Perth and Brisbane are leading the southern capitals in growth within the luxury property market, according to Knight Frank’s Prime Global Cities Index (PGCI) for Q1 2025.

Perth ranks 16th, with luxury property prices rising 3.8% in the 12 months to March, while Brisbane is in 18th spot with a 2.8% increase.

Both cities outperformed Sydney (36th, with a decline of 0.7%) and Melbourne (40th, with a decline of 2.1%).

The PGCI tracks prime residential price changes across 44 cities, with Seoul recording the highest growth at 18.4%.

Adam Ross, associate director at McGrath Estate Agents, anticipates continued sustainable price growth in prestige markets throughout 2025, driven by increased expat activity and favourable currency conditions.

The report attributes limited supply as a key factor supporting ongoing price increases.