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Record High for Regional House Prices
According to CoreLogic’s latest Home Value Index released this month, regional markets have again shown a substantial increase in housing value, outperforming the capital housing market.
Experts say it’s not just the retirees who are fleeing the big city, but younger generations are also opting for the bush and the sea over the capital.
Figures reveal a dramatic price rise for properties in popular NSW holiday havens like Wollongong, Kiama and Gerringong. According to Domain data, Kiama’s median house price reached $1,495,000 in December 2021, an increase of a whopping 89 per cent over the previous five years.
Nicola Powell, Domain’s chief of research and economics, noted that regional NSW witnessed the strongest quarterly price increase on Domain records, more than doubling the growth seen in the previous quarter.
Ongoing demand from sea and tree changers, with the rise of remote working, had been pushing the price to record heights in these regional NSW areas, according to Dr Powell.
In addition, while international border closures end, there is an increase in prospective investors looking to purchase a holiday home.
CoreLogic’s most recent report shows the same pessimistic forecasts for regional housing market trends, indicating that vacation homes are here to stay.
Although growth rates are unlikely to approach the rate recorded in 2021, regional areas within commuting distance of major capitals and those that offer a balance of affordability and liveability will continue to outperform the broader market.
What’s in store for Kiama?
Aside from a property market that is on the rise, it’s no surprise to see why this laid-back coastal town of Kiama can easily inspire a sea change.
With the calming presence of the Pacific Ocean, the iconic lighthouse, the world’s biggest blowholes and stunning green vista throughout, Kiama has long been a magnet for retirees looking for places to unwind.
Beautiful seaside beaches that stretch the length of the NSW south coast, such as Easts Beach, Black Beach, Kiama Surf Beach and Kendalls Beach, are Kiama’s main attractions. Added to these natural gems are Minnamurra Rainforest and Saddleback Mountain Lookout for bushwalking.
Complementing Kiama’s natural beauty is its ideal climate and small population compared to the big city lifestyle of Sydney.
Not only the “baby boomer” generation is moving down, but young professionals and families are also taking advantage of the short 90-minute commute from Kiama to Sydney. Located at the southern end of the train line to Sydney’s airport and CBD, Kiama provides unbeatable connectivity for all.
Perfectly positioned in Kiama’s serene landscape, Ridgewaters Kiama offers a selection of three-bedroom apartments with open-plan living, top-of-the-line European Franke appliances and spectacular escarpment views. Ridgewaters Kiama presents the ultimate haven for a range of purchasers, from retirees and young families to investors and holidaymakers searching for a laid-back coastal lifestyle.