Now is the best time for potential property buyers to grab a coastal bargain, according to RP Data’s national research director Tim Lawless.
Mr Lawless is encouraging prospective buyers to take a good look at the coastal regions while house prices are relatively low and competition subdued.
“Based on our findings, the indications are clear that this market is now turning. I believe that many of these lifestyle markets have seen the worst of times,” he said.
According to figures from RP Data, the number of home sales has increased by 37 per cent since bottoming twelve months ago and the time it takes to sell a property is becoming shorter.
Mr Lawless said this turnaround in market conditions is coming from a low base and most coastal lifestyle markets still represent opportunistic buying.
Generally he believes that prices are still lower that what they were last year and the level of negotiation to be had by the buyer is still typically higher than what they would experience in the metro areas.
“The popular coastal markets are still much more affordable than they once were and market conditions are still in favour of the buyer. For these reasons now may be a good time to be positioning in the market for future growth,” he said.