Since the latter half of 2020, the prestige property market has seen amazing growth.  This segment is so exclusive that to qualify for the label, the property’s sale price needs to be over $10M in Sydney and Melbourne or $7M elsewhere, and this got us thinking, “Well, what is driving the incredible price growth we’ve been hearing about across this segment?” Michelle Ciesielski of Frank Knight shares insights on why and how this growth in the prestige market is happening, what the ultra-wealthy think about when choosing property to invest in, the concept of “branded residences” and much, much more. If you enjoy the show, do like, rate, subscribe, and share us on social media and if you have your own questions you need clarity on, email us at [email protected]! See you in the episode!   Episode Highlights: Where else in the world are property markets booming? [02:35] What is driving the growth in value in prestige market properties? [05:12]  Buying residential property purely for investment not lifestyle benefits [09:42] Where did the 11% increase of prestige market buyers come from? [13:58] An insight on the mindset of the ultra-wealthy [16:25] Will more incredibly wealthy people come to Australia post-pandemic? [19:12] How do global investors think about currency & ‘buying cheap’? [22:45] Tax awareness for expats & overseas investors with property in Australia [25:20] 2 important factors prestige market buyers need to focus on [27:06] The continuous cycle of worsening inequality & build-up of the wealthy [32:33] Considerations for building properties for prestige vs. standard markets [36:16] Is there a push for major developers to repurpose commercial spaces? [39:50] Can you entertain on the 81st floor? [43:24] Do wealthy investors invest in scarce buildings to resell them later? [45:03] The “branded residence” concept [47:07] Are compounding properties common with the ultra-wealthy? [51:43] Michelle’s property dumbo [55:49] Buying in multiple areas & F.O.M.O. [58:09]   Links from the Show: Links to recent Knight Frank reports: The Wealth Report 2021 Australian Prime Residential Review Q3 2021 Australian Prime Waterfront Index 2021 Australian Residential Tennis Court Premium 2021 Knight Frank on LinkedIn

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