Recent data from PropTrack has pinpointed several Australian coastal suburbs that are showing signs of becoming the next Byron Bay, where property values have seen unprecedented growth over the past decade.
These emerging hotspots offer a combination of natural beauty and lifestyle amenities that could make them the next big thing in real estate.
Byron Bay, known for its stunning landscapes and laid-back lifestyle, has experienced a quadrupling of property prices due to its popularity among affluent buyers and celebrities.
This has transformed the once quiet surf town into a bustling and expensive real estate market.
“The warm climate and natural beauty of Byron Bay were two major factors attracting buyers,” said Will Phillips, a real estate agent and director at Sotheby’s Byron Bay.
Phillips said that Byron’s unique mix of lifestyle and proximity to major urban centers like Brisbane enhances its appeal, setting a high bar for other coastal suburbs.
The affordability of coastal properties relative to Byron Bay makes several other suburbs attractive to buyers looking for similar qualities without the multimillion-dollar price tag.
Suburbs in New South Wales, Queensland, Victoria, Western Australia, South Australia, and Tasmania are now under the spotlight, with PropTrack’s data highlighting significant buyer interest and potential for growth.
Changing demographics and an influx of wealthier buyers have been key to transforming quiet beach towns into bustling hubs.
“It’s gentrification that starts that process... Once there's a few interesting restaurants, or people from wealthy parts of the country who know people who live there, word of mouth spreads,” said Paul Ryan (pictured above), REA Group senior economist.
Observing where buyers are flocking and the number of enquiries per listing can help pinpoint where the next real estate boom might occur.
Coastal suburbs with a high number of enquiries indicate a growing interest that could lead to rapid price increases.
For instance, areas like Suffolk Park, East Ballina, and Ocean Shores in NSW have seen considerable demand, hinting at potential as the next sought-after regions.
While Byron Bay may no longer be within reach for many due to its steep prices, other areas offer similar attractions at more accessible price points.
These include beachfront and hillside homes that offer stunning views and a tranquil environment, which are highly prized by those investing in the high-end market, PropTrack reported.
