Houses in nearly 80 beachside suburbs across the country can still be bought for less than $1m, new figures reveal.
Analysis of PropTrack data shows about a third of those suburbs had median house prices of $500,000 or less, and some even recorded prices below $300,000 — although most were well outside the capital cities.
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In Victoria, home prices in many beachside suburbs have dropped as much as 10 per cent in the past year.
Coastal homes in Crib Point, Frankston and Tootgarook in Greater Melbourne are between seven and 10 per cent cheaper now than they were in December, 2023.
And outside of the metropolitan region, prices have fallen even further. Prospective buyers could snag a typical address in waterside suburbs such as Coronet Bay and Portland North for as little as $520,000 and $550,000, respectively.
| VIC BEACHSIDE SUBURBS WHERE YOU CAN STILL BUY A HOUSE FOR UNDER $1M | ||
| Suburb | Median sale price | Median price change % |
| Hastings | $650,000 | -6.20% |
| Capel Sound | $723,000 | -4.00% |
| Frankston | $730,000 | -8.60% |
| Crib Point | $740,000 | -9.80% |
| Rosebud | $760,000 | -0.60% |
| Werribee South | $778,000 | -3.00% |
| Seaford | $830,000 | -5.20% |
| Somerville | $845,000 | 2.20% |
| Carrum | $910,000 | -5.40% |
| Tootgarook | $910,000 | -7.10% |
| Paradise Beach | $320,000 | -6.80% |
| Portland | $430,000 | -2.20% |
| Golden Beach | $435,000 | 1.00% |
| Coronet Bay | $520,000 | -11.20% |
| Dalyston | $533,000 | -8.60% |
| Wonthaggi | $548,000 | -7.40% |
| Venus Bay | $550,000 | -6.50% |
| Portland North | $550,000 | -8.60% |
| Lakes Entrance | $552,000 | -4.10% |
| Newcomb | $557,000 | 0.70% |
| Source: PropTrack | ||
PropTrack senior economist Paul Ryan said the impact of land and Airbnb tax changes n many of those lifestyle locations where properties purchased were second homes.
“The tax changes I think are the most significant thing in Victoria relative to elsewhere,” Mr Ryan said.
He added that there was a surge in demand in beachside locales during the pandemic which pushed prices up to “unsustainable levels” that had tapered off since 2023, and continued to do so.
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Mr Ryan said some people enjoyed big equity increases on their Melbourne homes which they used to buy a second abode at a lower interest rate during the pandemic.
“It’s on a bit of a downswing (now) and a lot of these...
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