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Byron Bay in top 10 Coastal Areas Set to Surge

ByRhianna Poole

Suburbs along the coast of the eastern seaboard are poised to see solid growth in 2015, according to a new report.

Data released by Onthehouse.com.au showed nine out of the top 10 suburbs were located along the regional coast of New South Wales and Queensland.

Only one suburb was located outside these regions in Western Australia.

Onthehouse.com.au market analyst Eliza Owen said the relative affordability of quiet coastal suburbs makes them ideal locations for retirees or young families.

“A perfect example of this is Morisset, which is ideally located on the shore of Lake Macquarie as well as being a short drive from the beach – and during the last Census it was found that 39% of the suburbs’ population was aged 65 years or over,” she said.

“Many young health professionals have also found the area to be extremely affordable and a good place to rent and save while they attain work experience in the health sector.”

With the majority of suburbs on the list projecting growth in houses, Byron Bay stood out indicating strong growth in units.

“Suburbs such as Byron Bay have become a popular, affordable seasonal destination for young people. Byron has a mild climate all year round and a trendy culture that attracts people to reside in the area, even outside of the holiday season,” said Owen.

Due to continued rising levels of unaffordability in major cities, regional areas have become more enticing for businesses, as well as home owners.

“Businesses have found it cheaper to relocate their manufacturing and processing outside of the city metros, leading to job creation in regional areas,” she said.

“This is again evidenced around Morisset, but is also a case for the outer Perth suburb of Stratton, which is located just 20 km from the Perth CBD, but the median house value is over $160,000 cheaper.”

Queensland’s Allenstown was the most affordable on the list with a median home value of $267,500.

“In Queensland, a prominent trend is the use of Government-led infrastructure programs to boost construction employment. In many areas, this will help to absorb unemployment in the mining industry as construction here reaches an end,” she said.

Top coastal suburbs set for growth in 2015

Source: Onthehouse.com.au

Story By Alastair Lynn view original here

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