BUYERS hungry for luxury are prepared to pay up to 63 per cent more for a waterfront property, a new report reveals.
The highest premiums for absolute waterfront property in Queensland are paid on the Gold Coast, where buyers are prepared to fork out 66.5 per cent more on average than for an inland property.
That’s up from 64.1 per cent the year prior.
And in Brisbane, the best waterfront homes commanded premiums of up to 45 per cent in the third quarter of this year — the first year the city has been included in Knight Frank’s Prime Waterfront Index.
Knight Frank director and head of project marketing – Queensland, residential Chris Litfin said being close to the water was one of the main reasons people moved to the Gold Coast.
“It is what the lifestyle is all about here,” Mr Litfin said.
“To be right on the water is the ultimate lifestyle prize so there is ever-increasing demand on this limited commodity.”
Mr Litfin said oceanfront property — on a surf beach — was the most sought-after on the Gold Coast.
“Some of the most expensive homes on the Gold Coast are found here,” he said.
“The oceanfront gives maximum open outlook, with no visual neighbours.
“Next most sought-after would be the widest part of the main river; again the open outlook is attractive.”
Nationally, the highest premiums for absolute waterfront property were paid in Sydney (94.9 per cent), followed by the Gold Coast (66.5 per cent), Perth (53.6 per cent) and Brisbane (45.1 per cent).
Knight Frank head of residential research Michelle Ciesielski said residential property on the Brisbane River was some of the most desirable in the city, appealing to a wide demographic.
“Buying on a riverfront is often a lifestyle decision, offering adventure with maritime facilities while providing a sense of calm and space away from the bustling CBD,” Ms Ciesielski said.
Of all the waterfront location types in Australia, the index found homes on the harbourfront commanded the largest uplift of up to 97 per cent — driven by Sydney’s ‘money shot’ with both the Sydney Harbour Bridge and Opera House within the frame.
“Not all absolute waterfront homes are equal and this was reflected in the index, with premium values varying in each city, and by the type of waterfront,” Ms Ciesielski said.
“It’s common to see those buying prestige properties redesign the home to match their style, but fundamentally, the waterfront location remains.
“Waterfront living is the ultimate lifestyle choice and this helps to underpin the value of these properties.”
The biggest sale on the Gold Coast so far this year was a waterfront property at Sovereign Islands, which sold for a whopping $11 million in September.
The sprawling residence at 37-39 Brittanic Crescent has six bedrooms and eight bathrooms, along with a ‘Gold Lounge’ cinema room, wet bar, outdoor entertainment pavilion and pool.
The property has a 55m water frontage with two moorings suitable for yachts and water sports.
In Brisbane, a riverfront home in Bulimba sold for an auction record of $8.4 million.
The sale price of the property at 95-99 McConnell Street eclipses the previous residential auction record of $7.75 million, which was achieved at 39 Griffith Street in New Farm earlier this year.
TOP WATERFRONT SUBURBS
Fig Tree Pocket
(Source: Knight Frank. Based on $7 million plus sales on the Gold Coast and in Brisbane in the past three years)