Trophy Homes

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The Sydney prime residential market grew by 4.7% in the year to the end of March 2020, and 1.2% in the first three months of 2020. 
But husing markets across prestige markets in Australia "remain in a state of flux" given the restrictions on viewings and lower transaction volumes reflecting the uncertainty which has returned to the market.
"This is likely to place pressure on prices from Q2 2020, but until now, they’ve remained firm," according to Shayne Harris, Knight Frank’s head of residential.
“This holding pattern is likely to change course as each state relaxes restrictions and we will be closely monitoring how the Sydney residential market responses when open homes and live auctions are permitted to take place from this Saturday 9 May in NSW. 
“Most important will be how much confidence has been restored to the economy, and as a result, the impact of unemployment in five months’ time when the financial mechanisms put in place by the government ease."
In the year to Q1 2020, 76% of global cities recorded flat or rising prime property prices.
A look at quarterly shifts with the impact of Covid-19, the report noted all five of the weakest performing markets being in Asia in Q1 2020.
Bangkok witnessed the deepest decline at 5%.
Data from Singapore looks to be stuttering following the resurgence in Covid-19 cases.
Before the crisis took hold, the Sydney prime residential market was performing well by global standards, enduring 28 quarters of positive annual growth, averaging 8% growth per annum since March 2013. 
Benchmarking five years earlier to the fall of the Lehman Brothers in Q1 2008, Sydney has experienced growth of 73% in prime prices since this time, significantly outpacing cities such as New York, London and Hong Kong. <img src="https://content.knightfrank.com/blog/2020/4/91c48c30-3655-4419-8e40-102df64646e1/pgci12020fig1.jpg">This rapid rate of growth had slowed in recent years to a more sustainable pace as the maturing Sydney prestige market has settled into its own growth trajectory, detaching from the performance of the mainstream property market. 
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Sydney prestige residential up one percent in 2020

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The world’s rich are on the move… sometimes to Australia where the ultra high net worth individuals are a happy property loving lot.
Ultra high net worth individuals (UHNWI) have a net worth of over US$30 million, excluding their home. 
Focusing purely on the population of wealthy residents, Knight Frank data confirms that London remains the single biggest centre for global UHNWIs, followed by Tokyo, Singapore and New York. 
<a href="https://www.knightfrank.com/resources/wealthreport2015/global-c/04-kf_globalcities_aw-big.jpg" target="_blank">Sydney</a> had 765 UHNWIs, with Melbourne on 456. Auckland sits in between on 557.
Perth edged out Brisbane with 267 to 249.
London tops the list with 4634 UHNWIs followed by New York with 3008.
Last year around 15 people a day joined the ranks of the 172,850 ultra-wealthy across the world. 
Only 4% of the UHNWIs who are Australians and New Zealanders were considering a move out of the country, and just 15% were thinking of upgrading their trophy homes.
Australasia seem happiest with their lifestyles, the report concluded.
By contrast, a third of those from Russia and the CIS are considering a move, and over 60% dispatch their children abroad for their secondary education. 
The fifth instalment of The Wealth Report’s annual Attitudes Survey is based on a detailed survey of almost 500 leading private bankers and wealth advisors from across the globe, and reflects the attitudes of their ultra-wealthy clients who have a combined wealth of over US$1.7 trillion.
Covering many aspects of the lifestyles of ultra-high-net-worth individuals (those with a net worth of over US$30 million), from wealth creation to philanthropy, from property investments to luxury spending trends, the survey’s findings offer a unique insight into the attitudes of the super-wealthy.
"One of the clear trends to emerge is the increasingly global nature of private investments," the report noted.
"UHNWIs still hold most of their property investments in their own country, but in the vast majority of the locations surveyed, wealthy private individuals have been increasing the amount invested overseas."
Matt Whitby, group director, head of research and consulting at Knight Frank, said there were 1,734 UHNWIs living in Australia in 2014.
“UHNWIs are now an important force in the commercial property world and are operating at all levels – prime, secondary, development and change of use," Matt Whitby added. "UHNWIs are now looking beyond prime or trophy offices and retail space as a safe haven for their funds; they are prepared to look up the risk curve to non-core locations."
Matt Whitby said over the past decade that Australia was positioned fourth in terms of countries with the greatest foreign inflows of High Net Worth Individuals (HNWIs), with a gain of 22,000 which represents 14% of the total 158,300 Australian HNWI population. 
UHNWI is defined as someone with a net worth of US$30m or more, excluding their principle residence, while HNWI is defined as someone with a net worth of US$1m or more, excluding their principle residence.
Top 40 most important cities to UHNWIs in 2015
1 London
2 New York
3 Hong Kong
4 Singapore
5 Shanghai
6 Miami
7 Paris
8 Dubai
9 Beijing
10 Zurich
11 Tokyo
12 Toronto
13 Geneva
14 Sydney
15 Taipei
16 Frankfurt
17 Moscow
18 Madrid
19 San Fransisco
20 Vienna
21 Milan
22 Los Angeles
23 Jakarta
24 Munich
25 Amsterdam
26 Mumbai
27 Dublin
28 Johannesburg
29 Istanbul
30 Kuala Lumpur
31 São Paulo
32 Mexico City
33 Berlin
34 Washington DC
35 Boston
36 Cape Town
37 Auckland
38 Buenos Aires
39 Rio de Janeiro
40 Tel Aviv
Source: Knight Frank
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Sydney sits 14th in world rankings with 765 ultra high net worth individuals: Knight Frank Wealth Report

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Brisbanite Dana White - not the UFC president - and her husband Tony have spent $6.5 million to buy the Noosa retreat of the former Toll Holdings boss Paul Little.
Little is the chairman of the Essendon Football Club and has been a prominent public figure during the club's investigation by ASADA for alleged doping offenses.
His Witta Circle luxury house went on the market in 2011 with a price tag of $7.2 million having paid $7.6 million in the pre-global financial crisis year, 2007.
<a href="https://propertyobserver.com.au/forward-planning/advice-and-hot-topics/trophy-homes/34692-essendon-chairman-paul-little-s-witta-circle-noosa-offering-under-contract" target="_blank">Property Observer speculated in August it had been sold for around $6.25 million</a>.
The property comes with five bedrooms, five bathrooms, a cinema and an office.
Barry Andersen at Rymar Properties bought the property for $2.6 million in 2005, selling it to Little in 2007.
The White's own a house in Clayfield, the Brisbane suburb which was bought in 2009 when the family moved from Albury.
(The initial article published wrongly identified the buyer.)
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Loss taken as $6.5 million paid for Paul Little's Noosa retreat

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Interior designer Mark Gacesa doesn’t think Queensland design gets the kudos it deserves, which will be put to the test with his own stunning Sunshine coast home up for sale. 
His cutting edge 348 square metre Buderim house is being marketed as "like no other to hit the market."
The Los Angeles inspired residence is the home of international, multi award winning designer from Ultraspace.
The 6852 square metre bushland building block was bought for $210,000 in 2007.
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175 Sawreys Road is for sale through <a href="https://www.century21.com.au/property/295592/" target="_blank">Century 21</a> marketing agent Grant Smith whose office fit out has been undertaken by Gacesa. It is being offered for October 11 auction.
It is the first residence of Ultraspace to hit the market on the Coast, furnished and styled with the option to purchase the property fully furnished being encouraged.
The main entrance sits above artificial turf with LED-lit feature gardens.
"The glamour, style and trend are apparent right from entry," says Smith.
A library with custom-designed fret panels, integrated gardens, mirrored ceilings and imported designer-pendant lighting is complemented by seamless retractable doors.
The family room is ideal for children as there are three bedrooms in the wing.
The main living area integrates with a kitchen where illuminated and thermo-formed Corian tops appear to float, thanks to the effective use of mirrors. Blue LED lighting, concealed cabinets and a panoramic gas cooktop are hugely impressive.
Open-plan, tiled living spaces with feature European wallpapers all create a sense of space and glamour.
Floor-to-ceiling glass stacker doors open on to the tiled alfresco deck, creating an integration of outdoor living with the bushland backdrop.
The main living area features integrated sound and vision over a panelled feature wall. A rotating suspended fireplace hovers over semi-circular feature turf, with an illuminated, custom media centre built in.
The alfresco deck, with built-in cocktail lounge, is enclosed by concealed insect screens.
Off the living room is a designated gym or fifth bedroom as well as an impressive and spacious laundry featuring illuminated gold alligator walls.
The master suite finds a chandelier floating above a velvet chair, and bronzed mirrors, woven sandstone and Corian create a bedhead over cantilevered and integrated drawers. The open ensuite is nothing short of glamorous and the ensuite powder room features European glass-beaded wallpaper in various cuts of diamonds.
Gacesa told Jen Bishop, the publisher of Interiors Addict in 2012, his signature elements move "anywhere from 7-star hotel look, ultra-glam Dubai influences to modern ‘could be in a New York nightclub’ vibe, to relaxed, contemporary Balinese resort inspired, to luxurious and sophisticated Fifth Avenue Manhattan feel. There are no aesthetic limits!” 
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