Inside Australia’s luxury property boom - and what it means for you

Australia loves talking property and while most of us aren’t bidding on $20 million homes, what’s happening at the very top can shape the market for everyone.

In a recent episode of Commonwealth Private’s Speaking of Wealth Podcast, host Naomi Simson chatted with real estate experts Ben Braysich, an independent luxury property specialist, and Simon Cohen, founder of buyer’s agency Cohen Handler and co-host of Luxe Listings Sydney, to unpack what defines luxury, why demand is surging, and what everyday buyers can learn from the top end of the market.

What counts as luxury property?

“Luxury” can mean many different things and price is just one component, Braysich said. Location is famously key, but design and build quality are also important factors. “If you look in different states and different markets, values and build and design can all be very different,” he said.

Cohen agreed, adding that location often trumps looks: “You might have a house on the water that might not be modern and beautiful, but it’s still considered luxury because of its location,” he said.

But price still matters and Braysich said he defines “luxury” property as being priced from $3 million to $20 million. “$20-million plus I see as our prestige luxury,” he said.

The ripple effect

Across Australia, the luxury market prices are surging with markets in WA and Queensland running particularly hot. 

“In Brisbane and Queensland and Perth … luxury has become way more in demand than it's ever been,” Cohen said.

“When I opened my office in Brisbane six or seven years ago, you were buying an incredible home for $1.5 million. That same house today is more like $6 million to $10 million. And this year alone we’ve seen the first two or three sales over $20 million in Brisbane,” Cohen says.

And what happens at the top often filters down. Rising construction costs, interstate migration and lifestyle shifts - the same forces pushing prestige prices higher – are also affecting mainstream housing.

Just recently, real estate research firm Cotality reported Brisbane was only just behind Perth for property price growth in October, helping fuel growth in the overall national market. Commonwealth Bank Head of Australian Economics Belinda Allen said price growth in 2025 was running ahead of expectations. “Momentum has been stronger than anticipated,” she said. 

The “Bank of Mum and Dad” has also a been factor, Braysich said. “We’re starting to see more of that come into play. It can be as simple as a small deposit to get into your first home or it can be buying a luxury property for that child as part of a large transfer of wealth.”

Renovate or turnkey, ready-to-go?

When it comes to buying, should you take on a renovation or pay for a finished home? “You see a lot of families who have made money, they have the means to buy a great house, they have young children and they just want to get into a home and they just want to enjoy the house,” says Cohen. “To build a house or to renovate a house … it’s not for everyone.”

He adds, “Turnkey makes life very simple. You can sign the contract, pay the money, move in. A lot of people also don’t have the creativity or the vision of what you can turn something into. And so they’re very happy just buying something that’s done to their taste and they can just enjoy.”

Ben Braysich was formerly National Head of Property at Commonwealth Bank.