Demand for prestige property is surging, particularly high-end apartments in Australia’s eastern capitals, with sales of prestige apartments almost tripling in the past ten years.

McGrath Research’s Michelle Ciesielksi says the number of listings for prestige properties remains low.

“This has strengthened the prestige market, pushing prices higher, deepening competition, reshaping buyer preference towards premium apartment living and rebalancing the geographic spread,” she says.

According to Ciesielksi, the strongest demand for prestige properties is now in Queensland and New South Wales.

“Victoria made up 49% of prestige apartment sales back in 2015, followed by NSW (36%), then Queensland (15%),” she says.

“In 2025, Queensland held the majority share of sales, with 43%, followed closely by NSW (41%) and Victoria (16%).”

Regional Queensland also stands out, achieving 23% of prestige apartment sales in 2025.

Brisbane is emerging as a new prestige apartment hub ahead of the big infrastructure spending program in the lead-up to the 2032 Olympics.