REX: Real Estate Exchange

Aussies Rekindle Love Affair with Beach Property

Australians are rekindling their love affair with beach property with coastal areas along the nation’s Eastern Seaboard experiencing strong price recoveries. Beach areas were hard hit during the global financial crisis, but buyers are flocking back into the market with industry players predicting further strong gains throughout 2010.

According to an analysis of REX data, house prices gains in major coastal areas such as the Sunshine Coast, Gold Coast, Tweed and Port Macquarie are accelerating.

“There are more buyers than stock at the moment,” said Michael Knights, sales associate at RE/MAX Property Associates in Mooloolaba on Queensland’s Sunshine State. He says the market – particularly for houses below $1 million – is being driven by second, third and fourth home buyers; and over-fifties looking to cash up and downsize and move to the coast for lifestyle. “They’re selling big properties to buy smaller ones; they’re definitely back in the market. Buyers are coming from all over Australia.” [More]

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