Once-affordable areas not too far from Sydney are highly sought as families make a move for better value and lifestyle.
A town most famous for a blowhole that has on occasion proved deadly has blown Byron Bay out of the water when it comes to property prices.
“Kiama is really the regional NSW standout with such strong growth over the past five years and a steady 10.3 per cent rise over the past year,” said the report’s author, Domain chief of research and economics Dr Nicola Powell. “We’re also becoming a research hub with a lot of research stations like the CSIRO,” said Kim Rozendaal, of KR Property. “We even have our own airport. With all these new industries and projects starting up, we just don’t have enough housing for the workers coming in. As a result of more demand than supply, prices are rising fast.”
Yet some regions have fallen sharply in price. Lismore prices slumped by 14.6 per cent in the last year to a median of $510,000. “But that’s mostly because of the terrible floods in 2022, which saw prices dive,” said Powell.Most of the other areas that had sharp falls are usually those where prices soared during the pandemic. Snowy Monaro which includes Jindabyne, Thredbo, Berridale and Cooma, was the area where prices rose most in NSW during 2021, by 50.8 per cent.
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