The view from the wide balcony of 48 Jamieson Court in Cape Schanck, Australia, looks out over the vivid greens of the National Golf Club, as well as the deep blue expanse of Bass Strait, which separates mainland Australia from Tasmania.

The four-bedroom house near Melbourne, which is expected to sell for between 1.65 million and 1.85 million Australian dollars, or $1.1 million to $1.24 million, has plenty of amenities, including a double golf-cart garage. But it’s the combination of golf course frontage and ocean views that gives the home its appeal.

Australia’s 37,000-mile coastline is its greatest real estate asset. Many golf estate developers have recognized that potential and positioned estates so that residents have access not only to world-class golf facilities, but also to waterfront living. These coastal golf estates now have some of Australia’s most expensive homes.

In the early 1980s, the boat builders Mike and Jenny Gore saw that potential in land on the Gold Coast of Queensland State that was, at the time, a dairy farm. They bought the property and developed a plan for a resort-style community built around two golf courses and a number of artificial harbors, with houses lining the greens and the water.