Sea changers are crowding into more affordable coastal markets in Western Australia and Queensland as pandemic-era hot spots like Byron Bay fall out of favour.
In a mixed 2023 for property around the nation, real estate data firm CoreLogic similarly recorded diverse performance across Australia's regional coastal markets.
Home prices grew the most in affordable regions with median values well under $1 million, with coastal regions on the outskirts of metro Perth and more northern regions of Queensland dominating the top 20 list..
Several suburbs on the southwest coast of Western Australia were among the top performers, with the region's Bouvard recording a 28 per cent increase in home values in 12 months.
CoreLogic research director Tim Lawless said less expensive areas were benefiting from affordability constraints elsewhere.
“The past 12 months has seen markets that offer a combination of value and lifestyle attributes, such as commuting distance to a major city, great beaches, and quality housing at a more affordable price point, outperform more well-known areas," Mr Lawless said.
Glamorous spots that recorded fast-rising prices during the pandemic were noticeably absent from the top 20 list, with home values in Byron Bay and four other suburbs in the northern NSW's Richmond Valley well down from their April 2022 peaks.
Despite the falls, median dwelling values in these revered coastal suburbs remain well above pre-COVID levels.
Mr Lawless said sea changers were focused on regions where it was possible to buy for less than $1 million.
"Although home values in these regions are mostly at record highs, they remain relatively affordable for sea changers selling out of more expensive metro markets,” he explained.
Roughly a third of the 389 coastal suburbs assessed reached new records highs despite a series of interest rate rises and market uncertainty.
Nationally, home prices rose 8.1 per cent during the last calendar year but performance varied across cities and regions.
Cities largely outperformed the regions as migration trends normalised after demand for homes outside the major urban centres surged during the pandemic.
