Get change by the sea | News

14th January 2009

IT'S official the Clarence Coast is the hottest place to buy a beach house in NSW.

Last week Iluka was tipped as one of the State's top beach towns to invest in and now Corindi Beach, 40km south of Grafton, has been named the cheapest oceanfront suburb in NSW.

The average price for a beach house in Corindi last year was $272,500.

Fay Smith, of Woolgoolga-based Nicole Cardow Real Estate, said the stretch of coastline from Iluka to Coffs Harbour was quickly being discovered as an affordable place to buy.

"I think people are only just discovering this area has such a lovely climate and beautiful beaches," Mrs Smith said.

It took an average of 38 days to sell a Corindi house, compared to Yamba's 75 days and 93 days in Iluka, RP Data figures reveal.

"When we've got something for sale it sells very quickly," Mrs Smith said.

While the low cost end of the beachside market was running hot in NSW, RP Data senior research analyst Cameron Kusher said the high end had gone cold.

"The common belief that waterfront property is a safe haven changed dramatically in 2008 with some of the nation's best known waterfront areas witnessing a sky-rocketing number of listings and heavy discounting in order to achieve sales," he said.

"This increase in listing and price reduction has come largely due to the inclement global financial markets, which saw many highly geared individuals suffer."

In spite of this, Mr Kusher said cashed-up buyers looking to snare a bargain were now looking to places like Corindi.

Last year the average price for a house at Yamba and Iluka was $380,000 while at Wooli it was $419,000.

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