Equity-rich Sydney and Melbourne homeowners may help boost Australia's coastal lifestyle markets.
Iconic lifestyle markets such as the Gold Coast, Sunshine Coast and Cairns have started to bounce back and record strong housing market conditions after ongoing weakness between 2008 and 2014, according to research by property analytics firm CoreLogic RP Data.
CoreLogic research analyst Cameron Kusher says some areas are starting to show growth although regional housing markets are a mixed bag.
"Newcastle, Wollongong, the Richmond-Tweed region in northern NSW, the Gold Coast, the Sunshine Coast and Cairns are probably the most notable regional markets where we're seeing some decent levels of capital growth at the moment," Kusher said.
Buyers priced out of the Sydney market are looking to Newcastle and Wollongong while the other areas experiencing growth are benefiting from interest in lifestyle properties, particularly from equity-rich Sydney and Melbourne homeowners.