Knight Frank's Prime Waterfront Index measures the uplift a waterfront can add to a property's value accross Australia's major cities. This past year has given many the opportunity to reflect on how time at home is best enjoyed- how was this impacted the waterfront premium?
Prime waterfront properties accross Australia are worth an average 69% more than their inland equivalent in 2020, trending upwards from 63.1% one year ago, as all five cities saw an uptick in their waterfront premium.
Uplift by city
Sydney, the harbour city, continues to be the leader, recording 104.7% in Q3 2020, up from 94.9% in Q3 2019. The steepest uplift was noted in Perth off-the-back as a strengthening economy, as the city grew from a waterfront premium of 53.6%, to 61.1% over the year ending Q3 2020. Melbourne saw an increase in their uplift rate from 27.3% to 30.4% over the same time, the city recovering back to Q3 2018 levels, as residents recoup from a lenghty pandemic lockdown are increasingly likely to become a more desireable setting to spend time at home.