Byron Bay has recorded the highest median house price among 17 Australian coastal towns over the second half of 2012, according to PRDnationwide research.
Key findings from the research showed that of the towns studied, Byron Bay’s house price currently sat at $664,000 – an increase of 11.1 per cent from the previous year.
PRDnationwisde Research analyst Aaron Maskrey said the Byron Bay housing market appears to have lifted off the bottom of its cycle from the second half of 2011.
"Annual growth in the median house price over 2012 was an exceptional 11.1 per cent to $664,000, while sales activity has strengthened by 42.3 per cent," he said.
"Observing the demographic shifts within Byron Bay, it is apparent that a large portion of the youth population aged 24 and under have left the region over the past five years, amounting to a fall of almost three per cent.
"The age segment of 55 to 74 has increased by a large 5.6 per cent of total residents. This significant shift is greater than just a resident population ageing, and signifies a growing number of incoming residents who have just retired or are near retirement."
Research indicated that Coffs Harbour demonstrated similar demographic changes, with a contraction of 1.3 per cent in youths aged 5 to 14, while the portion of residents aged 55-64 has increased by 1.3 per cent.
The towns in the study included:
NSW: Byron Bay, Coffs Harbour, The Entrance and Yamba
QLD: Agnes Water, Gold Coast, Hervey Bay, Port Douglas, Sunshine Coast, Whitsundays and Yeppoon
SA: Fleurieu Peninsula
VIC: Bells Beach, Lakes Entrance and 90 Mile Beach
WA: Broome and Dunsborough