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Coastal properties in the Illawarra and Hunter regions of NSW are continuing to see strong sales, despite recent discounting.
According to RP Data, beach locations nationwide have been underperforming due to low buyer interest and a strong dollar, with the exception of areas such as Port Macquarie and Port Stephens in NSW.
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RP Data senior analyst Cameron Kusher told The Australian Financial Review: “People aren’t moving into coastal areas like they were before the global financial crisis, when people were buying holiday homes.”
However Wollongong and Newcastle in NSW have bucked the trend by experiencing stronger growth.
They are diversified markets and a close commute to capital cities, Mr Kusher said.
In WA, Wannanup and Geraldton have suffered discounts of 10 per cent, while the in the south-east Melbourne suburbs of Coronet Bay and Dromana house prices have been slashed by 16 per cent on average.
