The swarm of sea-changers headed to coastal areas surged during Covid lockdowns and in the process drove up prices.
However, there are still affordable homes by the sea in both capital cities and regional areas, according to a new report.
Property Credit’s, Affordable Coastal Havens report, found beachside home for less than $1 million right across the country, making them ideal for downsizers or those looking to escape the city.
The report looked at suburbs priced below $1 million that also had buyer-friendly market conditions, making it easier to enter.
South Australia had a number of affordable options that made the list, including Christies Beach and Port Noarlunga South, where houses are priced between $585,773 and $636,650 respectively, and market conditions favour buyers and sellers.
Other potential choices for buyers include Moana, Carrickalinga, Middleton and Port Elliot.
In Victoria, seaside living under $1 million is predominantly found in suburbs like Seaford and Frankston, which feature a combination of a seller’s market and excellent housing availability.
Other popular locations include Dromana and Cape Woolamai.
Western Australia also has a range of options that make the list, such as Meadow Springs and Dunsborough, which were mostly characterised by seller’s markets and prices well below the million-dollar mark.
In NSW locations like Berkeley Vale and Smiths Lake featured properties closer to the $1 million level but still within reach for buyers.
Some other choices were Long Beach, Tuross Head and Merimbula.
Across Queensland locations like Craignish and Coral Cove with properties priced around $695,000, were a good option for buyers along with Bargara, Tannum Sands and Lammermoor.
While regionally, Adelaide – South was a popular area that offered a variety of market conditions from balanced to a seller’s market while maintaining a consistent appeal for those looking for reasonable pricing.
The Mornington Peninsula and Geelong in Victoria also showed a strong presence of buyer’s markets, suggesting an easier entry point for downsizers.
Mandurah in Western Australia and Wide Bay in Queensland are identified as regions with multiple attractive suburbs for downsizers looking for beachside properties in a favourable market scenario.
Giordano Stepancic, Chief Executive Officer of Property Credit, said buying into affordable coastal areas can enhance buyers’ quality of life by enjoying both the tranquillity of the beach and a vibrant community atmosphere without compromising on cost.
“Navigating today’s property market requires more than just financial investment; it’s about making informed choices at the right time,” Mr Stepancic said.
