Sydney's stratospheric luxury home market has reached a new height, coming in the top ten of super-prime sales according to a new report.
The harbour city came in at number nine of 12 key luxury home markets according to real estate group Knight Frank Global Super-Prime Intelligence report.
Only those properties that are consdiered "super-prime" are considered in the exclusive list. For that a home needs to have sold for more than $US10 million - or $15.4 million in Australian dollars.
Over the 12 months to the end of March, Sydney recorded 76 super-prime sales, putting it in ninth place, ahead of Geneva (63), Orange County in the US (54) and Paris (26).
The total value of Sydney super-prime sales over the 12-month period was US$1.233 billion, with an average sale price of US$16.2 million (AUD $24.9 million).
Sydney has seen a number of significant sales above $AUD24.9 million in recent months.
Beachside suburb Bronte, in the city's east, has alone seen two $30 million-plus sales recently.
That includes the $50 million sale of 1920s brick bungalow on a prime oceanfront headland in May.
While a non-waterfront six-bedroom trophy home that sold for around $30 million in April.
Knight Frank Head of Residential in Australia Erin van Tuil noted that over the past five years Sydney's super-prime market had matured and as a result will increasingly attract more international buyers, which was one of the key global drivers for super-prime sales.
"In more affordable markets domestic buyers tend to dominate, while in more expensive markets the importance of international investment rises," she said.
"Unlike the US, Singapore, and the UK, international buyers have been slower to return to Australia's prestige residential market since borders reopened but we have seen enquiry from international buyers intensify over the past few months, and this is likely to ramp up further as we move into the spring and summer months."
And while many are influenced in their property buys by rising interest rates, that's not the case in the super-prime market according to Knight Frank Head of Residential Research Michelle Ciesielski.
"The data for the first quarter of this year confirms an ongoing desire for new $10 million-plus purchases at a time when markets were clouded by peak uncertainty around global inflation and interest rates," she said.
"These factors are less likely to impact upon buyers of super-prime property because they tend to be cash buyers, but it does have an impact on sentiment."
She said lack of stock on the market was being felt however in the market of the most expensive homes.
"Another issue holding back transactions in recent months has been limited stock availability in most markets around the globe, so this limited supply issue isn't just happening here in Sydney," she said.
