Coastal homes are becoming an increasingly popular property choice with homebuyers, according to Ray White.
The Real Estate’s chief executive Andrew Bell said residential auction activity showed that coastal homes were being snapped up in the blink of an eye.
Mr Bell attributed the increased buyer interest to investors that are currently seeking negative gearing assets.
Last weekend, more than half of the 129 coastal properties listed for auction by Ray White were sold for a combined worth of over $40 million.
“Last year we did $31 million worth of sales and the year before that it was $32 million,” Mr Bell told The Australian Financial Review.
“Two bedroom apartments worth between $200,000 and $300,000 are walking out the door.”