Gerringong is currently an “incredibly hot market” popular among Sydneysiders and soon-to-be retirees, one agent says.
According to the Domain Group, the median price of a three-bedroom house in Gerringong is $723,000, with 24 sold this year.
Domain Group demographics report that the average age of residents is 40-59, with 55 per cent families and the rest singles.
According to this data, 40 per cent of residents fully own their own home, 34 per cent have a mortgage and 26 per cent are renting.
Angie Ritchie, director of Illawarra and Shoalhaven-based real estate agency Zest Residential said Gerringong is an “incredibly hot market at the moment”.
She believed this was the case because there was “not a lot of supply, and a huge amount of demand”.
“I think because it’s double-lane highway basically from Sydney, you’ve got a lot of people down here who are commuting.
"A lot of the buyers that I’m working with are people from Sydney, and the major breadwinner is still working up there, as it is a commutable distance and they can work from home the other days.
“The other parent and the rest of the family enjoys the community that Gerringong offers, the great school and lifestyle."
Ms Ritchie said another demographic buying in Gerringong were investors looking to retire there in about ten years’ time, “but want to get their foot in the market now”.
“So they’ll buy now, rent it out and then in ten years they’ll either move into the house, or they’ll have their foot in the market here.”
Among Ms Ritchie’s current listings is a property at 13 Gowan Place, Gerringong, with an asking price between $890,000 and $930,000.
The four-bedroom, two-bathroom, north facing home offers views of the mountains and ocean.
Meanwhile, earlier this year, one of Gerringong’s oldest buildings was up for sale after more than 50 years with the one family.
Peppercorn Cottage, at 169 Fern Street, was built during the 1860’s when the town was just a small seaside village and is believed to be the oldest house still standing in the township.
Peppercorn Cottage sold at auction for $1,340,000.
Neil Campbell, principal at Ray White Gerringong said the Gerringong market remained strong.
“Talking to agents in the Illawarra they’re saying things might have cooled a bit, but that hasn’t been the case here as yet,” he said.
“We’re not seeing the number of buyers that we saw say three months ago, but the market’s still very good.”
Mr Campbell said Gerringong’s small-town feel and beauty were major drawcards.
“It’s a closed shop residential wise; there's no more land being opened up or anything else, so that keeps pressure on things,” he said.
“There’s basically no vacant land available anywhere, there’s no vacant lots available for sale in the whole town.”
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