Thousands of homeowners across the country are land banking tennis courts, with exclusive data showing listings for the properties with the valuable asset are at a decade low.<\/p>\n
Skyrocketing land values, shrinking lot sizes, and Queensland\u2019s housing squeeze are fuelling the value of private tennis courts that some argue could be sold off to free up space for more housing.<\/p>\n
Research from Ray White reveals homes with tennis courts \u2014 often as large as 1000 sqm \u2014 have become tightly-held, hot property, with listings dropping to their lowest level since 2011.<\/p>\n
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This property at 50 Airlie Rd, Pullenvale, has a private tennis court and is on the market.<\/p>\n
RELATED: Tennis court bought at auction for a smashing $3.55 million<\/a><\/p>\n Australia\u2019s priciest tennis court hits the market with $8 million price tag<\/a><\/p>\n New data from McGrath Research supports this, with figures showing the share of \u2018super-prime\u2019 properties \u2014 $10m-plus in Sydney and $7m-plus elsewhere \u2014 with a tennis court sold last year was only eight per cent \u2014 compared to a 23 per cent in 2020.<\/p>\n The average price for a \u2018super-prime\u2019 property with a tennis court in Australia is a whopping $18.2m, and such properties can command a 39 per cent premium, according to McGrath.<\/p>\n \u201cMost super-prime lifestyle properties continue to be firmly held in the top echelon of the market, especially reflected in the premium being paid for those equipped with a tennis court,\u201d McGrath Estate Agents head of residential research Michelle Ciesielski said.<\/p>\n This tennis court property at 2 Caraar Creek Lane, Mornington, sold with $8m price hopes.<\/p>\n \u201cWhilst many high-end buyers are seeking them for lifestyle, they\u2019re likely better positioned to hedge for a long-term play \u2014 especially if their tennis court can one day be easily subdivided from their estate.\u201d<\/p>\n Ray White economist Atom Go Tian said tennis court home listings had been falling since the pandemic, and that it was possible homeowners were holding on to private tennis courts because they saw the long-term land value.<\/p>\n \u201cWe are definitely seeing there is a premium to holding properties with a tennis court,\u201d he said.<\/p>\n This tennis court at 31 Woolwich Road, Hunters Hill, sold for $3.55 million.<\/p>\n MORE: Theme park legend\u2019s crypto hideaway hits the market<\/a><\/p>\n Zac Efron\u2019s Aussie long lunch haunt is on the market<\/a><\/p>\n But he said it was unlikely that selling off private tennis courts would have much impact on the housing crisis.<\/p>\n \u201cEven if you converted all those tennis courts into housing, the impact on first homebuyers would be marginal at best.\u201d <\/p>\n According to McGrath, only 52 \u2018super-prime\u2019 tennis court properties were listed for sale across the country in the past 12 months, yet there\u2019s plenty of appetite for them.<\/p>\n Earlier this year, a clifftop tennis court on 3576 sqm at 2 Caraar Creek Lane, Mornington, sold for an undisclosed price after being listed for between $7.5m and $8.2m.<\/p>\n This property at 36 Jenkins Court, Upper Coomera, has a private tennis court and is on the market.<\/p>\n MORE: Shock: Big Aus bank\u2019s major rate cut call<\/a><\/p>\n<\/p>\n
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