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Australian beach town prices go up

Australian beach town prices go upFigures from property research group PRD nationwide show that residential property prices in certain coastal areas in Australia are rising, which might be a sign that the worst could be over for beach towns. According to the research, the best performing coastal town for last year was Bells Beach in Victoria.

Apartment prices are actually stronger than house prices, with the first recording a growth of 24.5% during 2011, whereas the second by 5.2% for the same period.

The strongest area for activity has been the Gold Coast with 2,722 unit sales and 2,216 house sales in the second half of 2011. There has also been a boost for median prices in Port Douglas with units up 14.8%.

According to experts although prices have been falling for the past three years and what we observe now is the end of this cycle with increased investment interest – it is unlikely that the market would see double digit growth in the near future.

Four out of the top five beach town markets experienced larger increase to the median price for apartments, not houses. Also, some markets are faring better than others but coastal property can be a good investment if you buy in the right location. 

Many coastal markets have experienced significant drops in value over the past three years, because of the  stricter credit regulations from the banks and the underperformance of the tourism industry.

Typically, real estate agents recommend buying houses over apartments for better revenue because of the security guaranteed by owning a section of land. But if investors are looking for affordable property as a holiday home while still achieving decent capital growth, coastal apartments are a great option.


Domaza - Properties

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