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 2024-08-22 00:39:10

Byron Bay, a magnet for celebrities and high flyers, has long been one of Australia’s top coastal destinations, boasting a median house price of $3.05 million after an 11% increase this year.

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While sandy shores are still popular, waterfront suburbs with canal systems, like Minyama on the Sunshine Coast, are also in high demand. Although not on the beach, Minyama saw its house prices climb 57% to $2.1475m, thanks to its canal-front properties.

Buyers now see value at current market levels, and vendors are more willing to negotiate, signaling a new era for this iconic location.

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“Over the past five years, we saw a lot of those lifestyle regions perform very strongly... but it’s no longer those ‘pie in the sky’ sorts of prices,” Moore said.

“A lot of people that moved out of the city moved rurally and that started off the change in house prices,” Real estate agent Vaughan Louwrens said.

In Queensland, South Townsville and Agnes Water saw median house prices jump 37%, showcasing the growing appeal of these coastal gems.

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Western Australia’s Port Denison saw the highest growth, with median house prices up 47% to $495,000. Known for its beaches and fishing spots, this town, 350 km north of Perth, has grown in popularity since the pandemic.

However, new data from PropTrack has identified 95 regional beachside suburbs whose house prices have surged at a similar or faster rate, challenging Byron’s dominance.

“Waterfront homes and homes near the water are highly sought after and it can tend to make them a bit more expensive in general,” Moore said.

Read the PropTrack article in full here. For the complete list of regional beachside suburbs and towns giving Byron Bay a run for its money, visit this site.

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