There is nothing like a coastal jewel to get prices up, as we discovered in property news this week. And some top listings and sales show that to be the case.
Fancy owning a motel in Byron Bay? We looked at the opportunity in a story on Byron Bay Sunseeker Motel hitting the market, part of a phenomena where roadside motels are being bought and renovated across the country.
It certainly is an investment that can pay off, with the current owners paying $6 million in late 2019 for the 1980s hotel. With a funky reno, the property now has a price guide of $15 million to $20 million.
The trend to overhaul motels has taken off around the country with revamped retro versions attracting the growing number of domestic travellers.
Beachside property in the regions continue to attract astronomical prices including a Mollymook house that sold recently for $10 million at an online auction.
IN MORE PROPERTY NEWS:
The South Coast home, listed with a price guide of $6.5 million, last sold in 2016 for $2.36 million according to CoreLogic records before selling for a suburb record.
With one-on-one inspections expected to continue in the immediate future, we also hunted down some great tips on what you should be looking for in a limited window.
For all the tops tips look to our story You have 15 minutes to view your future home here's what to look for.
But perhaps one of the biggest stories this week is that there has been some movement - however slight - to reign in galloping property prices.
While interest rates are expected to remain low, the Australian Prudential Regulatory Authority (APRA) announced it was making it tougher to get home loans.
APRA has told banks that it has increased the minimum interest rate buffer from 2.5 per cent to 3 per cent.
This will bring down the amount that people can borrow.
For those looking for a commercial property, there has been much interest in a vacant block - and former carpark - that has come on the market in one of Newcastle's most famous eat streets, Beaumont Street Hamilton. Its your for around $2 million.