Local buyers and renovators who have made huge gains from selling their homes are fueling the demand for luxury properties offering a "special view," market observers said.
Properties with panoramic views such as Sydney Harbor or Perth's Swan River cost between $ 20,000 and $ 43,000 per square meter. Given the limited supply of these properties offering "privileged views", prices should rise further.
"The interest of local buyers is significantly higher than that of foreign buyers.I would suggest that seven out of ten sales are aimed at local buyers," said Gavin Rubinstein, founder of Ray White TRG, at Australian Financial Review.
Knight Frank estimates that waterfront homes in Australia earn about 40% of the premium. In Sydney, houses with a privileged view have even a premium of up to 89%.
"There are only limited possibilities of viewpoints scattered throughout Sydney Harbor, so these properties continue to be tightly controlled," said Deborah Cullen, Head of Prestigious Homes at Knight Frank Australia. , at the AFR.
In fact, these properties are selling quickly, even in times of crisis, as buyers are willing to pay millions of dollars more than the asking price for a share of the luxury market.
Take for example the houses overlooking the Swan River in Perth: this part of the market withstood the economic downturn and continued to attract buyers, according to Jody Fewster, director of Ray White Cottesloe and Mosman Park.
"In four days, I sold 25 Saunders Street to Mosman Park last April for $ 5.75 million.This was a 40-year-old house in its d & state. Originally, on a block of 1,062 square meters, but everything was focused on the view.It commands a protected panoramic view of the waters of Mosman, "she told AFR.
However, not all waterfront homes are created equal. Ben Collier, director of the agency, said that it all boiled down to the "privileged view". He added that a renovated house not facing the water and facing the Sydney Harbor Bridge would sell more than a similar house located on the other side of Piper Point overlooking the pink Bay.
"The difference can be anywhere between $ 10 and $ 20 million," he said.
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