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Prices for luxury properties in Sydney and Melbourne are among the fastest growing in the world as demand for prime residential property continues to grow.
New figures reveal luxury properties in Sydney are the 7th most expensive in the world, based on price per square metre.
The Knight Frank Prime International Residential Index found Sydney's most expensive properties rose in value by 11%, while those in Melbourne increased 8.5%.
"Demand from Asian buyers for properties in Australia remains strong, underlining Australasia's connection to the Asian region and the appeal of its lifestyle, educational institutions and safe haven status," Matt Whitby, Group Director, Head of Research Consulting at Knight Frank, says.
"Wealthy Chinese investors have been dominant, exemplified by Australia's Significant Investment Visa (SIV), which, since it was introduced in 2012, has seen 90% of its applicants come from China."
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