With house prices beginning to surge in Australia, Sylvania Waters is reaping the benefits of this year’s house price recovery.
Sitting at number 6 in the list of properties which have seen a median growth of over $1,000,000 in the last three years, Sylvania Waters owners have seen a median house price growth of 96.9% in this period, largely due to waterfront sales this year well outweighing the dry block sales which is why we can see such a dramatic increase to the median house price overall. Sylvania Waters is a relatively small suburb comprising of approximately 1,190 homes of which approximately 364 comprise of deep waterfront property. This year we have experienced a sizable demand for waterfront over non waterfront property said Dave Watkins. Along with several record sales being achieved by our company, the highest price being set as an all-time record sale in the suburb for $7,200,000, several other waterfront sales made by our agency were within just 5-10 % of the record.
According to Knight Frank’s Global Waterfront Index, Sydney has retained the top spot with waterfront property generating a 118% premium on average in 2023. The Global Waterfront Index measures the potential value uplift for prime homes on the water’s edge or absolute waterfront, compared with similar properties located further inland without access to, or a view of water. Their research found that riverside homes have seen a 39% increase since last year.
With an ongoing shortage of prestige homes being listed for sale across Sydney, prime regions such as Sylvania Waters, are seeing many homes selling off market and before any form of marketing takes place.
Going into the third quarter of 2023, the median sale price for Sylvania Waters is $3,150,000. The desirability of waterfront homes like those in Sylvania Waters and the potential they offer as an inflation hedge alongside capital preservation is likely to see demand swell given the current economic backdrop.
*Sources: The Real Estate Conversation -July 2023 and Realestate.com.au -October 2023