Knight Frank has entered into a partnership with Perth’s premium agency for prestige residential property, Mack Hall Real Estate.
The partnership, branded ‘Mack Hall in Association with Knight Frank’, means the two businesses will work together in the luxury residential space to secure listings and service clients.
Knight Frank Partner and Head of Western Australia Craig Dawson said the partnership would be a mutual value-add opportunity for both Knight Frank and Mack Hall Real Estate.
“We are very excited to enter into this partnership with Mack Hall Real Estate, which is the premium residential real estate agency in Perth, selling the finest properties in the finest suburbs,” he said.
“The Perth residential market is experiencing strong growth, particularly the luxury market, which is the result of a combination of factors, including the way COVID-19 was handled, as well as a boost to population growth with improved mining activity and resilient commodity prices.
“We expect growth to continue this year, with the city boosted by ongoing confidence, as well as low interest rates and pent up demand, as we are seeing through the whole of Australia at the moment.
“Our partnership with Mack Hall will increase our business capability in the luxury market and enable us to provide the best prestige residential offering available in Perth to our current and future clientele.”
Knight Frank’s The Wealth Report 2021, launched earlier this year, found Perth was the top ranked city in Australia for luxury residential price growth over 2021.
Buyer interest is coming from locals as well as globally, with the West Australian capital ranked 34 in the world for luxury residential price growth, with 3.6 per cent annual growth, up from 0.9 per cent one year earlier, when it was ranked 63.
This growth was also nearly double the 1.9 per cent global average for 2020.
The Wealth Report 2021 has forecast growth of 3 per cent for luxury residential property prices in Perth over 2021, with the city leading growth expectations, along with the Gold Coast and Sydney.
The research also found Perth had the third highest growth of both high-net-worth individuals and ultrahigh-net-worth individuals in Australia over 2020, accounting for 11 per cent of the growth in Australia, positioning the city behind Sydney and Melbourne.
Mr Hall said the partnership with Knight Frank would provide luxury property sellers with the highest level of service in the market, with an unmatched global reach.
“It has been my contention that sellers of prestigious property are going to want more than a High Street agent and their local background,” he said.
“There are several top agents in our market but do they have access to the best network in the world, and particularly South East Asia.
“Knight Frank has over 500 offices globally and a massive presence in Jakarta, Singapore, Kuala Lumpur, Bangkok, Hong Kong, Shanghai and Tokyo, as well as its Australian offices.
“We will be the only global residential agency in Western Australia, and our customers can be part of this opportunity.”
Mr Dawson said the partnership would strengthen Knight Frank’s residential offering in Australia.
“The national residential property market is now flourishing, and with the expectation it will be a very strong year for this sector, Knight Frank is boosting its offering to provide the best possible service for our clients.
“At Knight Frank, we aim to partner with our clients in all of their property endeavours – be it commercial or residential. Partnering with Mack Hall Real Estate supports this ethos as it gives the clients of both organisations, many of which are already shared clients, a holistic service.
“It also aligns with our overarching strategy to sell the most prestigious property in the world.”