Double-digit house price falls were recorded in some of the most popular coastal towns of the past few years, but not everywhere.
House prices fell most in the regional council of Lismore, where unprecedented floods struck last year.More affordable regional council areas far from major cities.Popular coastal towns that boomed during the lockdown years have recorded double-digit house price falls as buyers face interest rate rises and stretched affordability.
On the other hand, prices rose in more affordable regional council areas far from major cities. Gunnedah posted the strongest increase of 17.8 per cent to a median of $462,500 in the year to September.The overall NSW regional house price hit a record median of $735,000 as prices climbed in a string of towns.
But relatively cheaper price points than neighbouring towns and major cities and positive lifestyle aspects were still a powerful attraction for buyers, Powell said. Areas that were posting declines were more affected by interest rates as local buyers were also re-evaluating post-pandemic property prices.
McGrath Byron Bay’s Will Phillips said the local market was performing more strongly than earlier in the year. Byron Bay seller Mark Ryan’s Belongil property is on the market and could be a family home or an investment.“It’s in the Belongil precinct that has been classed as 365 days a year, so unimpeded for short-term , or you can live in it. That’s a big attraction for investors and owner-occupiers,” the 40-year-old lawyer said. “I can rent that out every day of the year without any restriction or we can rent out on the long term.
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