Is Bondi more expensive than Paris?

The second weekend in spring 2012 saw the release of the Pacific Swiss Grand apartments at Sydney’s iconic Bondi Beach and with overseas interest they sold like hot cakes. A one bedroom 70 square metre unit, sold for $1,900,000 or $27,000 per m2. This is a sharp increase on $10,000 per m2 the price-bracket where beach front apartments previously sold. Everything but the penthouse was snapped up. Agents were confident that ongoing negotiations would finalise a sale for the penthouse at $15,000,000 or $50,000 per m2. 
 
Has Bondi moved into the ranks of the uber luxury apartment pricing? The most expensive prime luxury apartments are found in Monaco with prices at $58,300 per m2. London is cheap by comparison at $48,900 per m2; Paris $27,000 per m2 and Manhattan, depending on the share market on the day would set up back $23,000 per m2.
 
For more interesting property market articles have a look at the Buying Houses Australia blog.
 
http://buyinghousesaustralia.com.au/blog/