Waterfront properties makes a splash Down Under
Australian homebuyers are paying among the highest premiums in the world to seize such residential projects
Coastline properties in Australia have the highest premiums in the world, according to The Sydney Morning Herald, citing the latest data from Knight Frank’s International Waterfront Index.
Among the 17 international locations, Sydney topped the rankings, with waterfront residences registering a median price premium of 121 percent, twice as much as those located inland. Auckland (New Zealand) ranked second, with a 76 percent premium, followed by Gold Coast at 71 percent and Perth at 69 percent.
“The allure of waterfront homes remains strong and one of the most compelling property choices for international buyers today,” Mark Harvey, head of international residential at Knight Frank, told the South China Morning Post.
Globally, he said that these waterfront locations have set the trend as more investors now “feel less tied down to a single destination and begin to integrate work/life balance into a second or third home.”
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Michelle Ciesielski, head of residential research at Knight Frank, added that investors always had their eyes set on Sydney’s properties on the water, yet the demand surged even more during the outbreak.
“Successive lockdowns around the globe have pushed the appeal of waterfront living to the fore, with 42 percent of respondents to Knight Frank’s Global Buyers Survey stating they were more likely to buy a waterfront property as a consequence of the pandemic,” she said.
Senior research analyst Chris Duce agreed, revealing that the proximity to the water with more space and greenery is the biggest factor as most of these buyers reevaluated their housing and lifestyle requirements during the pandemic.
Prices for waterfront homes soared an average of 10.9 percent in the 12 months to June.
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The most popular among them were beachfront homes, with a premium of 63 percent. Residences near harbour areas came in second with a 62 percent premium, ahead of coastal homes with a premium of 40 percent.
The growing attraction towards waterfront areas post-Covid has encouraged several new developers to produce more supply, which is why, for the first time in the Awards series, the PropertyGuru Asia Property Awards (Australia), will be rewarding the most impressive developments no further than one kilometre from a body of water through several new categories: Best Waterfront Apartment Development, Best Waterfront Housing Development, and Best Waterfront Townhouse Development.
If you know of any outstanding residential waterfront properties in Australia, nominate them for the 4th PropertyGuru Asia Property Awards (Australia) on or before 30 September 2022. To know more, visit AsiaPropertyAwards.com/Award/Australia/.
Gynen Kyra Toriano, Digital Content Manager at PropertyGuru, wrote this article. For more information, email: [email protected].
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