relaxing by the beach

How Much Should You Spend to Live Near the Beach?

Those who want to buy beachside property in Queensland’s Gold Coast or Sunshine Coast should expect to spend an average of $837,500 in Mooloolaba and $865,000 in Burleigh Heads, respectively.

Apartments cost significantly less than stand-alone houses. You can buy a beachside unit in Mooloolaba for $424,750 on average, while a similar property in Burleigh Heads costs an average of $535,000. These prices are quite high, but it’s not even near the million-dollar price tags on other properties in different states.

Where to Buy Coastal Properties

Late winter and spring provide buyers with more choices on the coastal housing market, although it’s possible to snap up some properties during other seasons. Otherwise, you should consider constructing your home from scratch with the help of new home builders. In Cairns, the city is also a popular beachfront-living destination because of its status as the entry point to the Great Barrier Reef.

If you have a limited budget yet still want a beachside property, this is possible in the Balgal Beach suburb near Townsville. You can buy a house for $49,000, according to CoreLogic. The cheapest median cost of a property in the suburb went for as low as $25,000 in the previous year. This price could only be a strip of land that has the potential for growth, as properties near the beach are always in-demand among buyers.

Prices in Other States

beach side houses and buildings

The cheapest beachside homes and units cost an average of $494,500 and below $300,000 along Cable Beach in Broome, Kimberley. In the Northern Territory, a median-priced apartment near the Mindil Beach Sunset Markets in Darwin cost around $380,000. It’s the same when you buy a unit near Kitty Miller Bay in the Cowes suburb of Victoria.

You should avoid looking for properties near Bondi Beach in New South Wales unless you have at least $1.2 million to spend for a unit. An average house in the famous coastal area costs almost $2.7 million, so one could only imagine the price of more significant properties. Median prices in southeast Queensland aren’t affordable as well. You’re bound to see a beachside home listed for around $1.5 million.

Interstate Migration

Despite the steep price of homes in Queensland, the number of people moving there from New South Wales has increased because of more affordable homes. The median price in the city costs more than $780,000 in March, and of this amount, the total deposit costs $128,000 when paying through a mortgage.

You would need to save $200 every week for 11 years so that you could pay the total deposit. In Brisbane, it would only take you six years to save $200 every week to pay the $66,770 full deposit on an average house worth around $490,000.

In the end, if you have more than $3 million, would you still buy a house near the beach? Or would you build a home from scratch? A new home construction seems more practical since you would have full control over the property’s design and style.