- COVID hotspots experience plummeting demand, values drop by up to $700,000.
- Some holiday locations still show growth, led by Shoreham in Melbourne.
- Eagle Bay in WA the hardest hit, falling $701,000 between 2022 and 2023.
The Covid hotspots that were seeing unprecedented demand as city siders sought to escape Government-imposed lockdowns have now started to see demand drop away, with values tumbling by as much as $700,000.
According to Ray White, price declines in the higher-end holiday locations have seen one suburb drop out of the exclusive $3 million price bracket.
However, there is still growth in the number of holiday towns, according to the analysis.
At the most affordable end, 25 suburbs have risen above the half-million dollar price point, a sure sign of the demand that remains in beachfront Australia.
The one million to two million dollar bracket is the fastest-growing.
Ray White Group, data analyst, William Clark observed that, “Some of the most expensive holiday home suburbs are on the list [for least growth], with the luxurious Sunshine Beach and Portsea seeing $400,000 or more lost in median price in the last year.”
Suburbs tumble through a $700K wipeout
According to Clark, Eagle Bay in Western Australia’s South West has been the hardest-hit market in the country, with values declining over $700,000 in the space of 12 months, from $2.7 million to around $2 million.
Sunshine Beach in Queensland has also experienced a $700,000 decline in value, with median prices dropping from $3.275 million to $2.575 million.
In New South Wales, Pearl Beach has declined $639,000, Bawley Point has tumbled $485,000, Bundeena has declined $400,000, Casuarina is down $325,000, and Forresters Beach is off $260,000.
Portsea in Victoria is down $440,000, along with St Andrews Beach which is $260,000 lower.
While the WA hotspot of Yallingup is also down $271,250 in the past 12 months.
Top beachside suburb declines over the past 12 months
| State | Region | Suburb | 2022 | 2023 | Difference ($) |
| WA | South West | Eagle Bay | $2,700,000 | $1,999,000 | -$701,000 |
| QLD | Sunshine Coast | Sunshine Beach | $3,275,000 | $2,575,000 | -$700,000 |
| NSW | Sydney | Pearl Beach | $2,504,000 | $1,865,000 | -$639,000 |
| NSW | Illawarra | Bawley Point | $1,585,000 | $1,100,000 | -$485,000 |
| VIC | Melbourne | Portsea | $3,765,000 | $3,325,000 | -$440,000 |
| NSW | Sydney | Bundeena | $1,850,000 | $1,450,000 | -$400,000 |
| NSW | Richmond- Tweed | Casuarina | $2,300,000 | $1,975,000 | -$325,000 |
| WA | South West | Yallingup | $1,562,500 | $1,291,250 | -$271,250 |
| VIC | Melbourne | St Andrews Beach | $1,810,000 | $1,550,000 | -$260,000 |
| NSW | Sydney | Forresters Beach | $1,510,000 | $1,250,000 | -$260,000 |
Source: Ray White.
Hotspots rising
Clark said the top price growth has been seen across a range of locations and in both luxury and medium-affordability markets.
Shoreham and Cape Schank, in Victoria, have seen values soar $900,000 and $857,500 in the past 12 months, which is a sign there is still strength in the holiday home market.
Dicky Beach and Shelly Beach, in Queensland, have also seen values increase $412,500 and $372,125, respectively.
Missy Point in NSW has seen prices rise $400,000, along with Moonee Beach ($355,000), Catherine Hill Bay ($348,00), and Pambula Beach ($320,000).
While Middleton Beach in WA saw values increase $385,000 in the last year.
“While the heady growth in Byron Bay, attributed to the ‘Chris Hemsworth effect’ appears to be a thing of the past, [the] growth in coastal regions all over Australia is far from gone,” said Clark.
Top beachside suburb gains in the past 12 months
| State | Region | Suburb | 2022 | 2023 | Difference ($) |
| VIC | Melbourne | Shoreham | $1,625,000 | $2,530,000 | $905,000 |
| VIC | Melbourne | Cape Schanck | $1,380,000 | $2,237,500 | $857,500 |
| QLD | Sunshine Coast | Dicky Beach | $1,250,000 | $1,662,500 | $412,500 |
| NSW | South Eastern | Mossy Point | $1,060,000 | $1,460,000 | $400,000 |
| WA | Lower Great Southern | Middleton Beach | $615,000 | $1,000,000 | $385,000 |
| QLD | Sunshine Coast | Shelly Beach | $1,552,875 | $1,925,000 | $372,125 |
| NSW | Mid-North Coast | Moonee Beach | $950,000 | $1,305,000 | $355,000 |
| NSW | Hunter | Catherine Hill Bay | $1,127,000 | $1,475,000 | $348,000 |
| NSW | South Eastern | Pambula Beach | $980,000 | $1,300,000 | $320,000 |
| QLD | Sunshine Coast | Noosa Heads | $1,935,000 | $2,225,000 | $290,000 |
Source: Ray White.
