South Coast housing market goes against falling Sydney prices

PRICE GROWTH: Property prices on the South Coast have continued to grow over the past year, despite falling Sydney prices.
PRICE GROWTH: Property prices on the South Coast have continued to grow over the past year, despite falling Sydney prices.

The South Coast housing market has defied Sydney's falling trend in housing values, according to new data. 

Domain’s June Quarter 2018 House Price Report, released on Thursday, shows that house and unit prices on South Coast are continuing to rise, despite predictions the market would drop. 

In the past year, median house prices in Kiama have jumped almost 15 per cent from $830,000 to $953,000. 

Domain data shows that 59 three-bedroom homes have been sold in Kiama so far this year, at an average price of $878,000. Four-bedroom homes have a median price of $1.08 million and 37 have been sold this year. 

Prices have continued to rise in the Shoalhaven also, with a median price increase of 8.6 per cent in the past year to June. 

In June 2017 the median Shoalhaven house price was $525,000, however the June 2018 median price was $570,000. 

According to the Domain suburb profiles, The median price for a three-bedroom home in Nowra is $436,000 and 111 have been sold so far this year. 

Median price for a three-bedroom home at Berry is considerably higher at $930,000, while a four-bedroom home had a median price of $1.1 million. 

Prices in the Eurobodalla Shire are also increasing, with an 11.6 per cent price jump in the past 12 months. 

Median house prices were $495,00 as of June 2018, compared to $443,500 at the same time last year. 

Despite price growth on the South Coast, prices have started to fall in the Wingecarribee Shire, according to Domain’s June report. 

In June 2017 the median house price was $800,000, in June 2018, prices had fallen to an average of $780,000. 

The Wingecarribee market, has seen some huge sales in the past 12 months, including $6,175,000 at Sutton Forest and $5 million at Avoca.

Despite price growth on the South Coast, property prices have tumbled across all regions of Sydney, with house values in some areas falling more than 10 per cent over the past 12 months. 

“Sydney hasn’t experienced this level of fall for a decade,” said Domain Group data scientist Dr Nicola Powell. 

“It’s a stark difference to what was occurring even just a year ago, when we had annual double-digit growth for both houses and apartments,” she said.

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