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News.com.au
12-07-2025
- Business
- News.com.au
Hemsworth link could help make Phillip Island next Byron Bay
The Victorian coastal hamlet of Phillip Island has been touted as having the potential to become Australia's next celebrity-studded coastal paradise, a la Byron Bay. And the former Block destination has one big advantage over other contenders nationwide: the Hemsworths already own a home there. The revelation comes as Ray White economics team research has revealed the best places to buy a holiday home with room to boom, and why the middle of winter might be the best time to sign up for a sea-change. Frankston South house price record set by clifftop mansion Adrian Portelli selling entire Block compound at Phillip Island For those on a budget, the best spots are in the state's far east and west. House prices in the Glenelg region on the South Australian boarder can be as low as $352,000, according to the Ray White data. While on Victoria's southeast coast the Longford-Loch Sport area isn't much more expensive with homes for $407,000. Those looking for something closer to Melbourne will get the best value in the southern end of Werribee, where the median house price is just $746,599, or the wider Frankston region, which has an $840,217 typical value. The research tracked Statistical Area level two regions, which are typically slightly bigger than suburbs of the same name, and can yield differing median prices to the suburb, but capture a broader range of homes that have the coast close at hand. And now could be the best time to make a move. Ray White Group chief economist Nerida Conisbee said buying a holiday home in winter could prove advantageous due to reduced competition from other buyers, leading to better deals and more favourable negotiation terms. 'Selling in winter in a beach side location is generally not something people do. If they are selling, they are potentially a highly motivated seller and that's where you could get a bargain. 'While you'll have greater choices in summer, it's in winter that buyers will have a higher chance to save money.' While potential savings will vary in each state and location, some studies suggest an average of 0.51 per cent to 1 per cent less than other times of the year. As for those looking to get a piece of the next Byron Bay, before prices take off, Ms Conisbee tipped Phillip Island. With a surf lifestyle and community appeal, as well as property prices typically still well under $800,000, it shares many hallmarks of the NSW playground of Hollywood A-listers and Aussie richlisters — but not the price, with Byron Bay's typical house costing about $2.243m. 'So for people seeking a similar lifestyle, Phillip Island is becoming quite popular,' Ms Conisbee said. 'However, Victoria seems to be the area that's still a bit undiscovered (as a holiday destination) and hasn't seen the same (price growth) as other areas. 'So for those looking for a bargain – and a similar lifestyle to Byron – you'll find that the cheaper areas are in the east, starting at Phillip Island.' And while the coastal hamlet hosted The Block in 2024, it's had its own star-power appeal for a lot longer. Property records show Liam and Chris Hemsworth, alongside their parents Craig and Leonie, bought a home for $1.6m in a secluded pocket of Phillip Island in 2012. It's a more modest space than the sprawling compounds the Hollywood heavyweight brothers own in Byron Bay, but might be a bit closer to the surfing-centric lifestyle they enjoyed while growing up on the island in the 2000s. Phillip Island based real estate agent Greg Davis said the popular spot had been going through a transformation since the pandemic that was making it more like Byron Bay than ever before. Mr Davis said in addition to Hollywood heart-throbs the Hemsworths, others calling it their home away from home included famous musicians, sporting greats and business leaders. Most are drawn to the million-dollar water views on offer along its coastline, available for the about $2m you'd pay for a standard home in Byron. Phillip Island has also hosted its share of music festivals – but goes a step further with the annual Moto Grand Prix, which has lured Hollywood A-listers including Eric Bana and Keanu Reeves. Mr Davis said the Island had been transforming in recent years, with about 60 per cent of buyers today looking for a home there as a permanent residence — driving an increase in the presence of cafes, breweries and boutiques. 'It's certainly been busier than it was before Covid,' he said. It's also going cheap at the moment, with prices in most suburbs around the Island still below their post-Covid peak, though Mr Davis said it wasn't likely to stay that way for long. He's tipped areas like Smiths Beach and Cape Woolamai to be the first back into the million-dollar club, and popular Cowes might not be far behind. 'I've sold three in the past few weeks around the $2m mark,' he added. Mornington Peninsula-based buyer's advocate Michael Sier said this winter and spring would likely be among buyers' last chances to really take advantage of a broader decline in Victoria's coastal property markets. Mr Sier said additional land tax costs introduced by the Victorian government at the start of 2024 had turned many off of owning a beach house, unless it was their permanent residence. However the Buyer X buyer's agent has noticed rising numbers of holiday home buyers contacting him this year. While he noted that there were very different vibes in some of the most affordable pockets identified by the Ray White research, particularly suburban areas like Frankston, the wider Mornington Peninsula was still as much as 10 per cent below its peak for prices. 'So buyers still have an opportunity for properties where sellers are motivated to get it sold,' Mr Sier said. VICTORIA'S MOST AFFORDABLE COASTAL HOUSE LOCATIONS Source: Ray White Economics, figures track Statistical Area 2 regions that extend beyond named towns and locales. Region (Statistical Area 2) Median house price Median unit price GLENELG (VIC.) $352,674 N/A LONGFORD – LOCH SPORT $407,134 N/A ORBOST $416,170 N/A YARRAM $443,210 $306,029.00 PORTLAND $449,102 $339,028.00 MOYNE – EAST $459,863 N/A CORANGAMITE – SOUTH $489,394 $419,347 BAIRNSDALE $502,813 $367,490 LAKES ENTRANCE $556,134 $425,591 FOSTER $565,597 $395,198
Daily Mail
28-06-2025
- Business
- Daily Mail
The top towns Aussies are fleeing to in droves and the surprising group that's leaving the big cities for a lifestyle change
Aussies fleeing the housing affordability crisis in Sydney and Melbourne are choosing to settle in more affordable regional centres that are still within reach of capital cities. Those making a sea or tree change from a major city are choosing destinations like Newcastle, Geelong, and the Sunshine Coast as their new home, based on Commonwealth Bank customer data shared with the Regional Australia Institute. These three towns are within two hours of Sydney, Melbourne and Brisbane respectively and share some of the delights of Australia's biggest cities - just without the same prohibitive cost. 'They're bigger centres ... they come with the amenity that can sometimes be a barrier for other regional locations,' said Liz Ritchie, CEO of the Regional Australia Institute. 'It's a big decision to move and so (they have) closer proximity, where they know that they can drive within a couple of hours back to see family or friends back in that capital city. 'It makes sense that your first move might just be dipping your toe in the water.' It is clear that many Australians are moving - with New South Wales reporting an exodus of 28,000 residents this year, while cheaper south east Queensland gained 26,000 residents. However, just over 3,200 people leave Victoria every year, suggesting many leaving Melbourne are heading to a regional area a short drive away rather than another state with warmer weather. In Victoria, Geelong received the largest share of migration from another part of Australia with a generous 9.3 per cent share, Regional Australia Institute data showed. The neighbouring Moorabool council area, north of Geelong, gets 3.7 per cent of interstate migration while Ballarat attracts 2.4 per cent of Australians relocating. Queensland gets the biggest number of Australians moving from another state with the Sunshine Coast north of Brisbane getting an 8.9 per cent of movers. Surprisingly, the Gold Coast is no longer the hotspot for interstate migration it once was, attracting just one per cent of Aussie movers. 'Having spoken to many people who live there, it was very popular in the Covid period, then we felt that it was starting to experience some of the growing pains,' Ms Ritchie said. 'Even just getting around, driving regular sort of errands, became quite difficult. 'As price rises increase, places become too hot.' Instead, the Fraser Coast - which includes Hervey Bay - was the second most popular place to move to, getting 3.3 per cent of relocators. Nearby Gympie is the third most popular tree change destination, with a two per cent share. In New South Wales, areas near Newcastle are the magnets for those moving to a regional area. Lake Macquarie attracted 5.3 per cent of people moving from another part of Australia while nearby Maitland took in 3.5 per cent of movers. The Shoalhaven council area - covering Nowra and Ulladulla on the south coast - was the third most popular place to resettle in NSW, getting 2.6 per cent of interstate migration. When it came to making the move to a regional area, Millennials born from 1981 to 1996 were the most enthusiastic about change. More than half or 57 per cent of Millennials are considering such a move, a YouGov poll of 1,028 people for the Regional Australia Institute found. In a break with recent decades, those in their thirties and forties raising children are now actively considering a regional area, where they could afford a house with a backyard and be close to nature. 'What was once not happening is now happening and so they're taking over,' Ms Ritchie said. 'The housing's more affordable, cheaper cost of living and you don't have the commute. 'Because of the hip pocket, high inflation, high interest rates - the issues we've been reading about daily for the last two years, this is driving these decisions.' Moving to a regional area also gives young people the chance to be more involved with the community they live in. 'Not only do they want to buy a house, they also want to coach the local football team or be part of the local community group, whatever it is that makes them tick,' she said. 'So you do have more time and more space and more connection to each other and more connection to the environment.' Generation Z adults - born from 1997 onwards - were also open minded about moving, with 40 per cent inclined to make the move, putting it well ahead of the 25 per cent of boomers considering a change. The e61 Institute think tank noted Millennial and Gen Z Australians - aged 25 to 34 - were particularly struggling to buy a home, like their parents were able to do at the same age 'with this disparity greater in capital cities'. 'Regardless of occupation, Millennials are leaving Sydney and, more recently, Melbourne, as traditional milestones like owning a home may no longer be seen as attainable to many young Australians living in these major cities,' it said. 'Whether home ownership rates will converge with age remains to be seen.' The ability of white collar professionals to work from home is also accelerating the move to regional areas among younger people. Some 47 per cent of those able to work from home say they would consider moving and continuing in their current role on a remote or hybrid basis. Ms Ritchie suggested working from home was now embedded in Australia's workplace culture, and could accelerate the shift to regional areas among the young. 'It tells us that this is here to stay,' she said. 'They're moving because they want to bring the job that they're in, they want to work remotely. 'Look at how our technology and connectivity has emerged and the pace of change - with that technology uplift, younger people are taking advantage of those opportunities.' The number of Millennials moving to a regional area grew by 54,000 between the 2016 and 2021 Census surveys, a Regional Australia Institute analysis showed. Even before Covid, a major shift was underway. 'Probably you have to go back to the mid-1950s - so a massive change really in a short period.' To illustrate this point, house prices in regional areas rose by 5.4 per cent over the year to May, CoreLogic data showed. This outpaced the three per cent growth pace of capital cities.
The Guardian
28-05-2025
- Business
- The Guardian
Geelong overtakes Sunshine Coast as top tree- and sea-change destination
While the Geelong Cats are fifth on the AFL ladder, their home city is the reigning champion. The Victorian region has become the most popular place for people escaping capital cities to settle, with its picturesque coastline and thriving industry making it an ideal sea-change destination. Greater Geelong has overtaken Queensland's Sunshine Coast as the top region to welcome new residents from the capital cities, followed by Lake Macquarie in New South Wales, Moorabool in Victoria and Maitland in NSW. The Regional Movers Index, a quarterly report compiled by the Regional Australia Institute using Commonwealth Bank data, also shows most tree-changers are coming from Sydney and Melbourne. Sign up for Guardian Australia's breaking news email The rate of people moving to Australia's regions increased by more than 10% in the March quarter, according to the index released on Wednesday. The shift to country life, which accelerated during Covid lockdowns, would only persist as the regions attracted more attention and potential investment, according to a Commonwealth Bank executive, Josh Foster. 'They're idyllic locations to move, whether people want the tree-change or the sea-change,' Foster said. 'I certainly don't see it going back.' Greater Geelong is Australia's largest regional council area, home to more than 282,000 people. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion While the region has a bright future, it is experiencing significant growing pains, according to the council's draft five-year plan. Like most regional areas, greater Geelong is confronting a housing shortage, ageing infrastructure and congestion as it expands. 'Greater Geelong is one of Australia's fastest-growing regions, and managing this expansion will be crucial to our success over the coming decades,' the plan says. Maitland, in the Hunter Valley, is also experiencing rapid growth, attracting residents from capitals and other regions. It was the most popular new home for people moving from other regional areas in the year to March, followed by greater Geelong, the Sunshine Coast, Gympie and the Fraser coast. Maitland, which had a population of 78,000 in 2016, is on track to exceed 100,000 people by the end of 2026, with six new residents arriving every day, according to a council report. The nation's regional population sits at 9.91 million and is set to increase, according to the Regional Australia Institute's chief executive, Liz Ritchie. 'There are big economic gains to be made by supporting, facilitating and nurturing growth across the regions,' Ritchie said. 'Those benefits can only be achieved … by ensuring communities have the infrastructure, facilities, funding and support they need to continue to welcome all those who are actively choosing a regional life.'
Associated Press
19-05-2025
- Business
- Associated Press
Liberty Home Loans Help Buyers Embrace Coastal Living
Coastal proximity is a key driver in Australian internal migration, and non-bank lender Liberty has flexible home loans to help buyers chasing the surf-side lifestyle. MELBOURNE, AUSTRALIA / ACCESS Newswire / May 18, 2025 / While capital cities remain the focus for employment and international migration, a new study from the University of Sydney shows climate, education levels and tourism industries are driving coastal moves. As a leader in the Australian mortgage space, non-bank lender Liberty helps borrowers with all kinds of lifestyle preferences to secure home loans and move to their dream location. Bernadine Pantarotto, Communications Manager, says those looking to make a sea change and buy property could benefit from working with a free-thinking lender. 'As more people seek out the lifestyle benefits of coastal towns, our flexible home loans can accommodate various financial situations. This could make it easier for borrowers to achieve their dream of seaside living,' said Ms. Pantarotto. Unlike traditional lenders, Liberty takes a holistic approach to credit assessment, combining risk-based pricing with personalised customer service and greater choice. 'At Liberty, we look beyond just the numbers and consider the full picture of each borrower's financial situation to help find a tailored solution,' Ms. Pantarotto said. 'Our flexible home loan options could help more Australians access the financing they need - regardless of smaller deposits, variable income sources or complex credit histories.' Whether borrowers are purchasing their first home, refinancing, or expanding a property portfolio, Liberty can help. 'Our range of home loan solutions, including low doc and low deposit home loans, could help more people say 'yes' to their property plans,' said Ms. Pantarotto. Beyond home loans, Liberty's lending options also include personal, car, business, commercial, and SMSF loans. 'We take the time to listen and find creative ways to support them in achieving their goals, and we've proudly helped over 900,000 free thinkers make their dreams a reality,' said Ms. Pantarotto. With over 27 years of experience, Liberty remains committed to helping more Australians get and stay financial. About Liberty As one of Australia's leading non-bank lenders, Liberty offers innovative solutions to support customers with greater choice. Over more than 27 years, this free-thinking approach to loan solutions has seen more than 900,000 customers across a wide range of home, car, business and personal loans, as well as SMSF lending and insurance. Liberty remains the only non-bank lender with an investment-grade credit rating offering custom and prime solutions to help more people get financial. Approved applicants only. Lending criteria apply. Fees and charges are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit Licence 388133, together trading as Liberty Financial. Contact Laura Orchard Media Coordinator P: +61 3 8635 8888 E: [email protected] SOURCE: Liberty press release
