Based on Knight Frank’s 2023 Global Waterfront Index, waterfront property generated a 118% premium on average around the world, down only marginally from 121% last year, as Sydney retains the top spot.

Trophy homes with views of Sydney Harbour Bridge and Sydney Opera House face stiff competition. If evidence were needed, the 76 Crown Residences at One Barangaroo, located on the iconic Sydney Harbour, has made up 79% of Sydney’s super-prime CBD apartment sales since March 2021. Each apartment enjoys uninterrupted water views with a starting price of $6.5m.

Auckland sits in second place in this year’s rankings, with a waterfront home commanding a 58% premium. European destinations including Monaco (42%), Cap d'Antibes (40%) and Paris (38%) complete the top five.

Different types of waterfronts generate different premiums but generally, buyers should target a beachfront home if they want the biggest uplift, according to the report. Beachfront homes have extended their lead since last year, now enjoying a 76% premium, up from 63% in 2022.