TENNIS COURTS LOB HIGH RETURNS FOR PRIME MARKET
Increasingly rare and sought out, residential courts drive a 230% sales surge.
Increasingly rare and sought out, residential courts drive a 230% sales surge.
Driven by shifting lifestyle changes brought about by COVID-19 and furthered by rising market confidence, new research has outed a dramatic spike in the sale of Australian super-prime properties holding tennis courts.
Knight Frank’s inaugural Australian Residential Tennis Court Premium report has found sales of super-prime property with courts spiked during 2020 – $682.8m transacted across 38 sales, up 230% on 2019’s 14 sales.
Properties with tennis courts commanded a 22% higher sale price than those without, the average price rising by 1.6% to $18 million in 2020. The research also found nearly a quarter (23%) of all super-prime residential 2020 sales were properties with courts.
“In 2020, Sydney saw $436.6 million of tennis court-featured super-prime sales across 22 transactions, although this total volume fell short by 3 per cent of surpassing its highest volume reached in 2018,” said Knight Frank’s Head of Residential Research Michelle Ciesielski.
Beyond volume, a cultural shift driven by the pandemic is said to have heightened purchaser desires.
“Australians transformed the way they lived in 2020 due to COVID-19, with the role of the home expanding to become a place of work, education and vacation due to periodic lockdowns during the pandemic,” added Knight Frank’s National Head of Residential, Shaye Harris.
Based on sales figures since 2011, the top three performing suburbs for super-prime properties with tennis courts were Melbourne’s Toorak (39 sales), Sydney’s Bellevue Hill (23 sales) and Vaucluse and Mosman, which were equal third with 16 sales.
Last June Tennis Australia reported a significant rise in interest in the sport – online booking data across 173 venues revealing that the number of court bookings more than doubled from 10,912 in May 2019 to 22,569 in May 2020.
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