Median house prices in Merimbula and Eden rise more than $100,000 in 12 months

Figures show prices in the South Coast region of NSW are surging, much like elsewhere in Australia, with median house prices in some towns rising more than $100,000 in 12 months.

But many local agents will tell you there are still affordable options available, you just need to know where to look.

In Merimbula, the median sale price for houses in the area was $757,000 in July 2021, up from $632,500 the year prior, CoreLogic data shows.

Since then, lockdowns across the east coast have led to a "real scarcity" in new property listings, according to David Dwyer, director of One Agency Dwyer Properties.

"For that reason the prices are jumping considerably and they're not all uniform in the percentage rate that they're going up, especially the low to middle end of the market has gone up considerably," he said.

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"At the higher end, [properties] over the million dollar mark are now considered regular rather than something that used to be a one off."

Mr Dwyer said Merimbula has become an increasingly popular destination for Canberran buyers, either looking for a weekend property or a permanent home.

"We're finding a lot of people from Canberra are buying at the moment. They might use it as an investment for two to three years but they've got in the back of their mind they'll be moving here in a few years time, so they're trying to secure a property now," he said.

"The other thing we're noticing is more than ever now we're getting Sydney buyers. That's the big thing that has changed over the last 12 months, people are coming further south."

Current listings in the area include a three-bedroom house with water views at 14 John Close with a price guide of $1,175,000, and a two-bedroom unit in what's known to locals as the 'Fishpen' at 4/19 Marine Parade for $479,000.

Further south in Eden, median prices have also jumped more than $100,000 in a 12-month period.

CoreLogic data shows the median sales price for houses in the area was $560,000 in July 2021, compared with $445,000 in 2020.

Local agent Chris Wilson said lockdown has created strong demand for 'lifestyle' properties, with buyer interest coming from Canberra, Sydney and Victoria.

"Coastal localities [property sales] have been exceedingly strong, there's also been very strong demand for rural lifestyle properties," he said.

While new listings have remained steady, they're not sticking around for long, Mr Wilson said.

"Because of the increased demand, the sale period in our neck of the woods has been reduced dramatically. People are not dilly dallying, if there's something that they feel suitable they're certainly putting their best foot forward because they realise there's not multiple choices," he said.

New developments are also poised to draw more visitors to the region, including the new Eden Welcome Centre that opened in April and the iconic Australasia Hotel, which is currently undergoing a major restoration project.

Meanwhile, Sydney developer Core Asset Development recently received approval for its $100 million Sapphire of Eden development set to include 86 apartments and a 78-room Radisson hotel.

"There's certainly a lot occurring at the moment and a lot of confidence in the town," Mr Wilson said.

Despite the recent price surge, Eden still offers affordable options for home buyers such as 4/85 Princes Highway, a three-bedroom apartment on the market for $299,000.

On the top end of the scale, 459 Princes Highway Eden, a 17-acre waterfront property, will set you back around $2.95 million.

In Mollymook, one particular sale has everyone talking. An exclusive South Coast home sold in early October for an eye-watering $10 million under the virtual hammer - more than doubling the previous record for the suburb.

The home, located at 15 Shipton Crescent, sold at online auction after 39 days on the market.

Selling agent, Ben Pryde from Raine and Horne Mollymook/Milton confirmed the $10 million sale price, but declined to disclose any details about the buyer.

He said there were 13 registered bidders, and "very spirited" bidding took place.

"Up to around the mid-$8 million mark there were still three bidders in it, and then it came down to the last two right through to hit the $10 million mark," Mr Pryde said.

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The home, listed with a price guide of $6.5 million, last sold in 2016 for $2.36 million according to CoreLogic records.

Mr Pryde said bidders who participated included "ex-pats, Sydneysiders, people from out west, interstate".

"There were plenty of big players involved," he said.

The previous residential sales price record for the suburb is believed to be $4.45 million, set in 2019.

The median sales price for houses in the area was $720,000 in July, up from $660,000 in 2020.

But it's not all record-breaking prices in Mollymook. A two-bedroom villa at 32/34 Ilett Street is on the market for $365,000, while in neighbouring Ulladulla, a three-bedroom house at 17 Cassia Place is listed for between $785,000 and $835,000.

While it's perhaps a more affordable location, Batemans Bay has not escaped surging house prices.

The median sales price for houses in the area was $465,000 in mid-2020 before increasing to $533,000 in July 2021.

Bronwyn Geppert of Raine and Horne Batemans Bay said the market is "incredibly busy" and prices are still increasing.

Canberra buyers are a core market in the area.

"A lot of people in Canberra already own holiday houses down here and up until they went into lockdown they were spending most of their time down here. Weekends and through the week [if] they're able to work from their coast house," Ms Geppert said.

Buyers can comfortably secure a property around the median price for the area, Ms Geppert said, however land is becoming more scarce.

"I just sold a three-bedroom duplex in Surfside for $620,000 and I've just listed a two-bedroom unit in a nice complex close to town for a price guide of $480,000," she said.

"Land is attracting a huge amount of interest. I listed a block of land at Long Beach and I can't believe the amount of emails that I'm getting on it."

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