_Where wealthy Australians are buying second homes overseas
Undeterred by one of the biggest black swan events in history, our global research teams set out their prime residential market predictions for 2022 in this year’s edition of The Wealth Report. Reviewing last year's predictions of “steady and sustainable growth”, which were absolutely obliterated, our Attitudes Survey of the global elite showed that if anything, they were animated by the unprecedented, stellar performances and already considering further purchases into these prime global markets.
Among the global wealthy, the US, UK, Australia, Spain and France were the most popular locations surveyed for new home purchases overseas, notably homes in rural, alpine or waterfront areas. Meanwhile for Australian ultra-high-net-worths, the destinations of choice for buying outside of their own country were the US, UK, France and New Zealand, closely mirroring the global appetite. For those weighing up their next international purchase, we travel around the globe and round up the most impressive properties worthy of consideration.
USA
The Americas topped the average annual change by world region with 12.5% growth in 2021, according to our Prime Residential Index (PIRI 100). Some of the highest registering cities in the index include San Diego (28.3%), Miami (28.2%), The Hamptons (21.3%) and Aspen (16.7%), which eclipsed other ski regions.
Image: 730 Bay, Aspen, Colorado
In Aspen, this 6-bedroom log-house is a prime example of the classic mountain home many Australians wished they could have escaped to during the winter months of lockdown during the pandemic in Australia. This is the first time ever the property has been offered for sale and it sits on a one-acre park like setting surrounded by alpine trees and forestry. The home counts six bedrooms (five in the main house and one in the adjoining caretaker apartment), eight bathrooms, three fireplaces, an internal elevator, extensive outdoor space and exemplar log-design among its impressive features.
Image: The Towers of The Waldorf Astoria, New York
Over in New York, the city that holds the crown for the world’s capital with the highest UHNW population than any other city, there is only The Waldorf Astoria. The landmark Park Avenue hotel has been a cultural icon since 1931 as New York’s beacon of midtown glamour and history. Timeless and opulent, it holds a special affection for Americans and international visitors alike. Now for the first time, buyers have a chance to own part of its history with an extensive restoration underway and due to complete by the end of 2023, delivering 375 exquisite residences in the same revered art-deco style and glamour of The Waldorf alongside the restored hotel and facilities that are as extensive as they are grand.
United Kingdom
While London is one of the most expensive cities when it comes to global prime real estate - US$1 million gets you only 30.6 square metres - its popularity among ultra-high-net-worths remains as high as ever with over a third of Attitudes Survey respondents indicating their next home purchase would be in the UK. Over the last 12 months, London saw large volumes of cross border capital investment, earning the city its number one spot in the 2022 City Wealth Index and outperforming the other 99 cities in wealth, investment and lifestyle rankings.
In the heart of central London, a new development The Whiteley offers those with an affinity for wellness and sustainability to live and breathe this every day in the 139 luxurious private residences attached to the UK's first Six Senses Hotel. A selection of studios, one-bedroom apartments, duplexes and palatial penthouses will re-imagine not only the Grade II listed building that was once Britian's first ever department store but also Queensway Parade opposite, re-energising its reputation as a compelling central axis for a discerning global mindset. Residents will enjoy incredible privacy, exclusive resident-only spaces at The Whiteley beside world-class service and extraordinary recreation amenities from Six Senses.
Image: The Whiteley, Queensway, London
Another branded development re-envisioning London's historic buildings is The OWO in Whitehall. In a landmark restoration of the former Ministry of Defence, this Edwardian baroque building is being meticulously brought back to life in The OWO, which will house the new Raffles Hotel and 85 stately residences, alongside 11 restaurants and bars, and spectacular dedicated amenities for residents, all managed by Raffles. Once the office of great statesmen like Winston Churchill and Lord Haldane, and the place that served as inspiration for writer Ian Fleming’s James Bond 007 spy stories, The OWO, like The Waldorf Astoria, is a special chance to own a unique piece of history.
Image: The OWO, Whitehall, London
France
When you mention France, thoughts immediately turn to the Parisian capital. While Paris recorded modest growth of 6.3% in the Prime Residential Index (PIRI), it claims the third highest concentration of UHNWIs after New York and Tokyo, and there’s no denying the allure of the culture-rich City of Lights. One such property that captures the quintessential Parisian charm is this exceptional apartment in a Parisian listed building on the Monceau Park. This 2-bedroom pied-a-terre retains its remarkable original features from parquet floors to noble joinery, wall frescoes and 3.5-metre ceiling heights that are awash with natural light and character.
Image: 75017 Paris 17 Batignolles-Monceau, Paris, Île-de-France
For those in search of a sea-change, the sparkling blue waters of Cote d’Azur provide the perfect antidote. This 6-bedroom villa offers a contemporary retreat in the prestigious and peaceful area of Cap d’Antibes. Set in a beautiful Mediterranean garden, the villa boasts generous suites, spacious living, dining with a summer entertaining terrace area, open-plan kitchen, study, exceptional home cinema, wine cellar, fitness area, heated pool, pool-house, ground-level garage for eight with a car lift and further guest/caretakers’ rooms.
Image: Cap d'Antibes, Alpes-Maritimes, Provence-Alpes-Côte d'Azur
New Zealand
As the Australasia region as a wealth hub continues to expand, it is natural that New Zealand has become a destination of choice for Australia’s wealthy looking for a holiday home across the trans-Tasman bubble. ‘Ataahua’ is an extraordinary piece of New Zealand real estate in Omokoroa, in the country’s north island, offering a picturesque escape on a one-hectare Italian-inspired estate. Exquisitely designed, the property’s name ‘Ataahua’ is taken from the Maori word for ‘beautiful’. From the wrought-iron gates to the authentic ivy-clad walls, this sprawling estate combines European sophistication with the peaceful lifestyle and beautiful New Zealand backdrop. The main house has six bedrooms, five bathrooms, a flood-lit tennis/basketball court, a 25-metre heated swimming pool and spa with an additional guest house with a gym/hot yoga studio.
Image: Ataahua, 59A Western Avenue, Omokoroa for sale via Bayleys
Another home of European influence and grand scale proportions is Cambridge Manor, located in Remuera, also in New Zealand’s north islands. This modern 3,234 sqm family residence exudes contemporary sophistication with manicured hedging, a circular driveway, statement entrance foyer, Hinuera natural stone and French oak flooring throughout. The two-level home encompasses six bedrooms, six bathrooms, six living rooms, a loggia with fireplace, gym, games room and golf simulator, plus a tennis court, 25m-heated lap pool and second swimming pool, wet bar, and guest house.
Image: Cambridge Manor, 120 Victoria Avenue, Remuera for sale via Bayleys