PropTech Group Data Waterfront Report showed that 40 of Australia’s 50 most expensive suburbs for waterfront properties are located in New South Wales.
By comparison, Victoria has just six of the top 50 domestics, while Western Australia and Queensland have just two each.
The report – which calculated figures using market sales and listing data for properties in suburbs that border a major body of water, dwelling type and number of bedrooms – puts NSW firmly ahead every state in the high-end waterfront market, according to Joe Hanna, CEO and Managing Director of PropTech Group.
“As a Melbourneian it pains me to say this, but New South Wales is by far [as] the leader of the waterfront, and no other state comes close,” he professed.
Mr Hanna admitted that NSW had more to offer compared to other states, which made it a very attractive location for radical change buyers.
“People pay more for waterfront property in Sydney than anywhere else in Australia. Sydney has beautiful beaches and [an] iconic port. Views of Sydney’s architectural masterpieces, the Harbor Bridge and the Opera House, can add millions to the value of a waterfront mansion,” he explained.
He also attributed the strong growth of the waterfront market to the pandemic. “The waterfront property market is booming as a result of COVID. Buyers who might have waited to buy waterfront property later in life go ahead and do so.
“After the closings, people are willing to spend more on bigger homes with lifestyle perks, such as waterfront views and water access,” Hanna said.
He said that despite long-term coastal risk from rising sea levels, coastal erosion and increased frequency of severe storms, demand for waterfront properties is unlikely to cool by as much. so early.
“Recent flooding hasn’t deterred buyers from waterfront properties, but it has made buyers more selective,” he commented.
“In the aftermath of the floods, buyers are asking questions they rarely asked before. They want to see the council’s 100-year flood forecast and are much more aware that the waters could rise.
The most expensive riverside suburbs revealed
Fully consolidating its dominance in the waterfront trophy market, NSW also took nine of the top 10 spots on the list of most expensive waterfront suburbs.
The Vaucluse claimed the top spot, with four-bedroom homes in the seaside NSW port suburb having an average price of $7million. This was followed by $6 million for five-bedroom homes in Mosman.
Victoria managed to take third place, with a median price of $5.1 million for five-bedroom homes in .
Other NSW riverside suburbs in the top 10 were ($4.8 million for five-bedroom homes), Mosman ($4.7 million for four-bedroom homes), Darling Point ($4.5 million for three-bedroom units), North Bondi ($4.4 million for four-bedroom homes), ($4.4 million for four-bedroom homes), Bronte ($4.05 million for four-bedroom homes), and South Coogee ($3.6 million for four-bedroom homes).
Meanwhile, the state or territory with the lowest average price for waterfront property is the Northern Territory, where the most expensive waterfront property category is three-bedroom townhouses in Stuart Park, with a median price of just $610,000.