Domain senior research analyst Nicola Powell pointed out that coastal markets have witnessed more demand than usual, with the rise of remote working and extended state lockdown, increasing the attractiveness of a sea change or vacation home.
“We were already seeing the move away from capital cities before, but this has been accelerated by the pandemic,” Dr Powell said. “But this isn’t just fuelled by a lifestyle exodus.
“Those who may have traveled internationally aren’t able to do so and, with interest rates so low, it’s more affordable for them to look at purchasing a coastal home.”
According to a report from Northern Beaches Investment Group, property prices on Sydney’s Northern Beaches have risen on average $10,000 every week this year, showing strong demand for properties in coastal markets.
During the first half of 2021, the median house price in the Northern Beaches areas climbed by 15.1 per cent or $290,000, to a record number of $2.21 million, according to their report.
(Source: SQM Research)
Many agents and consultants across the Northern Beaches have said sale prices exceeded expectations, with some customers paying ultra-premium pricing. Even with the current lockdown in Sydney, demand is still extremely elevated, but the available stock has all but dried up, which will probably mean even more price growth in the coming months.
As one of Sydney’s closest regional neighbours, Illawarra is becoming a popular first choice of many home buyers with a more affordable price and sustainable growth.
In an REA report, chief economist Nerida Conisbee indicated that the region is now receiving the most views per listing of any Australian regional location, with an average of 1,500 views per listing.
According to CoreLogic RPData’s monthly index, median house prices in Kiama grew 7 per cent over the year 2021, from $913,814 in May 2020 to $1,295,950 in May 2021. Meanwhile, Wollongong house prices have grown 8.1 per cent in the same one-year period.
Located in a prime position in Kiama, Ridgewaters Kiama offers a collection of luxury yet affordable apartments and presents the ultimate haven for a range of purchasers, from retirees and young families to investors and holidaymakers.
Prices start from $1,045,000; Ridgewaters Kiama is a perfect choice for home buyers that are searching for a coastal lifestyle at a more affordable price. With a spectacular coastline and natural attractions infused with country charm, this magical setting is the ideal place to call home.