We’re in the middle of a property boom, the likes of which we haven’t seen in a number of decades.
But it wasn’t that long ago that house prices remained flat for a number of years – just looked back at 2017, 18, and 19.
However, according to Domain’s House Price Report, property prices have doubled or risen even more over the past five years in a string of sought-after hotspots, often by the beach.
This stellar growth reveals the effect of the sea-change trend that was gathering steam even before the pandemic restricted our lifestyles but has taken off since the widespread shift to remote working.
There is little doubt that the current low-interest rate environment and long lockdowns have fuelled the demand to move out of capital cities for a more relaxed lifestyle.
Noosa has been drawing southern buyers, sending Sunshine Beach house prices soaring 161.1 per cent in five years to a median of $2.2 million, Domain data shows.
Noosa Heads rose 88.6 per cent over five years to a median of $1.495 million, while along the Sunshine Coast, Minyama jumped 138.1 per cent to $1.375 million.
Suffering more than 230 days of lockdown, Melburnians have been flocking to the Mornington Peninsula.
Prices in sought-after Sorrento are up 94.9 per cent from five years ago to a median of $1.91 million, with Blairgowrie up 85.7 per cent to $1,392,500.
The back beaches have become more popular with buyers seeking seclusion, and Somers house prices rose 135.4 per cent to a median of $1,706,750 in five years.
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