Waterfront Property Drives Prime Residential Market
One in three super-prime residential sales in Australia have been absolute waterfronts.
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As an island nation, it should come as no surprise that Australian’s are more willing than most to pay a premium for waterfront property.
However, in Knight Frank’s Australian Waterfront Premium 2022 report, the results indicate waterfront real estate represents a substantial share of super-prime sales, with one in three of the 374 sold over the last year located on the absolute waterfront.
Knight Frank’s report includes properties worth more than $10 million.
According to the report, the most popular type of waterfront super-prime sale was harbourside, representing 64% of super-prime sales in the last year — up from the 48% in Q3 of 3030.
This is in line with the super-prime surge witnessed this year, which shows the market more than doubled its volume in the first three quarters of 2021.
Properties with coastal frontage represented 16% of total sales in 2021, followed by 13% on canal, and 7% on river.
Knight Frank Australia Head of Research Michelle Ciesielski said waterfront real estate was obviously finite and tightly held, driving demand, particularly in Sydney.
“Sydney has taken the top position for greatest average uplift in waterfront sales this year, rising by 13.5% in the last year to 119% in Q3 2021,” Ms Ciesielski said.
This likely reflects the increase in price premium attributed to waterfront properties in 2021, increasing by 14% in the last year to represent a 79% price premium on their inland equivalents.
Elsewhere in Melbourne, waterfront homes experienced enormous growth.
“Waterfront homes in Melbourne have experienced the strongest growth of the five major Australian cities, with the waterfront premium increasing from 30 per cent in Q3 2020 to 37% in Q3 2021,” Ms Ciesielski added.
Away from the major markets of Sydney and Melbourne, the prime markets in both Gold Coast and Perth continue to grow with the Gold Coast following Sydney at a premium of 71% in Q3 2021, representing a growth of 5% year-on-year, and Perth recording an average uplift of 67% at 9.5% year-on-year growth.
“Brisbane’s prime market has been dominated by interstate buyers and local upsizers who favour riverfront real estate in prestige suburbs, averaging a waterfront premium of 54 per cent at a 14 per cent uplift,” Ms Ciesielski said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.
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Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.
Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”
Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.
Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.
With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.
Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
