The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherStaff WriterMon 26 Jan 15

Byron Bay leads Australia’s coast growth

B

Byron Bay has been the best performing coastal area over the past five years significantly outperforming other towns across Australia's east coast.

Coastal areas have traditionally performed strongly in the market and Byron Bay is leading the way showing 25.4 per cent growth over the past five years.

Following behind is Victoria's Mornington Peninsula, which has grown 25 per cent over the past five years.

Domain Group senior economist Andrew Wilson took a closer look at how ten coastal LGA's performed.

Dr Wilson said the coastal markets are part holiday home areas and part sea-change locations, meaning that the results are very mixed.

"Byron is the stand out market," Dr Wilson said.

"It reflects sea changers more than anything and has been coming off a lower base. It's a boutique market and more tightly held and in the last year it has seen a revival."On the Gold Coast, two suburbs' median prices pushed ahead. Palm Beach and Miami have increased by 11.7 per cent, bringing the median prices to $570,000 and $557,500 respectively.

The best performing Victorian suburb, Anglesea has a nine per cent median price uptick to $607,500.

Somers dropped 2.7 per cent, however it saw a 53.7 per cent median price jump over five years.

"It's clearly a gentrifying area," Dr Wilson said.

McCrae, Blairgowrie and Rye have also seen strong upticks, with 7.8 per cent, 7.0 per cent and 6.9 per cent increases respectively.

In general, Dr Wilson said that the Melbourne market has remained quite flat.

He noted that flexitime work arrangements could be a contributor to the increasing popularity of lifestyle properties, especially ones within a close proximity to a CBD.

ResidentialAustraliaSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
First projects named in a statewide plan to fast-track supply, including thousands of homes in a major growth region…
LATEST
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/byron-bay-leads-australias-coast-growth