Media365
From Sydney to Hong Kong, wealth migration is reshaping the global super-luxury property market as activity picks up after two subdued years – though the dominance of relative newcomer Dubai is now being tested by the war in the Middle East.
In Sydney, Peter Li, general manager at Plus Agency, said commission revenues on super-luxury homes had risen about 20 per cent from a year earlier. The firm, which handles more than US$300 million in annual sales, has hired six new staff members since January and expanded its bonus pool as high-end buyers return.
“The activity level this year feels very different as clients are moving with conviction,” Li said, adding that he made the right call in increasing staffing levels.
Since the start of the year, the agency has hosted three large events and increased VIP viewings, particularly around Chinese New Year. One team even organised a concert featuring an overseas performer, drawing about 2,000 attendees and generating new sales leads.
“The extra expense is worth it,” Li said.
The mood is similarly upbeat in Hong Kong.
