Australia’s new dream: Why buyers are choosing floating homes over land

Written by Georgia Palgan.

David and Eleonora Bresnehan had $2 million to spend on their dream vacation. They could have bought a Gold Coast apartment, instead, they bought a Riviera motorboat.

The Melbourne couple now fly to Queensland several times a year to enjoy their floating holiday home, moving it between the Gold Coast and the Whitsundays depending on the season and their mood.

“The key factor in buying a holiday boat was flexibility,” Mr Bresnehan said.

“The Gold Coast unit is about the same price at about $2 million. A yacht allows us to go where we want, when we want, rather than being tied to a certain place.”

It’s a lifestyle that is reshaping both the yachting industry and the coastal property market, with exclusive new data revealing how many wealthy Australians are choosing yachts over real estate.

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David Bresnehan and his wife Eleonora are part of a significant shift for Aussies investing in their Riviera yacht over detached beachside holiday homes. Image: Provided

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d’Albora Marinas, Australia’s largest network of luxury marinas, revealed that 14.25 per cent of yacht owners live more than 100 kilometers from their yacht, treating their vessels as floating holiday homes.

At Melbourne’s Victoria Harbor Marina, the figure rises to 28 per cent, while at Nelson Bay in Sydney’s north, 35 of the 151 vessels were from boat owners who lived elsewhere.

“Demand remains strong throughout our network, especially for superyachts and catamarans,” said d’Albora’s Managing Director, Julien Pouteau.

“Occupancy is over 90 per cent, and in many areas we continue to see waiting lists, particularly in Sydney and South East Queensland.”

Down at the Whitsundays, real estate agents are seeing this change first hand.

Ray White Whitsunday principal Mark Beale says the trend has increased post-Covid, particularly among middle-class consumers.

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Flexibility seems to be a key factor in why many Aussies ditch beach holidays for yachts, like David Bresnehan and his wife Eleonora. Image: Provided

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“Certainly with Covid the boat market has gone crazy, many people have decided that life is too short, let’s buy a boat now rather than buying an investment property,” said Mr Beale.

“For $400,000 you can get a really nice boat now but for $400,000 you can’t get a really nice place. These people who could never afford a big boat are buying them and relaxing on the beach, using that as a vacation home.”

The change is most pronounced in what Mr. Beale calls the “right middle market.”

“The high-end market still sees buyers buying superyachts and properties, but the change in recent years is that the high-end market is moving into superyachts and accommodation rather than properties,” he said.

“Many of these people have had health problems or friends and family have had health problems and they want to live by the motto ‘life is too short’.”

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Australia’s largest network of luxury marinas, revealed that 14.25 per cent of marina owners live within 100 kilometers of their yacht. Image: Provided

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At Bresnehans, that motto rings true. Last Christmas they spent on their boat in Tangalooma with their two daughters and their partners.

“I’m an early riser, and there’s something really special about starting the day with a quiet cup of tea while the world slowly wakes me up with a motorboat,” Mrs Bresnehan said.

Mr Bresnehan acknowledged that while it’s not necessarily cheaper than owning a property, the annual cost of securing a berth is from $8,000 to $20,000 for a typical 10- to 12-foot yacht.

“It’s not cheaper than owning a holiday home, but the biggest benefit is the ability to move to different parts of Australia whenever we choose,” he said.

“We could be looking at buying a unit or a home but having a motor yacht means we can take it anywhere, and that’s the lifestyle.”

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