The property rollercoaster that has seen house prices rise and fall dramatically in metro areas is unlikely to have the same impact in the Eurobodalla.
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That’s the opinion of a sample of local agents, who believe a price correction, which may see values drop by as much as 5.2 per cent in the Illawarra in 2019, is unlikely to cause big changes in the local market.
Moody’s Analytics, which used CoreLogic data for its forecast, said property values were expected to drop 3.6 per cent in 2019 and another 0.3 per cent in 2020.
However Eurobodalla real estate agent John Haslem said the South Coast had not seen the dramatic boom other regions had experienced and, as a result, was less likely to see a big fall.
“South Coast property prices … have barely gone up by 10 to 15 per cent since 2004,” Mr Haslem said. “Properties (at that time) doubled or tripled in value in two years but then there was no increase in value between 2004 and the middle of 2017.
“The cost of property on the Far South Coast is still perceived as being cheap by capital city standards.”
Batemans Bay agent Steven Mason agreed.
“You only have to look up the road at Milton Ulladulla, Jervis Bay, Nowra, all of those places are much more expensive than the Eurobodalla,” he said.
“We’ll be okay. We’re getting a lot of money spent on the airport, link road and the hospital, and we’re still cheaper than anywhere further north.”
Broulee agent Peter Asbury said property prices in the centre of the shire were usually very consistent.
“When other areas have had reductions, Broulee, Mossy Point and Tomakin seem to hold their own,” he said. “Even during the Global Financial Crisis, Tomakin and Mossy Point only lost about one per cent.”
Mr Haslem and Mr Asbury agreed the market was slowing, however.
“We are in an election year, and normally the market tends to be a bit tighter during an election year,” Mr Asbury said.