Coastal holiday locations throughout New South Wales, Victoria and Queensland could be set for a property price revival as new retirees search for somewhere to settle.
Speaking about the 2014 property market, CENTURY 21 Australasia’s founder and chairman, Charles Tarbey, said property prices in some coastal areas had dropped by up to 50 per cent in value over the last few years, but were on track for a recovery.
Mr Tarbey said areas such as Nelson Bay, 200 kilometres north of Sydney, will “come good very quickly” as capital city prices continue to increase.
“As people in Sydney regain equity or people in Brisbane or Melbourne regain equity, they can start selling and they can now retire,” he said. “Those retirees who weren’t getting their dividends over the last few years have just been given massive capital gains in some capital cities.
“Now they will sell their properties and they will go out to those areas and they will start buying in those regions and country areas. They will buy properties that look much like the homes they’re in now, but they will be half the price, so they will have cash left over.
“So that’s where we will see the recovery starting to steadily filter out to regional areas.”