Yamba and Gerrigong, humble towns experiencing greatest home price growth in 2021
These humble hamlets have shocked locals and experts alike to top the list of booming home price growth in a record year for real estate.
They are the humble towns at the sharp end of our real estate boom.
Forgotten, even unknown hamlets far from the big smoke, that have experienced standout capital growth in a year of booming home prices.
Gerrigong, on the NSW south coast – perhaps best known as the home of Rugby League great Mick Cronin, who owns the town’s eponymous watering hole aka Cronin’s Hotel – and Yamba on the state’s north coast have led the way in 2021 for spiking prices.
They are the place you wished you bought into before you ever head of Covid-19.
According to CoreLogic’s annual Best of the Best report, Gerrigong according to the 2016 census, enjoyed NSW’s greatest house price growth of 56.4 per cent in the 12 months through to the end of November this year.
That lifted the median house price in the town with a population of just 3,966, around 50km south of Wollongong to $1,681,227, above Sydney’s median house price of $1,499,126.
Yamba, which is best known for its Angourie Point surf break, boasts the highest unit price growth in NSW and across Australia. over the past year of 56.6 per cent.
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The median unit price in the town of 6,043 about 130km south of Byron Bay has rocketed to $638,270. However that is down on Sydney’ unit median of $800,000.
The search for a more laid-back and lifestyle friendly existence in the wake of the pandemic is one of the main driving factors pushing homebuyers to both Gerrigong and Yamba.
Gerrigong’s commuter-friendly proximity to both Sydney and Wollongong, is another lure for buyers. While Yamba’s stunning and family friendly geography, featuring both surf beaches and easy swimming lagoons is another of its most attractive features.
“This [popularity] may in part be attributable to how COVID-19 continued to shape demand trends, with coastal or leafy settings being more desirable as some workers were empowered to work remotely,” Eliza Owen, CoreLogic Head of Australian Research, said.
Ms Owen said the rise in demand in Yamba and Gerrigong also came from older Australians bringing their retirement plans forward.
Affordability was another key factor.
“In terms of growth rate, Yamba is coming off a relatively low price point as well, so it does have that affordability factor.
“And both areas are typical of the demand trend we have witnessed since onset of Covid. Quiet coastal areas have seen a lot of their value unleashed thru people able to work remotely and labour force disruptings have led to some early retirements.
“There are certainly pockets in NSW on the coast that are domestic tourism destinations that have flourished through this period.”
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