Trever Molenaar, chairman of the Real Estate Institute Illawarra said Bulli remained a sought after spot.

“There’s two reasons – beachside suburb, and close to Sydney,” he said.

Mr Molenaar said there were a shortage of available properties in Bulli, ensuring the price remained high and making it difficult for buyers to get into the market.

“On the flipside, I guess it’s something that was needed; we need more housing to cope with the influx of people that have come into the northern suburbs,” he said. 

“I’ve been hearing about the ‘Sydney invasion’ for the past two decades.

“It’s something that has been happening for a long time, and still will always continue to happen.

“The northern suburbs, because of the proximity to Sydney is why people are coming down and still being able to commute.”

According to the Domain Group, the median price for a four-bedroom house in Bulli is $1.15m, with 23 sold this year. Domain Group demographics report that the average age of residents is 40-59, with 51 per cent families and the rest singles. 

While 32 per cent fully own their own home, 39 per cent have a mortgage and 29 per cent are renting. 

Among One Agency Downie & Denison Pender’s current listings is a four-bedroom, split level house at 18 Blackbutt Place, Bulli. 

Its features include a sunken rumpus leading out to undercover entertaining with wet bar, including the original bartop from Bulli’s Heritage Hotel. The price is undisclosed. 

One Agency Downie Denison-Pender principal Vanessa Denison-Pender said the “market in Bulli at the moment is not as pricey as Thirroul”. “It’s a little bit more affordable,” she said.

“There’s more stock in Bulli than there is Thirroul.

“Prices have gone up consistently (during recent years)… People see it as a second option to Thirroul/east Thirroul.

“So if they can’t get into east Thirroul where you’re paying $1.5-$1.6 million, you can get into Bulli for $1.3-$1.4 million (at entry level), and be close to the beach.”

Mitchell James, director at Martin Morris & Jones Dapto currently has a two-bedroom townhouse listed for $480,000-$520,000, located on Waterloo Street, Bulli.

Mr James said Bulli represented an “extremely competitive” area. “And you’ve got such a vast array of property there too,” he said.

“Take Waterloo Street for an example… We had a fair few people through the first week at the open house, it’s sort of under offer at the moment. That's staying on the market for a week, and the property’s condition’s certainly dated, so that’s probably a good indication the market is really strong.

“Then you go around the corner and buy something for three million bucks.” 

Mr James said “if you look at the age of the area there’s a lot of older homes up there”.

“I think it’s really just the generational change. All the older cottages are now being knocked down, and you’re seeing magnificent homes up there.”