Weakening personal finances and a return to cities are cutting demand for homes in lifestyle locations, putting them at risk of erasing their pandemic gains.
Weakening personal finances and a return of buyers from regional locations to the cities are cutting demand for homes in popular lifestyle locations such as Byron Bay and the Mornington Peninsula, and putting them at risk of erasing their pandemic gains, new CoreLogic data shows.
“With tougher economic conditions ahead, we could see a slowdown in tourism-centric economies as Australian households pull back on non-essential spending, including travel and holidays, which could create a higher risk environment for these housing markets,” Mr Lawless said. Rental incomes of coastal homes in northern NSW’s Byron Bay, Brunswick Heads and Ocean Shores dropped between 1.8 per cent and 6.3 per cent over the past 12 months, the CoreLogic numbers show.Meanwhile, rents in Bowral, Burradoo and Moss Vale in the Southern Highlands also fell sharply over the year, slumping between 6 per cent and 10 per cent, as vacancies quadrupled to 4.1 per cent.
“People from Sydney and Melbourne are finding that their spending is getting a bit tougher so they’re not doing the weekends away as frequently, so it has really put a dampener on those regional areas.”Home prices in Lismore Heights, Lismore and Girards Hill in the Richmond hinterland plummeted between 30 per cent and 31.3 per cent in the past year and have dropped by more than 6 per cent in the last three months alone.
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