NSW south coast’s most affordable post-COVID-19 properties revealed

With a property boom rocking the south coast and average house prices topping the $1 million mark, first homebuyers are becoming increasingly priced out. Here’s our full list of the cheapest suburbs left.

With a property boom rocking the south coast there are not many towns left for residents seeking a mortgage under half a million dollars.

South coast agent Ben Bate, of Ben Bate Real Estate, said affordable homes were now “incredibly scarce”.

“I’m not sure if we’ll see a house for under half a million dollars ever again,” the Narooma agent said.

“In my 33 years in the industry, I’ve seen all the (property) booms, and this isn’t unusual but the prices now are vastly different to previous booms.

“I think the concern here is the housing crisis for low-income people. There must be people living in tents and caravans. Something has to give, we just don’t know what, where or when.”

New data shows even the value of some of the south coast’s cheapest units have risen by as much as 30 per cent over the past year.

New data from the ABS shows while lending for the purchase of property hit record highs across the country in April, the number of first homebuyers across the country is dropping each month.

New data from CoreLogic shows even some of the cheapest units available on the south coast cost 30 per cent more than they did one year ago.

Nowra real estate agent Ian Ferguson said units were still the most affordable option for first home buyers on the south coast.

“Anything affordable with a house or land will need a lot of work,” he said.

“We had a house for sale but it was just a two-bedroom, so there’s not much out there for working families.

“We have a good lifestyle down here, so people are moving here.”

Mr Bate said the future of the property market is “a mystery to everyone”.

“Nobody is saying whether it will continue to go up or go down, they are just saying they’ll wait and see what happens.”

NAROOMA

Narooma units are the most affordable properties on the south coast.

This seaside town has become a “second home” to billionaire restaurateur Justin Hemmes, and is a popular whale watching tourist town.

With just 3000 people, it has made a name for itself as one of the most spectacular and picturesque towns on the south coast.

While a house in Narooma will set you back $604,000, the average unit is selling for $331,000, a rise of 14 per cent over the past year.

NOWRA

One of the many beautiful white sand coves at Jervis Bay near Nowra. Picture: iStock

The town of more than 20,000 people has seen 7000 new residents move from other regions since the outbreak of the COVID-19 pandemic last year.

The commercial centre of the Shoalhaven, Nowra is the gateway to Jervis Bay, Booderee National Park and the scenic Southern Highlands.

While the average house in Nowra is selling for $516,000, a unit will cost you $343,000, a rise of 16 per cent in the past year.

MERIMBULA

Merimbula has seen house prices skyrocket since the COVID-19 pandemic. Picture: Destination NSW

Merimbula is a popular holiday destination, and a haven for anyone interested in water sports, whale watching or wildlife.

The small town’s airport makes it easily accessible for visitors from Sydney and Melbourne.

House prices have been on the rise in Merimbula since the pandemic, with the average home selling for $727,000.

Meanwhile, the average unit will cost you $351,000, a rise of almost 12 per cent over the past year.

BOMADERRY

Bomaderry sits on the north of the Shoalhaven River. Picture: Jaiah Stone

Known locally as “Bomo”, the town of 6000 is these days considered a suburb of Nowra.

Bomaderry High School is one of the major high schools in the Shoalhaven, holding places in state debating, public speaking, sport and the performing arts.

Sitting on the northern side of the Shoalhaven River, the town is surrounded by a string of popular bushwalks.

While the average house in Bomaderry sells for $575,000, the average unit will set buyers back $382,000, a rise of almost 15 per cent.

BEGA

Bega has some of the most affordable homes on the south coast.

The town of Bega is surrounded by rolling green hills and home to the famous cheese company of the same name.

The town of 4000 is a short drive to popular beaches, and remains one of the most affordable places on the south coast to buy a new home.

The average house now sells for $454,000, a rise of more than 20 per cent in the past year.

EDEN

Eden has seen millions in investments since the COVID-19 pandemic despite the shutdown of the cruise industry. Picture: Candice Marshall

Set to get the first five-star hotel south of Wollongong, Eden is likely to see a transformation after the region’s bushfires and COVID-19 put a halt to the cruise ship industry.

Set beside one of the deepest natural harbours in the Southern Hemisphere, the town is surrounded by natural beauty and pristine waters popular with fishers and swimmers.

A new home in Eden will cost buyers $480,000, a rise of almost 23 per cent since this time last year.

TURA BEACH

Tura Beach sits just north of Merimbula on the south coast.

The home of Eden-Monaro Labor MP Kristy McBain, the average age of the seaside town in the last Census was 57, almost 20 years older than the national average.

Just south of where missing alleged conwoman Melissa Caddick’s foot was found, and just north of Merimbula, Tura Beach is just a short walk from warm summer sand and a popular viewpoint for migrating whales.

While a house in Tura Beach will now set you back $760,000, a rise of almost 30 per cent in just 12 months.