Brisbane and regional Victoria’s Geelong waterfront have been named among the world’s fastest-rising luxury property markets, as Australia’s prestige landscape undergoes a major reshuffle.
A new report released today by Knight Frank singles Brisbane out as one of a handful of cities worldwide that’s now rubbing billionaire shoulders alongside Miami, Mumbai and Abu Dhabi — while Geelong’s waterfront was identified as a neighbourhood set to outperform globally.
An aerial view of Geelong City and the waterfront.
The findings highlight a broader shift in Australia’s luxury market, where both capital cities and high-quality regional hubs are attracting affluent buyers chasing lifestyle, relative value and long-term growth.
Brisbane — Australia’s third-largest city — is undergoing rapid transformation, fuelled by the 2032 Olympic and Paralympic Games and billions in infrastructure investment.
A favourable planning environment has enabled developers to fast-track high-end projects, pushing top-tier apartment prices from a historic ceiling of about US$6 million (around $9 million) to more than US$10 million (around $15 million) in just 12 months.
| How much prime property does US$1m buy in Australian cities? | |||
| US$1 million bought this | City | US$1 million bought this | 5-year change in |
| many sqm in Q4 2020 | many sqm in Q4 2025 | buying power | |
| 44 | Sydney | 42 | -5% |
| 79 | Melbourne | 83 | 4% |
| 103 | Perth | 92 | -11% |
| 109 | Brisbane | 104 | -5% |
| 126 | Gold Coast | 108 | -14% |
| Source: Knight Frank | |||
The Brisbane CBD, which is gearing up for the 2032 Olympics.
Super-prime stock in the Queensland capital is now exceeding US$32,000 per square metre (about $48,000), reflecting surging demand for turnkey, high-quality apartments.
At the same time, Geelong — about 75km southwest of Melbourne — is emerging as one of Australia’s most compelling regional prestige markets, offering a rare blend of coastal amenity and city connectivity.
Set along the north-facing shores of Corio Bay, the waterfront precinct has been recognised globally alongside Dalefield in Queenstown, St-Martin-de-Belleville in the French Alps, Lake Como in Italy and the Pacific Palisades in Los Angeles.
McGrath Estate Agents national head of research Michelle Ciesielski said the area had rapidly evolved into one of the region’s most sought-after locations.
Michelle Ciesielski, McGrath Estate Agents.
“Geelong’s waterfront has evolved into a highly compelling location, offering a combination of accessibility, amenity and long-term growth,” she said.
“New apartments built over the past five years have lifted the benchmark for property values, with 31 per cent growth in apartment prices during this time and 8.1 per cent recorded in the past year alone.”
She said buyers were being drawn by the broader lifestyle offering, including the Surf Coast’s beaches and the Bellarine Peninsula’s wineries and golf courses, alongside marina facilities and improving transport links.
According to the report, modern two-bedroom waterfront apartments in Geelong now start from about US$1.5 million, while four-bedroom homes near the bay are commanding more than US$2 million — underscoring the region’s rapid entry into Australia’s prestige bracket.
Meanwhile, Melbourne is emerging as a rare outlier globally — with buying power improving despite rising luxury prices elsewhere.
Melbourne’s CBD.
The report found US$1 million (about $1.5 million) now buys 82.6sq m of luxury residential real estate in Melbourne, up from 79.4sq m five years ago — a 4 per cent increase.
That contrasts with Sydney, where buying power has gone backwards in line with global trends, with US$1 million now securing 42.1sq m, down 5 per cent over the same period.
Across the rest of the country, rising prices have eroded value, with Brisbane buyers getting about 5 per cent less space than five years ago, Perth down 11 per cent, and the Gold Coast recording the steepest decline at 14 per cent — despite still offering relative value compared to global luxury markets.
Globally, prime property prices rose an average 3.2 per cent in 2025, outperforming mainstream housing markets for a second consecutive year. In Australia, Perth led the way with 4.1 per cent growth, followed by the Gold Coast (2.8 per cent) and Brisbane (2.1 per cent), while Sydney (-0.4 per cent) and Melbourne (-1.3 per cent) recorded slight declines.
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