We’ve been reflecting on what’s been happening in real estate in the last quarter, but honestly, we’ve been considering more deeply how the last 18 months have impacted so many of us both in business and our personal lives. Being separated from family and friends and the continued travel restrictions have been tough! Yet, despite all of this, our community has dug deep and continued to push through.
It’s incredible when challenged how resilient we can become, right? Like many of you, we’ve been deeply attached to this region for as long as we can remember. It’s a fabulous place to call home, invest in or holiday in. Abundant with golden beaches and rolling green hills, our region has so much to offer.
This brings us back to property here and how it has continued to increase in value to a point that has exceeded everyone’s wildest dreams. It’s a conversation that we are continually discussing as a team at Coast & Country. The big question, of course, is when it will end? Traditionally Spring is one of the busiest selling periods and as we move towards Christmas. Along with easing regional COVID travel restrictions, all indicators point to continued strong sales results.
$7,100,000 Suburb Record For Gerroa
The picturesque seaside village of Gerroa is continuing in the spotlight with a new record set in October. 138 Headland Drive, sold by First National Coast and Countrys’, Ryan Stalgis for $7,100,000, demonstrating continued high demand in this area.
The continued growth of property prices in Gerroa has seen the median house price increase by 112% increase year on year. With a median price of $1,338,000 in October 2020, rising to a staggering $2,841,500 in October 2021. This latest record sale will increase the median price again this month.
Across the nation, the market has continued to soar with residential house prices reaching annual growth rates not seen since 1989. Property data company Corelogic reported that average national auction clearance rates remained above 80 per cent on high volumes again last week.
As regional house prices continue to outperform the capital cities, interest remains high in the Kiama region. Homes are selling fast, with an average of 28 days on the market in Kiama, 17 days in Gerringong and Gerroa topping this with just 16 days on the market. Comparing this back to the nation’s eight capital cities where the research shows that it takes 35 days to sell a property on average.
The median house value recorded on September 30 2021, for Kiama was $1,550,000, a 35% 12-month increase. With a 35% increase also in Gerringong, the median house value has overtaken Kiama at $1,595,000. The exponential growth in the tiny seaside town of Gerroa continues. The median house value increased by 112%, with the median house value of $2,841,500.
Read our full market update for the last quarter here.