Despite the market perhaps having “settled”, Kiama remains a desirable location for prospective buyers.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The penthouse apartment at 5/11 Bong Bong Street is located in a premier position next to Kiama’s Surf Beach.
The three-bedroom, two-bathroom property has a price guide of $1,950,000 to $2,100,000.
Selling agent, Ray White Kiama principal Michele Lay said it offered two “stunning” outdoor entertaining areas, as well as impressive views of the surf and sand.
Ms Lay said “things are still going along well” in Kiama’s market, and it remained a desirable location, particularly for Sydney-siders.
Ms Lay said any listings in the Kiama area in the price bracket of up to $900,000, for instance, are “still walking out the door because they’re very hard to find”.
However, she said agents and sellers needed to be, “a bit more patient in this market, because things have settled a little, which I think is a great thing”.
“I think generally things have settled; finance is a lot more difficult to secure of course,” Ms Lay told the Mercury.
“So we’re just hopeful that those cash buyers will come along in the higher end, which very often they are.
“Kiama’s a jewel in the crown… I think it’s quite insular in its own market, it’s very boutique and unaffected by what else goes on.”
According to The Domain Group, the average age of Kiama residents is 60-plus, with 54 per cent families and 46 per cent singles.
Also, 43 per cent fully own their own house, 25 per cent have a mortgage and 31 per cent are renting.
Domain Group figures also indicate that the median price for a four-bedroom house in Kiama is $1.032 million, with 41 sold this year and spending an average of 65 days on the market.
Among First National Coast & Country agent Andy Wharton’s current listings is 2 Charmian Clift Place, Kiama.
Charmian Clift Place is named after the Australian writer, who was born and raised in Kiama.
The four-bedroom, two-bathroom house has a price guide of $980,000 to $1,050,000.
This brick home is north-facing with private enclosed yard and sits on a 720sqm block.
Mr Wharton said it had been on the market for about six weeks, but was drawing interest mostly from families and retired couples.
“We’re getting Sydney interest, but we’ve had people from the country looking to relocate to Kiama, or even (from) the northern suburbs of Wollongong,” he said.
“We’ve had couples from Thirroul and Wombarra, for example, who have been priced out of the market up there.”
Mr Wharton said properties in Kiama were still selling “quite well”.
However, he believed there had been a flow-on effect from the cooling Sydney market.
Although it remained a popular suburb, he was finding that the Kiama market is “flattening a little”.
“I’m seeing probably less people coming through open houses and more buyers more willing to, or wishing to negotiate price,” he said.
“Price is always really the only benchmark you work from.
“If you’re over-priced, it doesn’t sell, or it takes too long to sell.
“In a changing market, a price review or no price marketing is probably best.”