average transaction value of US$38m (AU$54.5m), compared to US$16.9m (AU$24.2m) over the same period as last year.  </p>
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="218">
<p>Market</p>
</td>
<td valign="top" width="218">
<p>Total Sales Volume March - June 2019 (US$ million)</p>
</td>
<td valign="top" width="218">
<p>Total Sales Volume March - June 2020 (US$ million)</p>
</td>
</tr>
<tr>
<td valign="bottom" width="218">
<p>Hong Kong</p>
</td>
<td valign="bottom" width="218">
<p>2,351 </p>
</td>
<td valign="bottom" width="218">
<p>812 </p>
</td>
</tr>
<tr>
<td valign="bottom" width="218">
<p>Los Angeles</p>
</td>
<td valign="bottom" width="218">
<p>1,098 </p>
</td>
<td valign="bottom" width="218">
<p>693 </p>
</td>
</tr>
<tr>
<td valign="bottom" width="218">
<p>New York</p>
</td>
<td valign="bottom" width="218">
<p>1,793 </p>
</td>
<td valign="bottom" width="218">
<p>363 </p>
</td>
</tr>
<tr>
<td valign="bottom" width="218">
<p>London</p>
</td>
<td valign="bottom" width="218">
<p>944 </p>
</td>
<td valign="bottom" width="218">
<p>608 </p>
</td>
</tr>
<tr>
<td valign="bottom" width="218">
<p>Palm Beach and Broward</p>
</td>
<td valign="bottom" width="218">
<p>333 </p>
</td>
<td valign="bottom" width="218">
<p>170 </p>
</td>
</tr>
<tr>
<td valign="bottom" width="218">
<p>Singapore</p>
</td>
<td valign="bottom" width="218">
<p>454 </p>
</td>
<td valign="bottom" width="218">
<p>130 </p>
</td>
</tr>
<tr>
<td valign="bottom" width="218">
<p>Sydney</p>
</td>
<td valign="bottom" width="218">
<p>152 </p>
</td>
<td valign="bottom" width="218">
<p>101 </p>
</td>
</tr>
<tr>
<td valign="bottom" width="218">
<p>Dubai</p>
</td>
<td valign="bottom" width="218">
<p>173 </p>
</td>
<td valign="bottom" width="218">
<p>80 </p>
</td>
</tr>
<tr>
<td valign="bottom" width="218">
<p>Miami</p>
</td>
<td valign="bottom" width="218">
<p>255 </p>
</td>
<td valign="bottom" width="218">
<p>52 </p>
</td>
</tr>
<tr>
<td valign="bottom" width="218">
<p>Orange County</p>
</td>
<td valign="bottom" width="218">
<p>309 </p>
</td>
<td valign="bottom" width="218">
<p>59 </p>
</td>
</tr>
</tbody></table>
<p>However, Hong Kong ranks highest for the number of transactions and total sales volume with 60 having taken place in 2020 so far worth a combined US$1.2bn (AU$1.7bn). There have been 41 since March and, whilst this is less than half of the 155 in the first half of 2019, it is only marginally down from the 74 in the second half of 2019 when the city grappled with social unrest. </p>
<p>New York has the third highest number of super-prime sales this year with 41, behind 52 in Los Angeles, and almost half of these (19) have taken place since March. With the city being particularly hard hit by COVID-19, accounting for approximately one in six of all US cases in April, this demonstrates resilience and that the fundamentals remain.</p>
<p>Ultra-Prime Market (US$25m / AU$35.8m)</p>
<p>The research also takes a look at the ultra-prime market (above US$25m / AU$35.8m) in these 12 areas. It highlights that eight of these markets saw one or more transactions in the ultra-prime market over the March to June 2020 period. Two saw more sales than the same period last year and two held steady, with a total of US$1.3bn (AU$1.8m) transacted.  </p>
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="218">
<p>Market</p>
</td>
<td valign="top" width="218">
<p>Total Transactions March - June 2019</p>
</td>
<td valign="top" width="226">
<p>Total Transactions March - June 2020</p>
</td>
</tr>
<tr>
<td valign="top" nowrap width="218">
<p>Hong Kong</p>
</td>
<td valign="top" nowrap width="218">
<p>20</p>
</td>
<td valign="top" nowrap width="226">
<p>8</p>
</td>
</tr>
<tr>
<td valign="top" nowrap width="218">
<p>London</p>
</td>
<td valign="top" nowrap width="218">
<p>6</p>
</td>
<td valign="top" nowrap width="226">
<p>6</p>
</td>
</tr>
<tr>
<td valign="top" nowrap width="218">
<p>Los Angeles</p>
</td>
<td valign="top" nowrap width="218">
<p>12</p>
</td>
<td valign="top" nowrap width="226">
<p>5</p>
</td>
</tr>
<tr>
<td valign="top" nowrap width="218">
<p>New York</p>
</td>
<td valign="top" nowrap width="218">
<p>16</p>
</td>
<td valign="top" nowrap width="226">
<p>3</p>
</td>
</tr>
<tr>
<td valign="top" nowrap width="218">
<p>Palm Beach and Broward</p>
</td>
<td valign="top" nowrap width="218">
<p>1</p>
</td>
<td valign="top" nowrap width="226">
<p>2</p>
</td>
</tr>
<tr>
<td valign="top" nowrap width="218">
<p>Geneva</p>
</td>
<td valign="top" nowrap width="218">
<p>2</p>
</td>
<td valign="top" nowrap width="226">
<p>2</p>
</td>
</tr>
<tr>
<td valign="top" nowrap width="218">
<p>Sydney</p>
</td>
<td valign="top" nowrap width="218">
<p>0</p>
</td>
<td valign="top" nowrap width="226">
<p>1</p>
</td>
</tr>
<tr>
<td valign="top" nowrap width="218">
<p>Singapore</p>
</td>
<td valign="top" nowrap width="218">
<p>3</p>
</td>
<td valign="top" nowrap width="226">
<p>1</p>
</td>
</tr>
</tbody></table>
<p>Sydney went from zero sales above US$25m (AU$35.8m) in March to June 2019 to one over the same period in 2020. Hong Kong has once again seen the highest number of ultra-prime sales in this time period with eight and a total of 10 so far in 2020, down from 30 in the first half of 2019. However, in terms of total volume of sales, London leads the way with US$434m (AU$621.2m) in sales followed by Hong Kong’s US$372m (AU$532.4m).</p>
<p>van Tuil said: “We expect momentum in the ultra-prime segment will continue as ultra-high-net-worth individuals look for more spacious options post-lockdown. The 82 Residences at Crown Residences at One Barangaroo offer a mix of homes within the super-prime and ultra-prime segments. Viewers are looking across these segments at the two, three and four bedroom Residences that we have remaining on the market, as well as the breath-taking Duplex Penthouse.”</p>
<p>Mark Manners, Head of Prestige Residential, Knight Frank Australia, concludes: “Global events like the COVID-19 pandemic can disrupt sales processes. However, you tend to find sales are postponed, rather than cancelled. Super – prime and ultra-prime property is viewed as a safe investment for the long-term, so buyer interest has not dampened and is expected to increase as markets continue to exit lockdown.”</p>
<p> </p>
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j.ballantyne1990-6AQqhLzZaK

Sydney’s super-prime residential market outperforms expectations despite COVID-19 lockdowns 

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<p>Australasia is the strongest performing world region for luxury residential property price growth in the year to Q2 2020, with the Gold Coast the best performing city in the region, according to the results of the Knight Frank Prime Global Cities Index Q2 2020.</p>
<p>The Prime Global Cities Index, which tracks the movement in prime residential prices in local currency across 45 cities worldwide, found five Australian cities – the Gold Coast, Sydney, Perth, Brisbane and Melbourne - were ranked in the top 24 for luxury residential market performance over the past year, with one making the top 10.</p>
<p>The Gold Coast was the top ranked city in Australia – and Australasia – coming in at number 10 on the list of global cities with 3.4 per cent annual growth.</p>
<p>It was followed by Sydney (ranked 11) and Perth (12), both of which recorded annual growth of 3 per cent. Brisbane was ranked 16 (2.5 per cent) and Melbourne was ranked 24 (1.2 per cent).</p>
<p>Positive growth was recorded for the Gold Coast (1.2 per cent), Sydney (0.3 per cent), Perth (2.3 per cent) and Brisbane (0.3 per cent) over the past quarter. Melbourne was the only city to record negative growth of -1.0 per cent over the past three months.</p>
<p>Knight Frank’s Head of Residential Research Australia Michelle Ciesielski said this was the first opportunity Knight Frank had had to take the pulse of prime residential markets globally since the COVID-19 pandemic hit large parts of Europe and the Americas.</p>
<p>“Globally, the Prime Global Cities Index has reached its lowest rate of annual growth since the last quarter of 2009, when the world was in the grip of the global financial crisis,” she said.</p>
<p>“Prices increased by 0.9 per cent on average in the year to June 2020, down from 2.3 per cent in March.</p>
<p>“Despite the COVID-19 pandemic, in the June quarter, 67 per cent of global cities registered flat or positive prime annual price growth.</p>
<div class="page" title="Page 2">
<div class="layoutArea">
<div class="column">
<p><span>“Knight Frank’s analysis by world region shows prime prices in Australasia and North America were the most resilient in the second quarter of 2020, with Australasia the strongest performing world region in the year to Q2 2020.</span></p>
<p><span>“The relatively strong performance of Australian cities was a result of the shallow number of listings, keeping property prices firm, and by global comparison we have largely escaped the major impact of COVID-19.”</span></p>
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<div class="layoutArea">
<div class="column">
<p><span>Knight Frank National Head of Residential Shayne Harris said </span><span>demand for luxury property in Australia was likely to continue and potentially grow, with ultra-high-net-worths looking to buy more spacious homes.</span></p>
<p><span>“In cities such as Sydney we are seeing more demand for higher-value properties such as large detached homes or generously-sized apartments, which is supporting prime residential values,” he said.</span></p>
<p><span>“During the pandemic we’ve seen the ultra-wealthy make their next residential property purchase decisions based on liveability, so places like South-East Queensland will become more attractive in a post-COVID world.</span></p>
<p><span>“It is unlikely we will see significant volumes of distressed prime sales as we saw in 2008, during the global financial crisis.</span></p>
<p><span>“Lending criteria is tighter, new supply is constrained in several cities, interest rates are low and there is currently assistance on offer from both lenders and governments.”</span></p>
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<p><span>The top performing city in Knight Frank’s </span><span>Prime Global Cities Index </span><span>was Manila, with annual luxury residential price growth of 14.4 per cent, followed by Tokyo (8.6 per cent) and Stockholm (4.4 per cent).</span></p>
<p><span>“Manila, Tokyo and Seoul are Asia’s top performers year-on-year, with Stockholm, Geneva and Paris leading Europe’s rankings,” said Ms Ciesielski. “However, five of these six cities registered flat or falling prime prices in the three months to June.</span></p>
<p><span>“We expect the index to display muted growth in the second half of 2020 before recovering in 2021.”</span></p>
<p><strong>Australian cities – ranked by annual per cent change (Q2 2019 – Q2 2020)</strong> </p>
</div>
</div>
<table style="height: 200px; width: 353px;">
<colgroup>
<col>
<col>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td>
<div class="layoutArea">
<div class="column">
<p><span>CITY</span></p>
</div>
</div>
</td>
<td>
<img src="blob:https://www.urban.com.au/0d8ce672-eb01-4f80-b586-c2cf63e3d2e6" alt="page3image3718272" width="0.480000" height="0.480000">RANK</td>
<td>
<div class="layoutArea">
<div class="column">
<p><span>12-MONTH CHANGE (%)</span></p>
</div>
</div>
</td>
<td>
<img src="blob:https://www.urban.com.au/59c4dd41-f00c-416e-9afa-c2051a31ee0a" alt="page3image3719520" width="0.480000" height="0.480000"> <img src="blob:https://www.urban.com.au/7668e0f5-d767-43a8-80da-e22b43e6bb04" alt="page3image5104384" width="0.480000" height="0.480000">3-MONTH CHANGE (%)</td>
</tr>
<tr>
<td>
<div class="layoutArea">
<div class="column">
<p><span>Gold Coast</span></p>
</div>
</div>
</td>
<td>
<img src="blob:https://www.urban.com.au/a7e2dafc-4cbc-4371-84dc-5bdd7bf781fa" alt="page3image3722016" width="0.480000" height="0.480000"><div class="layoutArea">
<div class="column">
<p><span>10</span></p>
</div>
</div>
</td>
<td>
<div class="layoutArea">
<div class="column">
<p><span>3.4</span></p>
</div>
</div>
</td>
<td>
<img src="blob:https://www.urban.com.au/c2f55b0b-7606-4726-8566-d0ba3159a05c" alt="page3image3722848" width="0.480000" height="0.480000"> 1.2</td>
</tr>
<tr>
<td>
<div class="layoutArea">
<div class="column">
<p><span>Sydney</span></p>
</div>
</div>
</td>
<td>
<img src="blob:https://www.urban.com.au/3b34f86c-b8f4-498d-9934-2bca4d79d254" alt="page3image3725344" width="0.480000" height="0.480000"><div class="layoutArea">
<div class="column">
<p><span>11</span></p>
</div>
</div>
<img src="blob:https://www.urban.com.au/e7d1d694-e2eb-47aa-b3f9-700546701c92" alt="page3image3726384" width="0.480000" height="0.480000">
</td>
<td>
<div class="layoutArea">
<div class="column">
<p><span>3.0</span></p>
</div>
</div>
</td>
<td>
<img src="blob:https://www.urban.com.au/6660ae26-8164-41d7-a18d-b6304289f105" alt="page3image3727008" width="0.480000" height="0.480000"> 0.3<img src="blob:https://www.urban.com.au/484cd0c8-dc25-4f8d-8706-76fbe0d6ccc0" alt="page3image3728048" width="0.480000" height="0.480000"> <img src="blob:https://www.urban.com.au/ae3f7e06-f840-4987-9e17-fe48d7da4520" alt="page3image3728464" width="0.480000" height="0.480000">
</td>
</tr>
<tr>
<td>
<div class="layoutArea">
<div class="column">
<p><span>Perth</span></p>
</div>
</div>
</td>
<td>
<div class="layoutArea">
<div class="column">
<p><span>12</span></p>
</div>
</div>
</td>
<td>
<div class="layoutArea">
<div class="column">
<p><span>3.0</span></p>
</div>
</div>
</td>
<td>
<div class="layoutArea">
<div class="column">
<p><span>2.3</span></p>
</div>
</div>
</td>
</tr>
<tr>
<td>
<div class="layoutArea">
<div class="column">
<p><span>Brisbane</span></p>
</div>
</div>
</td>
<td>
<img src="blob:https://www.urban.com.au/bcd57dcc-b8d4-4bcf-ac94-4e23677a1e01" alt="page3image3730752" width="0.480000" height="0.480000"><div class="layoutArea">
<div class="column">
<p><span>16</span></p>
</div>
</div>
</td>
<td>
<div class="layoutArea">
<div class="column">
<p><span>2.5</span></p>
</div>
</div>
</td>
<td>
<img src="blob:https://www.urban.com.au/9df2bf5d-7da5-4cd7-ad0a-fb3587f1fbf0" alt="page3image3731584" width="0.480000" height="0.480000"> <img src="blob:https://www.urban.com.au/0324fecc-a454-4f46-898c-f6fb502056f1" alt="page3image3732000" width="0.480000" height="0.480000">0.3</td>
</tr>
<tr>
<td>
<div class="layoutArea">
<div class="column">
<p><span>Melbourne</span></p>
</div>
</div>
</td>
<td>
<img src="blob:https://www.urban.com.au/4b7ce401-414a-40db-8a3d-ee93e1bb32bd" alt="page3image3734288" width="0.480000" height="0.480000"><div class="layoutArea">
<div class="column">
<p><span>24</span></p>
</div>
</div>
<img src="blob:https://www.urban.com.au/68fd0368-cccf-4a2c-b580-76dea4e47ef9" alt="page3image3735328" width="0.480000" height="0.480000">
</td>
<td>
<div class="layoutArea">
<div class="column">
<p><span>1.2</span></p>
</div>
</div>
</td>
<td>
<img src="blob:https://www.urban.com.au/9300df5f-ed10-4dd9-9673-a21dc7894c87" alt="page3image3735952" width="0.480000" height="0.480000"> <img src="blob:https://www.urban.com.au/217d7084-727d-4569-ab40-6a9724154283" alt="page3image3736368" width="0.480000" height="0.480000">-1.0</td>
</tr>
</tbody>
</table>
<p>Source: Knight Frank Prime Global Cities index Q2 2020 </p>
</div>
</div>
</div>
</div>
</div>
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Gold Coast, Sydney and Perth top ranked cities in Australia for luxury residential price growth

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<p>One of Queensland’s most sustainable tourist destinations, Pumpkin Island, is up for sale.</p>
<p>The internationally award winning 6-hectare Pumpkin island, situated in the Southern Great Barrier Reef, hit the market in July this year.</p>
<p>The rolling lease for the island, situated in the Southern Great Barrier Reef’s Keppel Group of Islands, 14 kilometres off the coast of Yeppoon in Central Queensland and only 10 kilometres north of Great Keppel Island, will be taken to the market in a sale campaign run by Deborah Cullen of Knight Frank Prestige Residential NSW and Pat O’Driscoll, Knight Frank Partner and Head of Knight Frank Rockhampton and region.</p>
<p>Pumpkin Island is being sold by Sojourn Properties Pty Ltd, a Queensland-based company with a boutique collection of properties operated under the Sojourn Retreats brand.</p>
<p>This is just the second time Pumpkin Island has come to the market since 1961, with the last sale being to Soujourn Properties 17 years ago in 2003.</p>
<p>Pumpkin Island first opened to guests in 1964 and is a private whole island escape for couples, families or groups.</p>
<p>It offers eco-friendly accommodation for up to 34 guests in five fully self-contained oceanfront guest cottages and two bungalows with an open-air kitchen and bathroom facilities. The island is completely off grid and powered by solar, wind and with plenty of rain water storage.</p>
<p>The property also contains staff quarters, a large work shed, a double-storey lookout building, a bar lounge area, a manager’s cottage, a children’s playground, two registered moorings, a helicopter land pad and a custom built 36-passenger catamaran.</p>
<p>An oyster lease also belongs to the owner and can be sold with the island allowing guests to shuck their own oysters off the rocks.</p>
<p>Pumpkin Island was named Australia’s most sustainable hotel in Australasia in 2018 at the World Boutique Hotel Awards, and was the first beyond carbon neutral island in Australia, offsetting 150% of its annual greenhouse gas emissions.</p>
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Queensland’s Pumpkin Island up for sale

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<p>A new commercial building situated in a prominent corner position in the inner-Brisbane suburb of Ashgrove has sold in a deal representing a tight yield for Queensland.</p>
<p>The fully-leased medical and retail property at 9 Ashgrove Road, which also has frontage to Crawford street, was sold for $8.88 million at a passing yield of five per cent, with a passing net income of $444,300 per year.</p>
<p>It was purchased by GDA Diversified Property Trust having been listed by Eloper Group in a deal negotiated by Blake Goddard and Matt Barker of Knight Frank in conjunction with Michael Hedger, Darren Collins and Jack Morrison of CBRE.</p>
<p>Completed in May 2019, the Ashgrove building offers 618 sqm of medical/retail accommodation over two levels on an 800 sqm site with secure basement car parking for 26 vehicles.</p>
<p>It is 100 percent leased to three tenants including the Bank of Queensland, Ashgrove GP clinic and RecoverWise Physic, with 75 per cent of the income generated via the medical tenants, which are well- established in the precinct.</p>
<p>Mr Goddard said the campaign generated a suburban record for price per square metre of net lettable area of $14,369 and yield for an asset of this nature.</p>
<p>Mr Collins said the best interest came from the passive investors including numerous parties who work in the medical industry and were attracted to the strong lease covenants on this 100 per cent leased asset with an 8.5 year WALE (by income).</p>
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<p>It is set just 4.5km from the Brisbane CBD.</p>
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