AUSTRALIA'S uber-rich are snapping up superyachts in record numbers, buoyed by the Australian dollar, booming mining sector and multi-million dollar discounts.

While most Australian households are tightening their budgets, it's a different story at the top end of town as cashed-up corporates splurge on superyachts to the tune of $4 million-plus, joining the likes of James Packer, Greg Norman, Reg Grundy and Kerry Stokes.

The price of owning one has fallen by up to 70 per cent over the past two years as commodity prices surged and the US economy faltered.

"A quality second hand vessel worth $US10 million a few years ago can now be acquired for as little as $4 million," Australian Superyachts chief executive Richard Morris said.

"Australians are rapidly becoming players in this market owing to our strong Aussie dollar, distressed sellers in the US and a domestic economy that continues to generate enormous wealth."

The Australian dollar has been above parity with the greenback for most of 2011 and reached 110.11 US cents on May 3, the highest since it was floated in December 1983.

Mr Morris said the number of Australian owners had more than tripled in the past five years from about 30 people to more than 100.

The floating palaces rose to prominence in Australia during the 2000 Sydney Olympics and later as people built their wealth on the mining boom.

Around 4000 superyachts now chase the sun between exclusive ports on the Mediterranean, Australia, the Caribbean and other luxury destinations around the world.

Mr Morris said many vessels were now being sold for "knockdown prices", with the luxurious 50-metre La Naturalle Dee superyacht on the market for under $7 million after being advertised for $US13.9 million in early 2009.

And the pool of potential local buyers has grown, with Australia accounting for more than 500 multi-millionaires in 2011.

Sydney, Melbourne, Gold Coast, Brisbane, Hamilton Island and Cairns all have superyacht marinas, while a large marina is being built in Fremantle to service Western Australian mining magnates.

"Twenty years ago, the superyacht sector barely existed," Mr Morris said.

"Now it is a teeming, thriving, multi-billion dollar global industry devoted to the whims of the 21st century tycoon."

Significantly, almost a quarter of the 45,000 workers on super yachts are young Australians, Mr Morris says.

And around 1000 new jobs have been filled by Australians in the past 12 months.

More than 70 foreign-owned superyachts visit Australian shores each year.

Monaco-based Burgess Yachts says it expects an increase in the number of Australians joining the exclusive superyacht ownership club.



"We have noted a significant increase in enquiries for large superyachts from Australian buyers over the past year," Burgess Yachts spokeman Tim Vickers says.

With AAP