vaucluse
Vaucluse is the most expensive waterfront class suburb in Australia. Image supplied.
  • Vaucluse the most expensive waterfront suburb
  • Nine of the top 10 were all is NSW - exception was Brighton in Victoria
  • Flooding doesn't appear to have changed demand says Proptech Group's Joe Hanna

40 of the 50 most expensive waterfront suburbs in Australia are located in New South Wales, making Australia’s most populated state the most expensive for such suburbs, according to new research from the Proptech Group.

The median price of a four-bedroom house in Vaucluse is $7 million – the highest in the country. For perspective, the most expensive waterfront property class in the Northern Territory is three-bedroom townhouses in Stuart Park, with a median price of $610,000.

Victoria has only six of the national top 50, with Western Australia and Queensland home to two each.

“As a Melbournian, it pains me to say it, but New South Wales is far and away the waterfront leader, and no other state comes close,” said Joe Hanna, PropTech Group CEO and Managing Director.

“People pay more for waterfront property in Sydney than anywhere else in Australia.

Sydney has beautiful beaches and the 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.”

Joe Hanna, PropTech Group

joe hanna
Joe Hanna. Image supplied.

Top 10 most expensive Australian waterfront suburbs

Rank Suburb State Post
Code
Dwelling
Type
Beds Median Price (Current) Median Price (1 yr Ago) Growth 1 yr
1 Vaucluse NSW 2030 House 4 $7,000,000 $4,750,000 47.36%
2 Mosman NSW 2088 House 5 $6,000,000 $5,500,000 9.09%
3 Brighton VIC 3186 House 5 $5,100,000 $4,000,000 27.50%
4 Seaforth NSW 2092 House 5 $4,875,000 $3,775,000 29.13%
5 Mosman NSW 2088 House 4 $4,700,000 $3,700,000 27.02%
6 Darling Point NSW 2027 Unit 3 $4,500,000 $2,800,000 60.71%
7 North Bondi NSW 2026 House 4 $4,400,000 $3,000,000 46.66%
8 Manly NSW 2095 House 4 $4,400,000 $3,100,000 41.93%
9 Bronte NSW 2024 House 4 $4,050,000 $4,000,000 1.25%
10 South Coogee NSW 2034 House 4 $3,600,000 $2,500,000 44.00%

Source: Proptech Group

Nine of the top 10 suburbs were located in Sydney, with Brighton, Victoria, in third place. While Bronte recorded just 1.25% growth over the past year, Darling Point increased by a staggering 60.71%.

“The recent floods have not put buyers off of waterfront property, but they have made buyers more selective,” added Mr Hanna.

“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.

“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.”

Joe Hanna, Proptech Group

Australian dream?

sydney harbour
Sydney Harbour. Image – Canva.

Ken Jacobs, Managing Director of Christie’s International Real Estate Sydney, added that owning a waterfront property is “in the Austrlaian psyche” and that it comes into play thanks to our client.

“Just look at the population, more than 80 per cent of Australians live within 50 kilometres of the coast.”

Like Mr Hanna, Mr Jacobs agrees he is yet to witness floods affecting the demand for cuh property.

“That said, people will factor into their buying decision locations that have flooded before, but over the years I haven’t seen events like that change the thinking of waterfront buyers in general,” said Mr Jacobs.

“Look at the contour of Point Piper, for example. The majority of properties are elevated. They have the waterfront, but they also have the view and the elevation.”

“I don’t think the price increases will stay on the same trajectory. The issue at the moment is stock.

“We don’t have enough stock. We have buyers. We have local buyers. We have expats coming back. We have foreigners coming from America, Europe, and Hong Kong wanting to relocate to Australia.”

Ken Jacobs, PropTech Group

~~

Top 10 most expensive Australian waterfront suburbs

  1. Vaucluse
  2. Mosman
  3. Brighton
  4. Seaforth
  5. Mosman
  6. Darling Point
  7. North Bondi
  8. Manly
  9. Bronte
  10. South Coogee
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