Agents listing the upper echelon of Australian luxury property need to understand that they can’t control the transaction timeline, as discretionary buyers dictate the pace.
With golden beaches and a bustling lifestyle, South-East Queensland has emerged as a player in the global luxury real estate market.
According to Knight Frank’s latest The Residence Report 2026, the Gold Coast ranked eighth among the global top ten markets for percentage price growth over the past five years, beating hotspot Los Angeles.
Strong infrastructure investment and population migration from interstate and global buyers have made Brisbane and the Gold Coast hotspots for ultra-high-net-worth individuals (UHNWIs).
The Glitter Strip’s luxury property market has grown by 34.7 per cent over the past five years, with new apartments now valued at $24,700 per sqm.
For comparison, Brisbane has risen rapidly to $29,100 per sqm, while Melbourne sits at $33,200, and Sydney sits in a league of its own at $74,500.
McGrath Knight Frank Projects South-East Queensland principal Owen Moore said that while creating a sense of urgency was commonplace for agents in the residential market, the same tactic would not work in luxury real estate.
He said that buyers at the price point would dictate their own timeline, with agents having little control over the speed of the transaction.
“Agents working in the prime real estate markets should remember that most purchases are discretionary, meaning that their buyers have choice and will act in their own time and on their own terms,” Moore told REB.
“Timing is everything when it comes to making these decisions with these individuals. Vendor expectation is based on timing and ensuring the asset is providing a value that is benchmarked in the market.”
He said that the Gold Coast market had undergone a significant evolution, with a range of factors driving the change.
“Absolutely, unequivocally, it’s lifestyle, weather and the natural environment all rolled in together that are attracting wealth,” he said.
“The Gold Coast market has evolved from an apartment market driven by overseas investment to now, where the wealth people are holding in their homes is driving a market catering towards right-sizers.”
In addition to the Gold Coast, the report identified Brisbane as one of APAC’s fastest-growing luxury property markets.
Despite cooling conditions nationally, McGrath Estate Agents CEO John McGrath said that Australia’s most expensive homes had proven resilient to the downturn.
He said that while high-end properties had begun to feel the impact of the downturn, the luxury market operated on its own level.
“High-end properties don’t take into account the true prestige market, which comprises sales in the price bracket upwards of $5 million or, generally speaking, the top five per cent of all property transactions,” McGrath said.
McGrath said that the majority of the prestige market was led by UHNWIs, with Australia’s population of these individuals expected to rise by nearly 60 per cent in the next five years.
“Our billionaire numbers are also forecast to grow by 77 per cent in this period, which puts us in the fourth and fifth place globally in a listing of 200 locations,” he said.
Despite the downturn affecting the broader market, McGrath said prestige vendors and buyers were often more concerned with global geopolitical issues than domestic factors.
McGrath Estate Agents national head of research Michelle Ciesielski said the growth in global wealth would continue to support demand in the Australian luxury property market.
“As UHNWIs continue to expand their property portfolios, Australia has a significant opportunity to attract a larger share of those buyers,” Ciesielski said.
“The average UHNWI now owns almost four homes globally, and Australia is the type of market many would look to add to their portfolio because of its lifestyle appeal, stability and long-term growth prospects."
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