Revealed: the desirable places by the beach where property prices have FALLEN during the past year – and Byron Bay is on the list
- CoreLogic has released quarterly report on regional real estate median prices
- Byron Bay's apartment values have fallen by 2.7 per cent during the past year
- House prices also down from the Gold Coast to Victoria's Great Ocean Road
Australia's housing market downturn isn't confined to just Sydney and Melbourne with desirable coastal locations also suffering.
The real estate contagion appears to have spread beyond Australia's biggest cities, with tourist hot spots from Byron Bay to the Gold Coast and Victoria's Great Ocean Road affected.
Byron Bay, Australia's most expensive property market, has seen its median values fall during the past year, despite being home to Australian movie star Chris Hemsworth.
Australia's housing market downturn isn't confined to just Sydney and Melbourne with trendy coastal locations also suffering (pictured is Cape Byron in northern New South Wales)
Byron Bay, Australia's most expensive property market, has seen its median values fall during the past year, despite being home to Australian movie star Chris Hemsworth
Apartment values in the northern New South Wales town fell by 2.7 per cent in the year to March, CoreLogic real estate data showed.
The median price of $772,225 is still dearer than Sydney's equivalent apartment value of $678,199.
Detached houses weren't immune either, with median prices slipping by 0.3 per cent to $963,972.
Share this article
Despite that drop Byron Bay, is still much more expensive than Sydney - which had a median house price of $869,579 in May.
Australia's most easterly town has seen its values surge by 70.2 per cent during the past five years.
By comparison, Sydney's median house price has fallen by a record 17.2 per cent since peaking in July 2017, following a five-year period that saw values surge by 68 per cent.
An hour's drive north of Byron Bay, across the Queensland border, the Gold Coast has seen its median house price fall by 4.1 per cent in one year to $615,418 (pictured is Surfers Paradise)
Victoria's picturesque Great Ocean Road has also took a hit, with median unit prices in the Surf Coast area dropping by an annual pace of five per cent to $583,142 (pictured is Torquay)
An hour's drive north of Byron Bay, across the Queensland border, the Gold Coast has seen its median house price fall by 4.1 per cent in one year to $615,418.
Unit values there fell by 1.7 per cent to $418,993.
Victoria's picturesque Great Ocean Road has also took a hit, with median unit prices in the Surf Coast area dropping by an annual pace of five per cent to $583,142.
Houses in this holiday area, west of Geelong, did better, rising by 1.4 per cent to $907,856, to be Australia's second dearest market behind Byron Bay.
The story was different in another expensive coastal market, south of Sydney.
Kiama's median house price has dived by 9.9 per cent during the past year to $816,730 as apartment prices in the south coast town remained flat at $613,552.
To the north of Sydney, Lake Macquarie house prices dived by 7.5 per cent to $522,763 as unit prices rose by 0.1 per cent to $444,583.
A little farther north, Port Stephens unit prices fell by 6.7 per cent to $376,482 as house values rose by 0.9 per cent to $529,081.
It wasn't the only retiree haven to go backwards, with median house prices on the Sunshine Coast north of Brisbane declining by 2.9 per cent to $601,330 as unit values rose 1.8 per cent to $428,774.
In another expensive coastal market, south of Sydney, Kiama's median house price has dived by 9.9 per cent during the past year to $816,730 as apartment prices in the south coast town remained flat at $613,552 (pictured is the blow hole)
