Byron Bay has recorded the highest median house price among Australian coastal towns, according to PRDnationwide research.
PRDnationwide research analyst, Aaron Maskrey, says key findings from research completed over 17 coastal towns around the country demonstrated that the average Byron Bay house price currently sits at $664,000, equating to an increase of 11.1% from 2011 (up $66,500).
Maskrey says the research included Byron Bay, Coffs Harbour, The Entrance and Yamba in NSW; Agnes Water, Gold Coast, Hervey Bay, Port Douglas, Sunshine Coast, Whitsundays and Yeppoon in QLD; the Fleurieu Peninsula in SA; Bells Beach, Lakes Entrance and 90 Mile Beach in Victoria; and Broome and Dunsborough in WA.
He says the Byron Bay house market appears to have lifted off the bottom of its cycle from the second half of 2011.
"Annual growth in the median house price over 2012 was an exceptional 11.1% to $664,000, while sales activity has strengthened by 42.3%."
"Observing the demographic shifts within Byron Bay, it is apparent that a large portion of the youth population aged 24 and under have left the region over the past five years, amounting to a fall of almost 3%. The age segment of 55 to 74 has increased by a large 5.6% of total residents. This significant shift is greater than just a resident population ageing and signifies a growing number of incoming residents that have just retired or are near retirement."