CASHED up buyers are willing to pay more than double the price for Gold Coast homes on the waterfront than those inland, new research reveals.
Knight Frank’s Australian Prime Waterfront Index, which measures how much extra value a waterfront location can add to a property, found the Coast had the second-highest premium behind Sydney.
The best waterfront homes in the NSW capital commanded premiums of 94.9 per cent while those on the Coast reached 66.5 per cent.
Perth (53.6 per cent), Brisbane (45.1 per cent) and Melbourne (27.3 per cent) followed closely behind.
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Across Australia, waterfront properties were worth 63 per cent more than their inland counterparts on average.
Knight Frank’s Australian residential research head Michelle Ciesielski said the index considered many factors.
“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,” she 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
Knight Frank’s Queensland head of project marketing Chris Litfin said demand, particularly among those who had moved from interstate, increased the premium for waterfront homes.
“Part of the reason is because the Gold Coast is a migration market. It’s all people who are moving here (who want waterfront),” he said.
“People come here because of the water and that’s the reason that they (stay) here.”
Ray White Sovereign Islands agent Edin Kara said most people moved to the city for its lifestyle, particularly into areas like Paradise Point’s exclusive Sovereign Islands community.
“It’s because of the lifestyle and the quality the Gold Coast offers,” he said.
“I think if Sovereign Islands was a suburb, that would be one of the most expensive (for property) in Australia.”
WATERFRONT MANSIONS ON THE MARKET
1. 101 Commodore Drive, Surfers Paradise – $14.888 million
2. 111 Hedges Ave, Mermaid Beach – $9.95 million
3. 15 Cleland Cres, Broadbeach Waters – $6.75 million
4. 86 Royal Albert Cres, Sovereign Islands – $3.49 million
5. 62 Gibraltar Drive, Isle of Capri – $2.895 million