With the start of Wimbledon on Monday leading, we compared the property performance of each of the four tennis Grand Slam locations over the last year.
We looked at the latest house price data in all four neighbourhoods hosting the world-class tennis events: London’s Wimbledon, Paris’ 16eme arrondissement, Melbourne’s Fitzroy and New York City’s Queens to see who is the top seed for property price growth.
The average property price across all four neighbourhoods to host a Grand Slam is £987,743, a +5.32% increase year on year.
The property value in Wimbledon is on the higher-end of the scale compared to both the borough of Merton (£604,935) and London as a whole (£607,112), with the average price sitting at £753,354 in tennis’ famous quarter. More still, the prices in Wimbledon’s prestigious neighbourhood of Wimbledon Village further outshine those across the rest of the area with price tags averaging £1,526,752.
However, the neighbourhood is the only one of the four Grand Slam venues that has seen a drop in property values since Andy Murry won last year. Wimbledon Village dropped -2.01% in the past year, and Wimbledon as a whole fell -2.43%, ranking it in fourth place overall, or as the lucky loser.
Melbourne’s Fitzroy is a few minutes’ drive to Melbourne Park, where the Grand Slam series sees the first serve in January each year. Fitzroy enjoyed a +3.5% (£27,903) price hike from £798,010 to £825,913 in 2017, placing the Australian city in third place for property price growth.
Heading to Paris’ 16ème arrondissement, home to the Stade Roland Garros, property is valued at £10,885 per square meter, up +4.80% from £10,386 in 2016. The average property is around 181m2 but can range anywhere from 30m2 to 500m2. An average property of this size can set you back £1,970,185 today.
The final tournament of the season is played in New York City’s Queens neighbourhood, where property is currently valued at £401,482 on average, a smashing +15.40% jump from £347,904 in 2016, the largest percentage increase of all four venues. Further still, house prices in Queens are expected to grow another +5.60% to £420,647 over the coming year.
Queens is the only neighbourhood to have a larger growth than the average, despite a much lower average cost, ultimately also making it the most affordable of all the Grand Slam neighbourhoods – crowning the US Open’s host city as the champion in the property department.
Hosting a major sporting event of any kind can have a positive impact on the property landscape hosting these competitions, as well as the additional economic benefit enjoyed for the duration of the event.
The London market has slowed in price growth pace over the last year due to uncertain political and economic influences, and so it is no surprise that the more prestigious end of Merton has seen prices fall. This research would suggest that London’s high-end market is no longer the cream of the international crop where property is concerned, however, while prices may remain flat for the remainder of the year, we should see stability return for Wimbledon in 2018.
I for one am glad the money raised is going to worthy causes and not to further fuelling the London property bubble.Russell Quirk