Sales of super-prime tennis court properties soared in 2020
Super-prime properties with tennis courts are tightly held, rarely transacting across Australia, but according to the latest research from Knight Frank these sales spiked in 2020.
The Australian Residential Tennis Court Premium, which assesses the sales performance of Australian super-prime residential properties with a tennis court, found the volume of sales for these properties in 2020 far outstripped 2019.
Super-prime residential property* is the most desirable and most expensive property in a given location, generally defined as the top 1% of each market by value.
Across Australia’s major cities of Sydney, Melbourne, Brisbane, Perth and the Gold Coast, the total value of transactions of super-prime residential sales with tennis courts was $682.8 million in 2020 across 38 transactions, up by 230% on a weak 2019, when there were just 14 transactions.
Knight Frank’s Head of Residential Research, Michelle Ciesielski said every Australian city analysed had overtaken the 2019 sales volume in 2020, with Sydney the strongest performing market.
“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. Melbourne was next with $134.6 million worth of sales last year across nine transactions, although its greatest volume was recorded in 2016 at $156.2 million."
“Perth’s super-prime sales market recorded the greatest uptick of 453 per cent in properties with tennis courts over 2020, although that was across only two sales totalling $41.5 million, with the market much smaller than Sydney and Melbourne. Perth didn’t record any sales of this nature in 2016 and 2018."
“The Gold Coast lifestyle became more popular through COVID-19 resulting in last year being the only year in the past give to register any super-prime sales accommodating tennis courts, with a volume of $50 million – outperforming both the Brisbane and Perth markets, which recorded $20.1 million and $41.5 million in sales value," she concluded.
Based on sales since 2011, the top three suburbs in Australia for super-prime properties with tennis courts were Toorak in Melbourne (39 sales), Bellevue Hill in Sydney (23 sales) and Vaucluse and Mosman, which came equal third with 16 sales.
