Sea-changers who were priced out of the market in recent years are now able to grab bargain beachside homes thanks to falling demand and hefty discounting among vendors.
The latest report from RP Data showed Port Pirie in South Australia as the cheapest area to buy a waterfront property with a median house price at just $140,000. Corindi Beach north of Coffs Harbour in NSW is the most affordable in the state at $272,000 median house price while Halifax in northern Queensland offers the lowest median house price there at $200,000. All the most affordable properties in Victoria are found in Gippsland or East Gippsland with Loch Sport emerging as the 'lowest' suburb at $149,250 median house price.
Cameron Kusher, senior research analyst with RP Data, said some of the nation's best-known waterfront properties are currently witnessing a sky-rocketing number of listings and heavy discounting in order to achieve sales. "Some reports are suggesting that in the worst cases, high-end vendors have been known to discount by as much as $1 million dollars in order to sell their waterfront properties," he said. "This increase in listing and price reduction has come about largely due to the inclement global financial markets which saw many highly geared individuals suffer not just margin calls but simultaneously, massive cuts in executive bonuses as a result."
While waterfront properties were traditionally viewed as safe havens for property investors with properties in these locations always in strong demand, thus creating limited supply, Kusher noted dramatic changes starting to take place in this market since the middle of 2008.
In spite of this, Kusher said cashed-up buyers looking to snare a bargain will find many opportunities offering idyllic waterfront properties and land right now, particularly in coastal areas.
So where can you find these bargain beachside properties?
| State | Suburb | Median price | 12 months' growth |
|
NSW |
|||
| Corindi Beach | $272,500 | 9% | |
| Sandy Beach | $279,500 | 1.60% | |
| Dalmeny | $280,000 | -6.60% | |
| Diamond Beach | $282,000 | -8.40% | |
| Nambucca Heads | $283,750 | -5.40% | |
| VIC | |||
| Loch Sport | $149,250 | 2.20% | |
| Toora | $163,750 | -1.90% | |
| Golden Beach | $165,000 | 13.80% | |
| Seaspray | $185,000 | 18.60% | |
| Port Albert | $190,000 | -20% | |
| QLD | |||
| Halifax | $200,000 | 9.90% | |
| Rocky Point | $238,130 | 20.20% | |
| Burnett Heads | $271,500 | -0.20% | |
| Elliott Heads | $285,000 | -6.60% | |
| Cardwell | $290,000 | 1.80% | |
| SA | |||
| Port Pirie West | $140,000 | 14.50% | |
| Ceduna | $164,250 | 4.60% | |
| Port McDonell | $165,750 | -21.10% | |
| Clinton | $198,750 | 12.30% | |
| Cape Jervis | $206,000 | -7.40% | |
| WA | |||
| Withers | $270,000 | -4.50% | |
| Geraldton | $339,000 | 9.40% | |
| Derby | $365,000 | 15.90% | |
| Sunset Beach | $370,000 | 1.50% | |
| Mandurah | $382,500 | -1.20% | |
|
TAS |
|||
| Beechford | $158,500 | n.a | |
| White Beach | $167,000 | -11.20% | |
| George Town | $167,750 | -2.90% | |
| Strahan | $187,500 | n.a | |
| East Devonport | $188,500 | 1.20% | |
