The housing market in New South Wales' South Coast is currently experiencing its best conditions since 1981, with properties selling faster and at a 20% higher price, according to Raine and Horne.
Dwellings in Shoalhaven market are selling faster, with days on market dropping from the long-term average of 45 to just five in recent weeks. Tony Hopper, local director of Raine & Horne in Mollymook and Milton, said open home numbers have increased significantly, attracting up to 20 people.
"We've enjoyed our single best start to the year in the 40 years I have been working in this market. Central to this activity are Sydney buyers who have realised they don't need to live in the city to earn a decent living," he said.
Over the first quarter of 2021, the number of conditional, unconditional, and settled sales was 50% higher than last year.
"These are amazing results given I was anxious and concerned that the pandemic was going to hit the business hard, and especially after the impact of the recent and terrifying bush fires," Hopper said. "People just wanted to get out of Sydney, move down here and start working from home."
Aside from the historically low interest rate, the market's improved infrastructure and relative affordability continue to draw the attention of would-be buyers.
For instance, the $400m-Berry to Bomaderry Princes Highway upgrade, which is slated to improve more than 30 kilometres of highway between Gerringong and Bomaderry, is expected to cut commute times to and from Sydney.
"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,” Hopper said.
"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," he said.
Furthermore, the rollout of NBN has enhanced the market's internet connectivity.
"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," Hopper said.
