Bateau Bay, Mornington, Tugun, Runaway Bay real estate: Property prices drop ... trends now
Prices of properties near the beach and only an hour's drive from major city centres have fallen back below the $1million mark as new data shows their affordability will only continue to improve.
National home prices in November fell for the seventh straight month this year with double-digit falls in Sydney and beach suburbs on the NSW Central Coast and Queensland's Sunshine Coast, CoreLogic data showed.
Economists are expecting house prices to keep falling until the end of next year, as the Reserve Bank of Australia keeps raising interest rates from an existing nine-year high of 2.85 per cent.
Sydney has been Australia's worst-affected market with the median house price this year plunging by 11.9 per cent to $1,243,126.
Property prices near the beach only an hour's drive from a major city centre have fallen back below the $1million mark and are expected to become more affordable (pictured is Ettalong on the NSW Central Coast where median home prices have dived by 10.9 per cent or $116,978 this year to $954,252)
Melbourne, which saw weaker price gains during the boom, in 2022 has seen its mid-point house price drop 8.1 per cent to $915,005.
Australia's real estate market peaked in April, during the era of the record-low 0.1 per cent RBA cash rate.
Since then, the Reserve Bank has raised interest rates seven consecutive times as inflation rose to a 32-year high.
This has seen Sydney's mid-point house and unit price together this year fall by 10.9 per cent to $1,025,684.
This has also seen median home prices in beachside areas, only a short drive to Sydney, Melbourne or Brisbane, fall back below the seven-figure mark, with some suburbs suffering a double-digit drop since April.
Bateau Bay, on the NSW Central Coast, has seen its mid-point property price drop by 13.5 per cent or $145,885 since peaking in April to $936,442.
On the Gold Coast, south of Brisbane, Tugun's median home price has fallen by 7.2 per cent or $76,479 to $992,090, with prices peaking later in June
BATEAU BAY, NSW Central Coast: $936,442
ETTALONG, NSW Central Coast: $954,252
RUNAWAY BAY, Gold Coast: $910,457
TUGUN, Gold Coast: $992,090
PEREGIAN SPRINGS, Sunshine Coast: $999,006
TEWANTIN, Sunshine Coast: $907,070
MORNINGTON, Melbourne: $933,022
Source: CoreLogic median dwellings - house and apartment - data for November 2022
Ettalong Beach, also on NSW's Central Coast, has seen its price fall by 10.9 per cent or $116,978 to $954,252.
It's a similar story at Mornington, an hour's drive from Melbourne, where the median dwelling price has dropped by 9.2 per cent or $100,140 from the March peak to $933,022.
On the Gold Coast, south of Brisbane, Tugun's median home price has fallen by 7.2 per cent or $76,479 to