City buyers swarm NSW South Coast, creating unseen conditions
Properties on the NSW South Coast are selling on average 20 per cent above expectation as the coastal market heats up.
Soaring demand for Shoalhaven real estate has yielded the best market in 40 years, with days on market down to single digits, Raine and Horne has reported.
According to the agency, key growth drivers are Sydney buyers who have realised they don’t need to live in the city to earn a decent living.
Sweetening the deal are major infrastructure works, including the $400 million Berry to Bomaderry Princes Highway upgrade, which is expected to improve more than 30 kilometres of highway between Gerringong and Bomaderry, shaving commute times.
“Thanks to the successful rollout of the NBN, we have excellent internet connectivity, and this has enabled a new demographic and new generation of professionals to live and work from home in Mollymook, Milton, Ulladulla and surrounding suburbs and towns,” Tony Hopper, director of Raine & Horne Mollymook/Milton, said.
“Various road improvements and bypasses over the last decade or so have reduced commute times from Southern Sydney to the region to just 2.5 hours.”
On the flip side, Mr Hopper noted, a lack of sales listing is presenting a challenge for local buyers and those new to Shoalhaven.
“With an average of 20 groups through each Open Home, lots of buyers are understandably missing out,” said Mr Hopper.
“To avoid missing out, the best advice is to make sure that your finance is ready to go with a pre-approved loan.
“A pre-approved loan gives buyers the confidence and option to move swiftly on a suitable property once it hits the market.”
For those unable to get their foot in the Shoalhaven market, Mr Hopper suggested spreading the property search further afield.
“Any property close to a beach or waterway are attracting colossal attention and are hotly contested, whether its Mollymook Beach, Narrawallee Beach or Lake Conjola, where median house prices are now nudging $1 million.
“If buyers want access to a waterway but still looking for real estate affordability, then Fisherman’s Paradise is worth some consideration, where the median house price is closer to $500,000,” he concluded.
More from this writer:
-
Major bank says inflationary pressures on the way up
-
Housing markets brace for ‘tricky’ territory, but a rapid snapback could be on the cards
-
Australia’s build boom could end in 2022 as lack of migrants bites
-
Australia’s preliminary auction clearance rate just fell to a new low
-
Property market told to brace for more frequent natural disasters
-
Westpac warns of sharp economic contraction
-
Pioneering buyer’s agent reveals his secrets to building a fruitful property career