Ray White property sales data reveals the biggest rises and falls in regional Australian beach towns over the past year, with Byron Bay conspicuously absent from both lists.
Byron Bay was favored by a number of celebrities, including Chris Hemsworth and Liam Hemsworth, at the height of the Corvettes, driving up property prices in the area, with locals ultimately being pushed out of the area - a phenomenon known as the "Hemsworth effect", which James Weir James Weir) book of the same name popularized the phenomenon.
Ray White data analyst William Clark said many of the lesser-known coastal towns had recorded huge growth, while stronger towns such as Byron Bay had "moderated" after a massive influx of people during the pandemic.
"While Byron Bay's boom due to the 'Hemsworth effect' seems to be a thing of the past, we are seeing far from an end to the growth of coastal areas across Australia," he said.
"Places like Byron will never stay at the top of the list forever. House prices aren't falling either, we're just not seeing the jaw-dropping growth we've seen over the last few years.
"People are no longer rushing out and looking elsewhere for cheaper prices.
The biggest increases came from Melbourne's Shoreham and Cape Schanck, which saw huge increases of A$905,000 and A$857,500 respectively, both joining the A$2 million club.
Close behind was Dicky Beach on the Sunshine Coast with a $412,000 increase, followed by Mossy Beach on the NSW South Coast with a $400,000 increase.
Mr. Clark said the areas with the biggest increases ranged from luxury markets to medium affordability markets.
"Some of the suburbs where prices have risen are less well known, while others are closer to the city and more accessible," he said.
"In fact, the 'reverse Chris Hemsworth effect' has been heard of more often lately, as commentary has focused on the retreat of coastal areas," he said.
Among the coastal towns with the biggest price falls were Eagle Bay, WA, and Sunshine Beach on the Sunshine Coast, which saw the largest drop of A$700,000. Home prices in Sunshine Beach fell from over A$3 million to a median of A$2.575 million.
Pearl Beach on NSW's Central Coast, where many Sydneysiders fled during the pandemic, also saw its median price fall by $639,000 to $1.8 million, while the median price at Bawley Point in the Illawarra fell by almost $500,000.
"High-end properties have taken a bit of a hit, with one suburb falling out of the $3 million club last year," Mr. Clark said.
"Byron Bay and Newrybar failed to make the list of suburbs with the biggest price falls, so we can let Sol off the hook when it comes to falling beachfront property prices too.
"Some of the most expensive vacation home suburbs also made the list, with luxury Sunshine Beach and Portsea seeing median prices fall by A$400,000 or more last year.
"It appears that the coastal vacation home market has been far more resilient than early reviews suggested. With our capital cities now returning to growth, it is likely that vacation homes will see at least some of the same increases as the cities."
Mr. Clarke said there were 25 regional coastal suburbs where home prices had exceeded $500,000 dollars.
"This is a sure sign that demand remains strong in Australia's waterfront regions," he said.
"Coastal homes with a median price of less than A$500,000 are likely to become more scarce. the A$1 million to A$2 million price range looks to be the fastest growing.
Fastest growing beach towns
Shoreham (Victoria) - median price up A$905,000
Shaker Point (Victoria) - A$857,500
Dickey Beach (QLD) - A$412,500
Mossy Point (NSW) - $400,000
Middleton Beach (Western Australia) - $385,000
Shelly Beach (Queensland) - $372,125
Moonee Beach (New South Wales) - $355,000
Mount Katherine Bay (NSW) - $348,000
Pembla Beach (NSW) - $320,000
Noosa Point (QLD) - $290,000
Beachfront Cities with Declining House Prices
Eagle Bay (WA) - median price down $701,000
Sunshine Beach (QLD) - $700,000
Pearl Beach (NSW) - $639,000
Bawley Point (NSW) - $485,000
Pottsie (Victoria) - $440,000
Bundeena (NSW) - $400,000
Casuarina (NSW) - $325,000
Yallingup (Western Australia) - $271,250
St. Andrews Beach (Victoria) - $260,000
Forrest Beach (New South Wales) - $260,000
