Waterfront housing market ushered in new growth units contributed
Sydney Today, April 4th, Australian Eastern Time The latest research shows that the decline in coastal property prices in the post-financial crisis period is expected to improve, especially in units.
PRD International Research Center data research shows that: as investors and homebuyers turn their attention to affordable seaside properties, unit prices in Bells Beach, Victoria, rose by 2011% throughout 24.5. The growth rate of waterfront units in Port Douglas, Queensland also reached double digits.
But for those hard-hit areas, such as Whitsundays, Byron Bay and the Gold Coast, housing prices are still falling, with the average annual property price falling as high as 25%. Aaron Maskrey, director of the PRD Institute, pointed out that most of the major coastal markets will be out of the trough in 2012, so it is a good time to buy a house. For investors seeking capital gains, the properties here are a good choice.
Due to the weakening of the tourism industry due to the financial crisis, and many banks have begun to tighten monetary policy, housing prices in many coastal towns have fallen sharply since 2008. Especially in the Whitsundays-Airlie Beach area. Units in Whitsunday fell 18.5% last year, and houses were slightly better, down 1.7%.
Although houses in the Gold Coast area fell by 6.5%, the region was the most active in the market, with 2011 houses and units sold in 5000. PRD pointed out that due to plans to host the 2018 Federal Games, the Gold Coast real estate market is expected to bring market confidence back this year.
The average price of units in Yamba in the North Coast region of New South Wales increased by 9.1%, but the price of houses fell by 4.1%. The average price of units in South Fleurieu Peninsula in South Australia increased by 10.7%. Maskrey pointed out that for purchasing power considerations, units have become more and more popular.
Broome in Western Australia is the most expensive town on the coast, but house prices in the area have fallen by 1.1%, with an average price of A$69; units prices have fallen by 4.3%, with an average price of 44 Australian dollars. In this once tourism-dominated city, the emergence of resource companies like Woodside has driven the growth of real estate sales.
Mandurah is a traditional resort market in the south of Perth. The property market there is also in a weak state. It fell by 2011% in 5.7 and the current average price is $37.5.
English version: http://www.afr.com/p/business/property/coastal_market_shows_zest_thanks_qscAVxqIu1w7SfWNFgMWzH