Water views are hardly a new fixation for Sydneysiders.
Just take a look at how old most harbourfront properties are – but it’s become increasingly obvious in recent times.
At the end of the day, there’s only so much harbour to go around, no matter how tall you build, and so the fascination with water has gradually given way to a huge value discrepancy between properties with water views and those that don’t, even if they’re in the same street – ranging from the hundreds of thousands to right up to the millions.
Many buyers are willing to sacrifice things like space, or modern amenities, if it means a water view.
Take a recent sale of mine as a good example, of just how pronounced the water view effect has become.
I recently sold a studio with waterfront views in Elizabeth Bay for $2.31 million. That’s right – a studio apartment sold for over twice the Sydney median house price. It broke the record for most expensive studio sale in Australia.
Truth be told, it was once a 100 square metre two bedroom apartment, and therefore the dimensions were a little bigger than the studio label may belie.
Also, this wasn’t your standard harbour view glimpse out a bedroom window. This property is literally surrounded by water views on three sides, with three balconies. You can stand in the living area and feel as though you’re captaining a ship out on the harbour. And there’s an uninterrupted view of the Sydney Harbour Bridge. It had the kind of views normally associated with a penthouse (like this one in Oceana), not a studio.
Yes, I’ll admit it’s an extreme example, but it just goes to show how much people are willing to spend to get the ‘million-dollar view’.
But it’s not all about the value. Properties with more modest water views offer an intrinsic, instant connection with nature – a reminder that you don’t just live in the city, but in one of the most naturally beautiful cities in the world, with the deepest natural harbour in the world.
It doesn’t matter how big or small a place may be, a water view instantly gives a property a sense of prestige no cosmetic features can hope to match.
Water views are calming, scientifically proven to increase an occupant’s sense of wellbeing. It’s hard to put a value on the health benefits of that – not to mention the glimpse of fireworks you might be able to catch come New Year’s Eve!
If you’re looking for a knock-out property with water views, contact our team today.