Outside capital city areas, most coastal property is now priced below the historic highs experienced before the Global Financial Crisis.
Australia’s ten largest regional markets all happen to be coastal but the tourism downturn, weaker Australian dollar, and lower confidence levels of the past 12 months have had their effect.
In the Far North Queensland regions (including Cairns, Atherton & Cassowary Coast), values have fallen an average of 5.2%. This contrasts against gains of 7.4% in the NSW Mid North Coast areas (including Coffs Harbour & Port Macquarie).
All ten regional markets have largely underperformed against their respective capital city market cousins, but this indicates opportunity as the market begins to turn.
While ongoing tourism weakness and a lack of ‘sea-changers’ will mean there won’t be a rapid increase in values, prices remain below their peaks so there are some very attractive purchasing opportunities out there right now.
Now, with four months of average price increases across Australia, will coastal bargains soon be a thing of the past?
Categories: Market Updates