More than a third of Australia’s regional coastal markets have property prices at record highs.
Analysis of 368 coastal markets, at least 50km from the nearest capital city, shows the top performers in 2023 were: Bouvard (WA), Mulambin in Central Queensland and Port Vincent (SA).
CoreLogic research director Tim Lawless says the markets which recorded significant value growth tended to be the more affordable ones, with all top 20 suburbs having median values well below $1million.
“The past 12 months have seen markets that offer a combination of value and lifestyle attributes, such as commuting distance to a major city, great beaches, and quality housing at a more affordable price point, outperform more well-known areas,” Lawless says.
“Suburbs in areas such as Western Australia and more northern regions of Queensland where it’s still possible to make a sea change for less than $1 million were the strongest performers last year. Although home values in these regions are mostly at record highs, they remain relatively affordable for sea changers selling out of more expensive metro markets.”