‘It’s a no-brainer’: The seaside regions that Canberrans are flocking to

It’s no secret Canberrans enjoy packing up the car to be closer to stretches of saltwater during the summer months, with many Australians even opting to purchase there to make it a permanent residency or a holiday inn, figures revealed.

The latest Domain House Price Report found the Eurobodalla and Shoalhaven regions across ACT borders had double-digit growth in median house prices in the 12 months to September.

In the Eurobodalla region — which includes the suburbs of Batemans Bay, Moruya and Narooma and a number of smaller villages — the median house price increased by 25.8 per cent year-on-year to $890,000.

In Shoalhaven  — home to Nowra, Jervis Bay, Ulladulla and Sussex Inlet and many more — the median house price increased by 12.9 per cent year-on-year to $850,000.

Both regions outpaced the median house price growth Canberra experienced, up 3.8 per cent year-on-year to $1,096,114; and Sydney, down 2.8 per cent in the same period to $1,464,371.

With pristine white sand beaches, a big drawcard for owner occupiers and investors, the allure of the Shoalhaven and Eurobodalla regions doesn’t stop there.

With the Batemans Bay bridge on track completed and the Nelligen bridge following that, there’s much more to love, according to Steve Mason of Ray White Batemans Bay.

“There’s a hospital that’s in the talks to be built and a bypass in Moruya … there’s a lot of growth happening that’s making it an attractive place to live and invest in. It’s a no-brainer,” he said.

“There’s also excellent schools and some of Australia’s most popular beaches in these regions … it’s no wonder many Canberrans and Sydneysiders move here.”

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While house prices have seen positive growth in those regions, the pace of growth has softened in the last few months compared to the previous two years which saw city dwellers ditch the hustle and bustle for a quieter tree or sea change.

“From December last year to January this year, we were at the top of the market,” said Pat Jameson of Blackshaw Coastal.

“Prices were very strong and demand was at a peak but since the consecutive interest rate rises from May, we’ve seen a lot less buyer activity.

“Buyers are adjusting their budgets, as are our sellers in order to get a sale … but if it’s the right house in the right location, buyers will dig deep, and particularly in these regions where there’s a good view and beach access … people will pay a high price.”

Jameson added that the growth felt in the housing market, coupled with rising interest rates, have put pressure on the rental market.

“Because mortgage rates have gone up, we’re finding that almost every day, a landlord will ring our property managers asking to increase their tenants’ rent by $100 a week,” she said.

Domain’s Rent Report revealed the median asking price for a house in the Shoalhaven region is $500 a week, up 4.2 per cent year-on-year. In the Eurobodalla region, the median asking price is $560 a week, up 12 per cent year-on-year.

“Not everyone’s on a high income so it’s a huge social problem,” Jameson added.

Despite this, Mason is confident the market will “level out” into the new year.

“The market has taken a little bit of a hit this year but there’ll come a time where interest rates will steady and this will give people more confidence to buy or sell,” he said.