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Housing market: Houses fetch $500k discounts in these popular regional markets

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House prices in popular areas such as Byron Bay have slumped by as much as $570,000 since peaking two years ago.

such as Byron Bay have slumped by as much as $570,000 since peaking two years ago as buyers falter in the face of high interest rates, data from CoreLogic shows.

Those in Sunshine Beach on Queensland’s Sunshine Coast and Gerroa in the NSW Illawarra region are now cheaper by about $422,000.Meanwhile, house prices in Lorne, on the Great Ocean Road in Victoria, and Noosa Heads in Queensland have declined by $379,949 and $301,805, respectively.in those prestigious regional markets.

“The difference now, though, is that we are at a bit of a crunch time for the economy, where interest rates are still high, but the labour market is starting to unwind. House values in Burradoo in the NSW Southern Highlands are also substantially cheaper than they were two years ago after the median slumped by $228,483, while those in Austinmer in the Illawarra region are lower by $222,869.

 

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