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Luxury waterfront properties in Perth command some of the highest premiums in the world, with the capital taking up one of the top five spots in this year’s international waterfront index.
The index measures the potential value uplift for prime homes on the water’s edge compared with similar properties located further inland without access to, or a view of, water.
This spectacular riverfront mansion in Claremont, built in 1905, is currently on the market. Credit:Frank Knight
Sydney led the rankings, with a waterfront property in the city with views across its harbour attracting an average premium of 121 per cent compared to an equivalent home set away from the water.
New Zealand’s Auckland on the country’s North Island was second with a premium of 76 per cent, ahead of the Gold Coast (71 per cent) and Perth (69 per cent).
The Cap d’Antibes peninsula (59 per cent) in the south of France was the highest European entry in the list of 17 international locations.
Beachfront property was the most sought-after location, with waterfront property there attracting an average premium of 63 per cent. This narrowly pipped a harbour location (62 per cent), with coastal, where waterfront buyers pay an average premium of 40 per cent, third.
Michelle Ciesielski, head of residential research at Knight Frank Australia, said the pandemic and successive lockdowns have put greenery and space at the top of buyers’ requirements for homes, fuelling sales and price growth in prime markets.
“Successive lockdowns around the globe have pushed the appeal of waterfront living to the fore, with 42 per cent 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.
In the 12 months to June 2022, the average price increase for a waterfront property in the index was 10.9 per cent.
Senior research analyst Chris Duce said the pandemic had led to a fundamental reassessment of housing and lifestyle requirements around the world.
“For many being near the water with more space and greenery has been a primary driver, and with supply limited in all markets this has supported price growth and premiums,” he said.
The waterfront suburbs of Marmion, Fremantle, Iluka and Como are part of 11 Perth suburbs that have set new records with their median house prices entering the million-dollar bracket for the first time ever during the 2021-22 financial year.
This North Fremantle penthouse commands an incredible river panorama, in the prestigious “The Moorings” residences.Credit:Frank Knight
They were joined by the suburbs of Mount Hawthorn, North Perth, Kensington, Gwelup, Booragoon, Karrinyup and, Leederville, which all saw their median house prices tip above $1.1 million at the end of June 2022.
REIWA president Damian Collins said the Perth property market had experienced strong growth with sales at the top end dominating the market.
“All of these suburbs have had medians hovering below $1 million for quite some time,” he said.
“It is impressive to see the demand for houses in these suburbs hold strong throughout the 2021-22 financial year, now placing them in Perth’s luxury market.”
Collins said given Perth has a housing shortage, the cheapest median house price of any capital city in the country, a growing population and strong economy, he anticipated house prices to continue to rise as we entered the back end of 2022.
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