The median price of buying a home in the Nowra-Bomaderry area sits just below $700,000, according to a new report from CoreLogic.
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The Regional Market Update shows the median value of $691,334 has jumped 42.4 per cent in the past five years, although it is only is 4.4 per cent higher than a year ago, with the value increasing 0.7 per cent in the past quarter.
And while rents in the Nowra-Bomaderry have jumped by more than a third in the past five years, they have fallen slightly in the past quarter to a median of $576.
Meanwhile in the St Georges Basin to Sanctuary Point area anyone looking to buy a home is shelling out and average of $771,116, which the median price jumping by 53 per cent in the past five years, despite falling slightly in the past quarter.
The median rent also fell slightly in the past three months, but at $557 per week remained more than 35 per cent above the level of five years ago.
The two Shoalhaven regions were among only three significant urban areas across Australia to have rental values drop during the past quarter.
Across the 50 largest non-capital significant urban areas, 37 markets have rents at a record high, with almost all recording rent increases over the past three months a and year.
"Housing affordability has continued to deteriorate through the start of 2024 for tenants and prospective home buyers alike," said CoreLogic Australia Economist, Kaytlin Ezzy.
"The outlook for regional housing markets will heavily depend on demographic trends, housing supply, localised economic drivers and the outlook for interest rates."
While rental values locally were down, the cost of buying a home in regional Australia rose 2.1 per cent in the three months to April 2024 - the fastest quarterly growth rate in almost two years.
"After falling 5.8 per cent between May 2022 and January 2023, regional home values have seen a slower recovery compared to capital city values but have now regained the losses from the downturn to reach a new record high," Ms Ezzy said.
Across the country's 50 largest non-capital city significant urban areas featured within the report, 19 markets are at a record high.
However markets in the Southern Highlands and Shoalhaven had some of the worst selling conditions, with Batemans Bay offering the highest vendor discounts at 6.5 per cent and Bowral Mittagong recording the highest median time on market at 75 days.
