Suburbs that posted the biggest gains during the pandemic are losing the most value, but others are beginning to drop as well.
Top-end seaside and tree-change suburbs along east-coast Australia more than doubled national gains in property prices from the trough to the peak of the COVID-19 pandemic as buyers sought safe havens.
Lawless says: “The trend in Sydney and Melbourne during the pandemic very much favoured outer-fringe lifestyle markets, especially those with a coastal location. Sydney’s northern beaches and Central Coast and Melbourne’s Mornington Peninsula featured predominantly in the top-performing lists.
Prices in Portsea and nearby suburbs including St Andrews Beach, Sorrento and Blairgowrie increased by up to 64 per cent from October 2020 to February 2022, with prestige properties continuing to break records, despite overall prices in the area having slipped back 4-7 per cent. Some of the biggest gains through the upswing were located in areas not typically characterised as high-end housing markets, such as Maraylya, about 50 kilometres northwest of Sydney’s central business district.
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