Coastal locations continue to be in favour with buyers, with experts predicting a number of beachside suburbs across the country are likely to see solid growth in 2024.
A number of coastal hotspots made it onto to realestate.com.au’s Hot 100, with experts tipping locations like Burnie in Tasmania, Brighton in Queensland, Elizabeth Bay in NSW and Altona Meadows in Victoria are likely to stand out in the next 12 months.
Other top coastal locations include Rokeby, Kingston, Devonport, Mandurah, Townsville, Cairns, Southport, Ettalong Beach, Mentone, Carrum, Victor Harbor, Port Noarlunga and Darwin.
Brighton in Queensland, near Moreton Bay, made the list thanks to its relative affordability.
University of Adelaide property academic Peter Koulizos said the tightly held suburb is popular with downsizers for its great lifestyle, and proximity to the train line and beach.
Image Property Brisbane Northside, sales agent, Kristy Kelly said competition is fierce for properties in Brighton.
“It’s a tightly held suburb too and there is not a lot of opportunity to buy here so when an opportunity is created it’s why the demand is so high,” Ms Kelly told realestate.com.au.
The exclusive suburb of Elizabeth Bay in Sydney also appears set for more growth ahead.
Buyer’s advocate and Propertybuyer chief executive Rich Harvey said the suburb has strong investment prospects.
“You are a skip away from Potts Point and it has that sort of inner city vibe, and you’re a stone’s throw from Double Bay and then Rose Bay, the more prestigious areas and suburbs,” Mr Harvey said.
Altona Meadows in Melbourne’s west also offers good prospects and is still relatively affordable.
Buyer’s agent Cate Bakos said the location and level of demand will mean prices will likely rise.
“From a current price point for anyone with a price restriction in their budget, proximity to the city and what you get for your money is pretty unbeatable,” Ms Bakos said.
“I just don’t think the prices will stay where they are for very long because a lot of people are discovering it.”
In South Australia, Seaford also stands out for its price and location according to Mr Koulizos.
He said with a median house price of around $640,000, the area is attracting younger homebuyers.
“It’s not uncommon, especially over the last three years, during and since COVID, that you advertise (a home) on realestate.com.au during the week, you have your open on the weekend and on Monday, you’ve got offers,” Mr Koulizos said.
The port city of Burnie in Tasmania also appears set to see strong growth and along with a coastal location will also benefit from strong employment opportunities.
Property consultant at Harcourts, Andrew de Bomford, said he has been selling property in Burnie for 23 years, and said the suburb boasts nice boardwalks, a progressive local council, good schools and infrastructure.
“I sell a lot of land…there has been a boom in the building,” Mr de Bomford told realestate.com.au.
“Burnie has a lot of ex-commission places and that tends to be your traditionally type of investment properties, your standard three bedroom, one bathroom are all ex-commission properties 40 to 50 years ago, that have all been privately owned they have turned into reasonable areas.”