Median house prices in Byron Shire’s coastal towns continue to fall back to Earth following the covid boom, new figures show.
Data from CoreLogic released last week shows that Byron has three entries in the list of NSW coastal suburbs experiencing the biggest price falls in the past three years.
Ocean Shores tops the list of the state’s plunging properties, according to the figures. As of November last year, it had recorded a 22.7 per cent fall since March 2022, to leave its median house value sitting at $1.24 million.
A few spots further down the list at number four is Brunswick Heads, which has experienced an only slightly less dramatic drop of 20 per cent to record a median house price of $1.25 million.
$2m for Suffolk Park
Rounding out the top five is Suffolk Park, which has fallen 19.1 per cent since April 2022. Nevertheless, Suffo’s median house price remains at a dizzying $2 million, according to the figures.
Experts say that the falling prices are the result of a range of factors. This includes a natural price correction after houses in these suburbs soared to surreal heights during the height of the pandemic as thousands fled the southern capitals.
With the economic downturn now contributing to higher unemployment, it is believed that some who come north are now moving back to the city in search of more reliable work.
Another factor contributing to the fall was the 2022 floods.
However, despite prices falling around 20 per cent in each of the towns, they remain a long way from pre-covid levels.
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