Forget luxury - home buyers on the South Coast are shelling out more than $1 million for an ordinary home.
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New data from CoreLogic's latest Million Dollar Markets report shows the median house price passed the one million mark in 17 suburbs around the region during the past year.
Of those, 13 are in the Shoalhaven and the remaining four are in Eurobodalla Shire.
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Shoalhaven and Eurobodalla suburbs which joined the $1 million median club this year are:
- Huskisson - $1,465,690 (up from $921,306)
- Tomerong - $1,365,366 (up from $971,845)
- Shoalhaven Heads - $1,338,565 (up from $918,871)
- Currarong - $1,327,343 (up from $865,227)
- Callala Bay - $1,285,855 (up from $934,894)
- Narrawallee - $1,257,248 (up from $836,068)
- Milton - $1,243,559 (up from $866,349)
- Mollymook Beach - $1,198,986 (up from $816,470)
- Bawley Point - $1,185,532 (up from $767,885)
- Mollymook - $1,185,372 (up from $831,237)
- Callala Beach - $1,118,953 (up from $792,427)
- Ulladulla - $1,107,393 (up from $773,374)
- Culburra Beach - $1,082,324 (up from $764,320)
- Broulee - $1,061,951 (up from $746,798)
- Tomakin - $1,030,887 (up from $723,944)
- Malua Bay - $1,022,640 (up from $724,899)
- Lilli Pilli - $1,011,220 (up from $719,961)
The South Coast was a standout region among this year's newcomers; most of the new million-dollar markets in regional NSW were concentrated here or in the neighbouring Highlands and Illawarra regions.
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Huskisson's rise to the top of the million-dollar median list is somewhat expected - the bayside town ticks a lot of boxes for buyers.
Real estate agent Tracy Wise, of One Agency Shoalhaven, said the market in Huskisson has been riding high since the pandemic lockdowns.
"During COVID everybody was migrating down here from Sydney and Canberra, and it was all about lifestyle changes," she said.
"People were able to work from home and wanted to be in a desirable location - I think that was a big thing.
"Obviously with international travel being cut off [at the time], a lot of people chose to travel within the state as well, and were buying up holiday houses; that was a big driver."
Quite simply, it is all about supply and demand. Huskisson has a tightly held market, demand has surged, and the median house price shows it.
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CoreLogic collected sale data from all over Australia during the 12 months to May 2022, tracking the changes in markets nationally.
It found housing values increased almost twice as much in regional areas (22.1 per cent) over the past year, compared to the capital cities (11.7 per cent).
However, national values did fall by 0.1 per cent during May. CoreLogic attributed this to high inflation, rising interest rates, and plummeting consumer confidence.
Ms Wise said it has been difficult to predict what the market will do, but there had been one promising sign.
"We are just starting to see more properties hit the market now - more than we have seen in the last 18 months," she said.
"It absolutely is a very interesting time."
Jorja McDonnell
Jorja reports for the South Coast Register, and occasionally the Milton-Ulladulla Times. Email: jorja.mcdonnell@austcommunitymedia.com.au Phone: 0438 842 394
Jorja reports for the South Coast Register, and occasionally the Milton-Ulladulla Times. Email: jorja.mcdonnell@austcommunitymedia.com.au Phone: 0438 842 394
