With Hawthorne occupying a unique pocket in between the river and Riding Road, it has an multitude of river avenues and with that, comes an abundance of luxurious and desirable riverfront properties. From Virginia Avenue to Leura Terrace, the suburb certainly isn’t short of riverfront dream homes.
But what effect does being located on or close to water have on a property’s value?
Nine out of ten of Queensland’s top suburbs for median house price growth over the past five years are either riverfront or oceanfront. Research by Collateral Analytics shows that being waterfront has an upward price impact on the property, as long as there’s a correlation between the property’s waterfront location and high quality home features.
Over 85 percent of the Australian population resides in the coastal zone, so it’s fair to conclude that our fellow Aussies appreciate living either on the water, or in close proximity to it.
This shows that waterfront properties continue to demand significant price premiums, even with flood risks taken into consideration.
That being said, memories of Brisbane’s 2011 floods haven’t been forgotten. Some of Brisbane’s most iconic, palatial homes in riverside locations were decimated. It was uncertain whether Brisbane’s property market would ever recover, with drops in Brisbane home prices of 10 percent within hours of the river peaking. Nearly five years on, the market is going from strength to strength. Homes that were completely flooded are still sold for less than those that weren't flooded - but only marginally. The property market has recovered considerably, with riverfront properties still in high demand - but their new owners have rock-solid insurance in preparation.
Having lived in Hawthorne’s river avenues since she was 9 years old, Place Bulimba agent Shannon Harvey tells of her views on Hawthorne’s waterfront market. “Properties located near the river are highly attractive to buyers, and thanks to the laws of supply and demand can definitely receive a premium. People love the views, breezes and facilities that come with being close to the river, such as the ultimate traffic free form of travel to work - the city cat!”
Does anything really compare to waterfront views?
With all things considered, it seems that Aussies think not, and we agree. They're simply irresistible, and Hawthorne is a prime example of the lifestyle potential of riverfront properties. With views like this property at Virginia Avenue on offer, it’s no wonder why Australians can't get enough of that waterfront lifestyle.
If you're interested in learning more about Hawthorne, check out our suburb profile here.
