Plummeting prices in NSW’s property market means those once-out-of-reach beach and waterfront properties are suddenly within your budget.
Beach suburbs and those close to the ocean or Harbour have become the most sought after in the country, according to realestate.com.au data.
The surge in interest comes at the same time as buying activity drops, thanks to restricted lending from cautious banks.
The median price of homes throughout Sydney fell 8.9 per cent over the past year, while demand for housing dropped by more than 20 per cent.
Instead, a tighter market is encouraging more buyers to seek out once expensive lifestyle markets, according to Realestate.com.au chief economist Nerida Conisbee.
“The beaches have always been popular but areas like Manly went red hot during the (recent) boom and few people could afford to buy there anymore,” Ms Conisbee said.
“Buyers are now coming back to the beaches because they are more confident they will be able to get into the market again.”
Buyers have been getting particularly good deals in Dee Why, where house prices fell an average of 13.4 per cent over the past year and apartment prices fell nearly 5 per cent, realestate.com.au said.
With a median unit price of $770,000, Dee Why was also Sydney’s cheapest beach suburb.
Fairlight apartment prices fell an average of 13.8 per cent, while Killarney Heights house prices fell 12.5 per cent, CoreLogic data showed.
NSW’s cheapest suburb to get a beach house remains Stuarts Point on the north coast, where the median price of a house is $341,000.
CHEAPEST NSW BEACH SUBURBS (by median price)
Stuarts Point $341,000 (houses)
Nambucca Heads $390,500 (houses)
Batemans Bay $403,000 (houses)
Batehaven $413,000 (houses)
Denham Beach $440,000 (houses)
CHEAPEST SYDNEY BEACH SUBURBS
Dee Why $770,000 (units)
Brookvale $779,000 (units)
Newport $812,000 (units)
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