After what has been a relatively busy two years, high net worth property buyers who have stayed in the city have been looking more and more towards waterfront properties, not only for the views of Sydney Harbour (and what amazing views they are) but also for the mental and physical wellbeing of living in a property with a little more open space, relative privacy and clean fresh air.
What makes the Balmain Peninsula so sought after? The waterfront location, the family-friendly atmosphere and the proximity to the city are all reasons why buyers look for properties in Balmain, Balmain East and Birchgrove. The well-preserved period homes are yet another area drawcard. So if you own waterfront property or property with harbour views and you were considering selling to consolidate your portfolio, now might be a good time to take advantage of the demand for your type of property.
Scarcity fuelling demand
In a city like Sydney where waterfront property is scarce, demand has been pushed high.
According to Elite Agent, one in three super prime residential sales in the last year has been absolute waterfront. Waterfront property sales in Sydney have increased 13.5 per cent in the last year, with direct access to water and exclusive maritime facilities some of the biggest indicators of value.
Back in 2020, Domain reported that those wanting to purchase homes with uninterrupted views of the ocean or river could end up paying double the price for the opportunity to do so. The homes that hit the market in Sydney tend to have been held by the one family for a significant portion of time.
While absolute waterfront properties will always demand higher prices, in 2021 we saw properties with harbour views fetching higher prices. And it isn’t only the larger properties getting snapped up. Smaller houses and properties with views are still popular, with the views of Sydney Harbour almost like an extension of the home.
Why so many sales?
Waterfront homes are a good investment, even in a downturn. However, what we are seeing is that those living in these properties are downsizing for waterfront apartments that offer a secure lock-and-leave lifestyle.
With the world starting to open back up post-COVID, we can expect that more Balmain waterfront property owners will consider selling their homes, purchasing an apartment or a smaller waterfront home, and go travelling again.
The wellbeing of waterfront living
Living waterfront offers more than just a prestigious address, views and cool breezes. Being able to sit and look at the water each day can help reduce your stress, improve wellbeing and increase creativity.
While we can always take a drive down to the beach or the harbour waterfront to get these effects, being able to make the most of it without leaving home is one of the biggest drawcards for many potential home buyers.
According to Wallace J. Nichols, a marine biologist and author of Blue Mind, while we are no longer hunter-gatherers, water serves a specific purpose in our lives; being near water helps people get into a state of the “blue mind”, a relaxed mentality characterised by less stimulation. When you live on the waterfront, when life feels overwhelming, you simply have to step outside with the views and instantly feel the anxiety and stress drift away.
Can we help with your Inner West home?
Belle Balmain is located in one of Sydney’s premier waterside suburbs; we know how to sell waterfront properties. If you’re considering selling your home, or you’re looking to purchase a waterfront property in the area, we have the experience and local knowledge to make your property journey easier.
Looking for help selling your home or renting your investment property? Our team at Belle Property Balmain support homeowners across Balmain, Balmain East, Birchgrove, Rozelle and Lilyfield. Feel free to get in touch for a no-obligation discussion or property appraisal.
