- Frank Knight has released the first ever report on Australian Residential Tennis Court Premium
- Super-prime properties with tennis courts are tightly held, but sales have spiked in 2020
- The new demand is attributed to Australian's changing lifestyles in the pandemic
Tennis is the name of the game in the super-prime market based on Frank Knight’s first ever report on Australian Residential Tennis Court Premium.
Super-prime properties with tennis courts are tightly held hot property in Australia with transactions occurring rarely. Yet despite this sales have spiked in the year 2020 according to the report.
A property is considered ‘super-prime’ when it is in the top one per cent of its market by value. These properties are the most desirable and most expensive property in a given location.
“Sales numbers for tennis court super-prime properties grew three-fold in 2020,” said Shayne Harris, National Head of Residential at Frank Knight
The value of super-prime properties with a tennis court multiplied compared to those without, in last year’s market. The price on average reached 22% higher for these hot properties. With the average price rising by 1.6% to reach $18 million in 2020.
Harris attributes the appetite for tennis courts to the changing role of the home as everyone’s lives changed in 2020.
“Australians transformed the way they lived in 2020 due to COVID-19, with the role of the home expanding to become a place of work, education and vacation due to periodic lockdowns during the pandemic,”
“Our research conducted a few months into the pandemic found 66 percent of global residential buyers listed outdoor space as the top factor to be considered when choosing a home, and we have seen a corresponding rise in interest in super-prime properties with tennis courts.
“When considering the super-prime residential markets across the major cities of Australia, access to private and secure tennis courts have provided unrivalled lifestyle, particularly over the past year.
Along with a rise in demand for outdoor space in the home, interest in the sport of tennis surged as many sports were forbidden under COVIDrestrictions, as Harris explained.
“During the pandemic, we have also seen a rise in social tennis, with people wanting to get outdoors and enjoy a non-contact sport.
“This demand saw tennis coaches become heavily booked out, and a significant trend emerged where players were opting for private tuition on their own court at home.”
Head of Residential Research at frank Knight, Michelle Ciesielski, explained that every single Australian city analysed recorded an increase in the value of sales for super-prime properties with tennis courts in 2020 than the previous year.
“In 2020, Sydney saw $436.6 million of tennis court-featured super-prime sales across 22 transactions, although this total volume fell short by 3 percent of surpassing its highest volume reached in 2018.
“Melbourne was next with $134.6 million worth of sales last year across nine transactions, although its greatest volume was recorded in 2016 at $156.2 million.
“Perth’s super-prime sales market recorded the greatest uptick of 453 percent in properties with tennis courts over 2020, although that was across only two sales totaling $41.5 million, with the market much smaller than Sydney and Melbourne. Perth didn’t record any sales of this nature in 2016 and 2018.
“The Gold Coast lifestyle became more popular through COVID-19 resulting in last year being the only year in the past give to register any super-prime sales accommodating tennis courts, with a volume of $50 million – outperforming both the Brisbane and Perth markets, which recorded $20.1 million and $41.5 million in sales value.”