House prices have seen significant declines in some picturesque coastal towns in New South Wales, Australia. Areas like Byron Shire and Shoalhaven, which experienced a surge in demand during the pandemic, are now witnessing corrections as interest rates rise and buyers explore alternative locations. Suburbs such as Ocean Shores and Culburra Beach have recorded notable drops in median house prices by over 20 percent.
House prices have plunged by more than 20 per cent in some of the most beautiful coastal towns in NSW since their peaks, presenting some beachside bargains.
Top of the savings chart is Ocean Shores, the cheapest analysed suburb in the Byron Shire, a 15-minute drive to Byron Bay, where house prices have fallen 22.7 per cent from their March 2022 peak. The new median is now just $1,246,512. In Ocean Shores, in the Brunswick Valley, prices leaped during COVID since it was one of the region’s most affordable spots, but those prices have slumped since, says local agent Nathan Donnelly of North Coast Lifestyle Properties.“I like Ocean Shores but, from a property perspective, it’s quite bland,” he said.
“From that moment on, the market went crazy,” she said. “Pre-COVID, houses were under-priced, in my opinion, at about $550,000 to $600,000. Then they shot up and have now come back down to a median of $885,000, which is where I think … they should always have been.
House Prices Coastal Towns NSW Australia Real Estate Market Sea Change
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