Home » News » Land values soared across the South Coast, with Kiama prices rising by more than 50 per cent
20 Jan, 2022
Land values soared across the South Coast, with Kiama prices rising by more than 50 per cent
2021 has been an extraordinary year for Australian housing markets, particularly in regional areas, where both residential and land values observed the sharpest increases in 17 years.
Median house prices have increased in every major Australian property market last year, but in regional areas away from the big cities, values climbed by more than 30 per cent, according to a CoreLogic analysis.
While Byron Bay, Northern Beaches and the Gold Coast are on the list, Kiama, on the NSW South Coast had a 39.5 per cent increase in residential values.
This was due to a big shift away from capital cities, as more people are able to work from home, together with record-low interest rates.
CoreLogic research director Tim Lawless said areas near the beach within a two-hour drive of a capital city dominated the entries.
‘The top-performing regional areas were all coastal or lifestyle markets generally within a two-hour commuting distance of a capital city,’ he said.
‘These areas fit within the broad trend where demand has surged for lifestyle properties that offer a blend of liveability and commutability.’
In terms of land values, The NSW South Coast’s price climbed by over 30 per cent in the year to July 2021, to a total of $154.3 billion, according to the latest annual land value report from the NSW Valuer General.
In particular, Kiama LGA land value rose by 53.5 per cent, the highest soar across the South Coast, followed by the Shoalhaven at 49.2 per cent. On the same page, land values in Wollongong increased by 24.5 per cent and in Shellharbour by 20.2 per cent.
According to the Valuer General, the price rises in rural land were also driven by people relocating from Melbourne, Canberra, and Sydney for a lifestyle change. This attracted high demand to a limited supply area, where properties are held tightly.
In 2021, the value of commercial land climbed by 22%, a turnaround from 2020 where commercial land value dropped by 4.8 per cent in 2020. There was a significant increase in demand from owner-occupiers and investors across NSW South Coast, driving a tightening of supply for commercial land.
What’s ahead in 2022 for regional areas?
In contrast to slowing momentum across the capital city market, a pace of growth is observed in regional dwelling values. According to the latest CoreLogic report, regional property values were up 6.4% in the three months to December 2021, compared to the 5.1% rise recorded in the September quarter.
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