Property market update: Melbourne, April 2022
Melbourne’s growth plateaued over April and posted its first quarterly since the start of the pandemic boom, further d...
A new report revealed that NSW is home to four out of five of the most expensive waterfront suburbs in the country, with the state taking the lion’s share of the sought-after premier lifestyle market.
Data from PropTech Group’s Waterfront Report showed that 40 out of the top 50 of Australia’s most expensive suburbs for waterfront property are located in NSW.
For comparison, Victoria only has six of the national top 50, while West Australia and Queensland only have two each.
The report – which crunched numbers using market sales and listing data for properties in suburbs that border a major body of water, the dwelling type and the number of bedrooms – firmly puts NSW ahead of every state in the premium waterfront market, according to Joe Hanna, PropTech Group chief executive and managing director.
“As a Melbournian, it pains me to say it, but New South Wales is far and away [as] the waterfront leader, and no other state comes close,” he professed.
Mr Hanna conceded that NSW had more to offer compared to other states, making it a highly attractive location for sea change buyers.
“People pay more for waterfront property in Sydney than anywhere else in Australia. Sydney has beautiful beaches and [an] iconic harbour. Views of Sydney’s architectural masterpieces of the Harbour Bridge and the Opera House can add millions to the value of a waterfront mansion,” he explained.
He also attributed the solid growth in the waterfront market to the pandemic. “The market for waterfront property is soaring as a result of COVID. Buyers who might have waited to purchase a waterfront property later in life are just going ahead and doing it.
“After the lockdowns, people are willing to spend more on larger homes with lifestyle benefits, such as waterfront views and water access, Mr Hanna stated.
He said despite the long-term coastal risk from rising sea levels, shoreline erosion and more frequent severe storm events, demand for waterfront properties was unlikely to cool anytime soon.
“The recent floods have not put buyers off waterfront property, but they have made buyers more selective,” he commented.
“As a result of the floods, buyers are asking questions they seldom asked before. They want to see the council forecasts for 100-year floods and are much more aware that waters could rise.”
Most expensive waterfront suburbs revealed
Fully cementing its dominance in the trophy waterfront market, NSW also took nine out of the top 10 places on the most expensive waterfront suburb list.
Vaucluse claimed the top spot, with four-bedroom houses in the NSW harbour beachside suburb having an average price tag of a staggering $7 million. This was followed by $6 million for five-bedroom houses in Mosman.
Victoria managed to nab third place, with a median price of $5.1 million for five-bedroom houses in .
Other NSW waterfront suburbs in the top 10 were Darling Point ($4.5 million for three-bedroom units), North Bondi ($4.4 million for four-bedroom houses), ($4.4 million for four-bedroom houses), Bronte ($4.05 million for four-bedroom houses), and South Coogee (3.6 million for four-bedroom houses). ($4.8 million for five-bedroom houses), Mosman ($4.7 million for four-bedroom houses),
Meanwhile, the state or territory with the smallest average price tag for a waterfront property is the Northern Territory, where the most expensive waterfront property class is three-bedroom townhouses in Stuart Park, with a median price of just $610,000.