Prestige Market Update NERIDA CONISBEE
Architect-designed home on Wildcoast Road in Victoria’s popular Portsea
Holiday home rebound
Rather than being ditched during the downturn, the vacation retreat is more valued than ever Holiday homes are usually among the first property market victims during an economic downturn, but in 2020 they were the beneficiaries. With overseas vacations on hold and interstate travel restricted, having a holiday home by the beach is particularly attractive right now. It is not surprising, therefore, that some of Australia’s most expensive holiday destination beachside suburbs saw incredibly strong growth in 2020. The beachside destinations with median prices over $1 million that experienced the biggest price increases in the 12 months to the end of December 2020 were mostly located in NSW. South of Sydney, two Wollongong suburbs feature, highlighting the economic changes occurring in the area. Austinmer experienced a jump of 40 per cent to reach a median price of $1.6 million, while East Corrimal was a newcomer to the $1 million-plus price category in 2020. North of Sydney, parts of the Central Coast also sustained some big jumps. Copacabana and North Avoca, not traditionally noted as luxury holiday home destinations, saw price growth exceeding 40 per cent, making it into the $1 million-plus club. There are now five suburbs on the NSW Central Coast with FEBRUARY 13-14, 2021
| THE WEEKEND AUSTRALIAN
prices over $1 million, with Copacabana and North Avoca joining MacMasters Beach, Avoca Beach and Wamberal. As expected, the northern NSW towns of Byron Bay, Brunswick Heads and Bangalow made the list. They were already sustaining very high views per listing on realestate.com.au at the end of 2019. The Hemsworth effect has been driving popularity in the Byron Bay area for several years , but COVID-19 lockdowns and travel restrictions accelerated growth even further in 2020. There are now six towns in Richmond-Tweed with a median price over $1 million and it’s likely Pottsville will be next. Closer to the Queensland border, Pottsville is so far relatively sleepy compared to many other beachside towns in the northern NSW part of Australia. South East Queensland’s growth was a feature trend of 2020, and Minyama and Sunrise Beach have made the list. While borders between Queensland, NSW and Victoria were locked down for large parts of last year, it didn’t stop property seekers from Melbourne and Sydney looking at the Sunshine Coast on realestate.com.au. Anecdotally, search activity resulted in buyer activity, with some purchases made sight unseen. Nerida Conisbee is the chief economist with realestate.com.au
Top growth beachside holiday suburbs ($1 million-plus) 12 months to December 2020 Suburb
Median Price
% growth
Copacabana, NSW
$1,278,000
52.1
North Avoca, NSW
$1,377,500
43.7
Austinmer, NSW
$1,627,500
40.3
Byron Bay, NSW
$1,870,000
36.3
East Corrimal, NSW
$1,110,888
30.7
Bayview, NSW
$2,275,000
28.2
Brunswick Heads, NSW
$1,325,000
26.2
Minyama, QLD
$1,405,000
25.4
Bangalow, NSW
$1,200,000
24.4
Sunrise Beach, QLD
$1,055,000
23.9
Source: realestate.com.au
MANSIONAUSTRALIA.COM.AU
39
