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Top 20 strongest global prime property markets for 2022 — and 5 Aussie cities made the list

Key takeaways

Australia’s property boom sees 5 Aussie cities placed in the global top 20 for prime property price growth in 2022.

Despite robust price growth across multiple markets in the past 12 months, the report also reveals that overall quarter-on-quarter prime price growth cooled for the first time since the start of the pandemic.

The global GDP is still expected to average 3.6% in 2022 as governments intervene to cool overheated property markets.

Australia’s property boom sees 5 Aussie cities placed in the global top 20 for prime property price growth in 2022.

International property consultancy Knight Frank’s Prime Global Cities Index Q1 2022, crowned the Gold Coast as Australia’s top-ranking prime property market thanks to robust property price growth.

The city ranked in 7th place with a 19.3% annual hike in prime property prices.

Market Ratings

Sydney comes in close behind in 9th place with a 16% increase in prices while Brisbane and Perth came in 12th and 13th place with respective 11.3% and 11% increases.

Melbourne also made the top 20 list in 14th place with a 10.9% annual price growth.

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What other cities made the list?

Dubai took the first spot as the world’s strongest prime property market thanks to a whopping 58.9% annual increase in prices.

Miami also saw an extravagant 33.1% increase over the year, putting the city’s property market in second place.

In fact, 4 of the top 5 cities are all located in North America.

Placing 3rd is Toronto with a 24% annual increase while San Francisco and Los Angeles came in 4th and 5th place with increases of 23.4% and 22.8% respectively.

02

Global prime price growth has slowed

Despite robust price growth across multiple markets in the past 12 months, Knight Frank’s report also reveals that overall quarter-on-quarter prime price growth cooled for the first time since the start of the pandemic, although on average prime cities continue to register 9% annual growth.

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The data shows a drop-off in annual price growth versus the past quarter.

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