'More bang for your buck': The priciest country and coastal towns in Australia

The median price for a house in regional Australia is just under $700,000, which is about $300,000 cheaper than a typical capital city house, now worth $1 million.

But in the priciest country and coastal towns around Australia, typical homes are worth much more.

PropTrack data shows there are 43 towns and suburbs outside the capitals and major regional cities where houses typically cost more than $1 million.

The vast majority are found in NSW, with a few in Queensland, Victoria and Western Australia.

Even though buyers in these towns typically need to spend at least $1 million to buy in — or more than $2 million in the priciest towns — that kind of money may afford an acreage or an ocean view, which is practically impossible for the same budget in a major city.

The north and south coasts of NSW and the southern highlands were the regions with the most $1 million-plus towns.

REA Group executive manager of economics Angus Moore said the preponderance of pricey towns in NSW was likely due to the premium placed on easy access to Sydney.

“For some of these areas, relative proximity to Sydney — itself a very expensive market — is probably part of the story,” he said

“For others, particularly those on the north coast, it’s perhaps just down to these being very attractive areas.”

Byron Bay dethroned as priciest Aussie town

While Byron Bay has long held the crown as the most expensive Australian town, the latest data shows it’s just been dethroned.

Instead, Burradoo in the NSW Southern Highlands now reigns as the priciest Australian suburb outside a major city, with a median house price of $2.55 million – $15,000 higher than Byron’s.

The leafy suburb about an hour and a half southwest of Sydney is known for its spacious, well-appointed houses on big blocks with lush gardens, most of which are an acre or more in size.

This five-bedroom Burradoo house on half an acre sold for $2.86 million last year. Picture: realestate.com.au/sold

But according to real estate agent Sarah Wotton of Di Jones Southern Highlands, an ample supply of homes on the market has made it easier to buy in lately, despite the high price tags.

“There is very good buying in Burradoo compared to a couple of years ago,” she said. “We have a surplus of  housing and it’s still very much a buyer’s market.”

While Burradoo is the most exclusive suburb in the region, with the most lavish homes and the highest house prices, Ms Wotton said buyers with more modest budgets had plenty of options in the area.

“You get much more bang for your buck in the Highlands across the board than you do in parts of Sydney,” Ms Wotton said.

“There is choice across all the villages,” she said. “You can move to the Southern Highlands and find a house for under $1 million that you’d be happy to bring your family up in.”

Other suburbs in the region with median house prices above $1 million include Bowral ($1.58m), Robertson ($1.225m), Bundanoon ($1.09m) and Mittagong ($1.05m).

The data includes only suburbs with more than 30 sales in the past year, located outside the urban areas of the capitals and large regional cities such as Newcastle, Geelong and the Gold Coast.

Buyers searching for the next Byron Bay

The data suggests sea change favourite Byron Bay has become a little more affordable recently, with its median house price declining by 9.5% in the past year to $2.535 million.

However, prices have grown or remained stable in nearby coastal towns, some of which have joined the $2 million club.

Casuarina ($2.065m), Kingscliff ($2.015m) and Suffolk Park ($1.88m) were the next priciest towns in Australia, followed by Bangalow ($1.625m), a town about 15 minutes inland from Byron Bay.

This four-bedroom Kingscliff house recently sold for $2.65 million. Picture: realestate.com.au/sold

Tweed Coast real estate agent Tate Brownlee singled out Kingscliff as having the potential to rival Byron Bay for prices in the future, in no small part due to an influx of doctors and nurses working in the town’s recently-opened Tweed Coast Hospital, and proximity to Gold Coast airport which increased its appeal to wealthy international buyers.

Kingscliff’s median house price is up about 10% in the past year, PropTrack data shows.

“You’ve got the beautiful sleepy coastal lifestyle as well as incredible restaurants and cafes,” Mr Brownlee said. “And our beaches shred on Byron.”

Gerringong and Kiama were the priciest seaside towns on the NSW south coast, with both sharing a median house price of $1.5 million.

Berry, a nearby inland town off the Princes Highway, had a median house price of about $1.61 million.

In Victoria, almost all towns with a median house price above $1 million were on the coast, including Barwon Heads ($1.46m), Anglesea ($1.4m), Jan Juc ($1.27m), Point Lonsdale ($1.2m) and Torquay ($1.175m).

Dunsborough was the priciest coastal town in Western Australia, with a median house price of $1.2 million. Cowaramup, about 25 minutes to the south, had a median of just over $1.05 million.

In Queensland, Dundowran in the Wide Bay region and Palm Cove north of Cairns were the only regional towns outside the major cities with a median price above $1 million.

Country and coastal towns where prices are booming

Most of Australia’s $1 million-plus country and coastal towns recorded price rises in the past year, although prices were flat in several while others recorded falls.

Dunsborough topped the charts for price growth, with prices jumping 25% in the past year amid booming conditions in Western Australia. A year ago, the suburb’s median house price was less than $1 million.

Terranora, a NSW town just outside Tweed Heads, followed closely with a 24.8% jump to a median of $1.45 million.

The tightly-held hinterland hotspot was firmly on the radar of family buyers due to the planned expansion of a popular private school, Mr Brownlee said, with increased demand leading to a big price jump.

“It’s an incredibly unique pocket,” he said. “It has a country lifestyle that’s 10 to 15 minutes from some of the top rated beaches in the nation.”

Big rises were also recorded in Milton, an inland town on the NSW south coast, where prices rose 24.1% to $1.21 million, as well as Cumbalum near Ballina which had an 18.3% jump in prices to $1.45 million.

At the other end of the spectrum, the towns where median house prices declined the most in the past year were Barwon Heads (down 15.2%), Palm Cove (down 13.2%), and Sapphire Beach (down 10%).

This article first appeared on realestate.com.au and has been republished with permission.