At the momentary withdrawal of prestige listings throughout the Covid-19 pandemic has minimised what was already a shallow pool to choose from accross Australia with increased sales transactions being made off-market, and so far, with little discount. 

Wealth trends 

The number of Australian high-net-worth individuals (HNWIs) grew by 7% in 2019,, to stand at 1.5 million people with wealth of US$1 million or more. Largely driven by well-performing property and stock market portfolios, Australian HNWIs have increased by 42% over the past five years.

Those in Australia with wealth of more than US$30 million - ultra-high-net-worth individuals (UHNWIs) - rose by 5% in 2019, with more YHNWIs since 2014. On average, 80% of Australian UHNWIs saw an increase in their total wealth in 2019, with 63% stating this would likely further increase in 2020. This attitudes survey was undertaken between October & November 2019 for The Wealth Report 2020, prior to the global uncertainty rolling out with the Covid-19 pandemic. At this time, Australia as the third preferred country for a global UHNWI to purchase their next residential property.