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markets and other types of investment classes that don’t tend to influence mainstream property,” he explains. “And ultra-high net worth individuals are typically not leveraged—or at least not particularly highly leveraged—if they’re buying these types of trophy homes.”

He continues: “Because it’s such a different market, it has proven stronger than the wider property market over the last few months, particularly with offshore interest returning. Combine that with the scarcity of quality listings and it all adds to pricing pressure in that space.”

While interest rate rises have had a direct correlation with falling prices throughout the broader residential scene, Browning says the actions of the RBA are less likely to drive negative sentiment in the upper echelon.

“It would create more of an effect if interest rates were to impact the earning capacity of these buyers; if the companies they are leading or their investments were impacted heavily by interest rate movements,” he suggests. “If the share market takes a massive hit, for example, then you could arguably see some softening in luxury property prices.”

Another trait unique to the luxury market is the imbalance in the transaction process, says Kay & Burton managing director Ross Savas. Essentially, when UHNWIs buy a property, it is not a given that they will be letting another property go at the same time.

“Years ago, we’d sell a house and those buyers would list their home, so another property would enter the market. Vendors might change to smaller land or a bigger home but they were still moving around in the top end. Today we’re getting expats and overseas buyers coming in with nothing to sell, or those who might be buying multiple homes for multiple generations of their families. The result is there’s no longer the stock to replenish that section of the market, which only adds to the scarcity, competition and exclusivity,” Savas explains.

The typical reasons behind buying and selling might keep supply rolling along in the wider property market, but the same incentives are often missing at the top. When the average Australian wants to upsize, downsize, or make a sea or tree change, they simultaneously become a motivated seller. When it comes to wealthier homeowners, there is no motivation to let go.

Savas adds: “They don’t want to sell, they don’t need to sell, so they don’t. People choose to sell, and that’s why there’s always a limited supply of these trophy properties, especially in Melbourne.” In this context, he says, no offer is too good to refuse. “I have seen clients offered 25 per cent more than their property is worth by buyers willing to pay big money, but these owners still don’t want to sell. They love their homes too much; they’ve had birthdays and weddings there and are not willing to give up those memories—for any sum.”

In his experience, two common themes drive most prime property transitions today; “Every buyer is different but most want the same two things: quality and location. This means ease of living and being surrounded by great amenity like restaurants, parks and sought-after schools.” He says today’s buyers also want the finished product so they can move straight in. “It’s not just because building costs have gone through the roof, it’s more about time—the time it takes to get plans approved, the time it takes to get the right team together,” he explains. “Sourcing a good plumber, electrician or architect is currently like finding hen’s teeth; they’re all booked up for 12 months or longer.”

Finding a move-in-ready residence is especially important for regional buyers, according to Liz Jensen, director of Kay & Burton Portsea, as the trade shortage can be more of a challenge outside the cities.

“These buyers want the property perfectly presented in every way,” she says. “They don’t want to be renovating or making decisions about tiles and carpets; they will wait for the property that’s ready to move into on settlement day.”

If metropolitan Melbourne has tight supply in the top end, then regional Victoria’s prize homes are even more scarce since the pandemic-induced flight to the country.

“The hunt for the perfect country house can be very limited because there just aren’t many and they don’t come up very often,” Jensen explains. “And when they do come up, sometimes they’ve been held by the same family for years, so may not be particularly well finished or turnkey-ready.”

Jensen's team has been busy assisting the increased number of buyers who turned their attentions to the Mornington Peninsula during the pandemic because of limits on international travel and a desire to have a permanent place for regular family getaways.

“During this period, wealthy homeowners in Melbourne discovered just how important family is. After spending more quality time with their kids and grandkids, the idea of a luxury home by the beach became very attractive,” she explains. “The peninsula is famed for its prestige properties, but at the maximum buying level we’re lucky to see one every year or two. There really does seem to be fewer on offer now than in previous decades because the buyers of today are accumulating wealth faster and therefore able to hold property longer.”

The promise of social media was always community. From the early days of platforms like MySpace and Friendster, the goal and the purpose was to bring us together. Influence, inspiration and commerce came later.

Over the past decade, as people became users (and then creators or influencers), the “us” became blurrier and the original raison d’etre slowly ebbed away. Growth—of both users and profit—became the goal, and algorithms increasingly dictated what and who we experienced online. As a result, that promise of unity and connection has come to feel more like a tease— or even a bald-faced lie perpetuated for profit.

WeAre8, a mobile-first social media platform launched in Australia last September, is on a mission to change all that, promising to bring us closer to the people and causes we actually care about. And they will pay us for the privilege.

“How do we reimagine social in a way that’s free from algorithms, free from hate, full of love, full of community?” This is the question WeAre8 founder Sue Fennessy and her team asked while plotting their new approach to social networking.

She says WeAre8— which claims “The People’s Platform” as a subtitle—has arrived at a purposeful and progressive alternative model. The B Corp-certified company aims to divert $120bn in advertising profits away from tech giants and towards users, environmental causes and professional creators; this being the total dollar amount that brands are estimated to have

With new social media platform WeAre8, founder and chief executive Sue Fennessy wants to redirect billions in global advertising spend to people and planet—and create a user experience that emphasises community and creativity in the process.