Sea and tree changers from Sydney and Canberra are driving a healthy property market in the Eurobodalla, say shire agents, with Batemans Bay and Tuross Head ranked in the top 10 of Australia’s top investment suburbs.
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Rob Routledge, of LJ Hooker Batemans Bay, said interest from Sydney and Canberra buyers had changed the market dynamic in the town.
“People from Campbelltown are getting near a million dollars, buying something in Sunshine Bay and still having money in the bank,” Mr Routledge said.
That’s good news for local businesses, with new owners likely to be more cashed up after their sea change.
First National Batemans Bay’s David Hayes-Williams said the current market was as strong as it had been since the boom of 2003.
“The stock levels available for sale are the lowest they’ve been since late 2003,” he said.
“That’s caused problems where the buyer inquiry has been very strong, but there just hasn’t been the stock properties to satisfy the needs.”
Similar trends were also observed in the southern end of the Batemans Bay market, according to Mark Maranion of LJ Hooker Malua Bay.
Mr Maranion said the area had become a gateway for Sydney and Canberra retirees, investors and holidaymakers.
“Most holiday homes are being sold to Sydney buyers finding a better home in better position for less money.”
He said the growth in buyers looking for a permanent sea change had positive flow-on effects for business and essential services like schools and hospitals.
Major infrastructure projects, such as the Batemans Bay bridge and highway upgrades along the South Coast are also bringing city dwellers to the Eurobodalla coast in droves, says Burdett Real Estate’s Joe Smith.
“Properties are selling faster than ever before. We sold two properties side-by-side in one day to two separate purchasers,” Mr Smith said.
“(Canberra) buyers are looking for renovators’ delights that will be used initially for holiday purposes, but long term for their retirement home.”
Melissa Franzen of South Coast Property Specialists warned against overuse of the “boom” buzzword, which she said was less applicable in the post-GFC landscape.
“I don’t like to use the word ‘boom’ because that implies there’s a bubble that’s going to burst,” Ms Franzen said.
“I don’t think we’re going to find ourselves in a position in the future where the prices will fall below what they are now, which is often what you find in that boom and bust scenario.”
