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The leap is due to several sales in the “double-digit” millions over the last 12 months including six properties which sold in the $30 million in the last half of 2014 and two Point Piper residences fetching more than $40 million this year.

Knight Frank’s second quarter index shows Melbourne at number seven in global price growth for luxury residential properties, up from eleventh position.

Australia was the front runner with the highest average annual increase in luxury residential values to June this year (up 10.2 per cent), Asia was the dominating force for price increases since the global financial crisis in 2008 and 2009.

Read more at The Daily Telegraph