The median property sales price in the coastal town of Gerroa has more than doubled during the COVID-19 pandemic, with low interest rates and fierce competition among buyers believed to be driving factors.
Among the few listings currently available in the exclusive spot is a 1950s cottage with an asking price above $4.5 million, and another that will enable the buyer to count singer/TV personality Guy Sebastian and surfer Sally Fitzgibbons among their neighbours.
According to CoreLogic, by 2016 the population of Gerroa was 672, with the predominant age group there being 70-79 years.
The median sales price in Gerroa more than doubled between May 2020 and May 2021, increasing from $1,125,000 to $2,425,000, where it remains.
CoreLogic figures show there has been 11 property sales of $2 million-plus there during the past 12 months.
"The market has doubled in Gerroa over the past 12 months - COVID has certainly played a large part in that, as have record low interest rates," Ryan Stalgis of First National Coast & Country said.
"We've also seen prices increase in Gerringong over the same period, but I attribute Gerroa's higher growth to it just being that little bit more exclusive.
"There is a much smaller turnover of stock in Gerroa which means that every property is fiercely contested between buyers."
Mr Stalgis is the selling agent for 148 Headland Drive, Gerroa, which was listed for sale a couple of weeks ago.
The two-bedroom, one-bathroom original mid-century cottage sits on 556 square metres.
It offers ocean and headland views, and is one of just a handful of properties on Headland Drive's waterfront reserve.
It has a price guide of $4.75 million to $5 million.
Mr Stalgis said most of the interest in the property was from Sydney buyers.
"That location does tend to be more of an older market, retirees," he said.
"Most people [are] looking at it as an investment property with an eye to moving down here in the future.
"The view and the location is incredible. The position is incredible, it backs straight on to the waterfront reserve.
"The house is an original '50s shack there, so most people are looking at it as a knockdown-rebuild."
Mr Stalgis is also the selling agent for 125 Stafford Street, which will come on the market this week.
Siting on a 556 square metre block, the five-bedroom home has a price guide of $3.5 million-plus.
Sebastian and Fitzgibbons both own properties on the same street.
"It's got multiple living areas, and a dedicated home office that's also a home theatre," Mr Stalgis said.
"It's great for the family or people who want to have lots of guests staying, and it has a lot of potential as a holiday rental."
Mr Stalgis said stock levels were typically low in Gerroa, with it not being uncommon for only two or three properties to be on the market at any one time.
He believed Gerroa was actually undervalued prior to this recent sale price increase, given its "incredible" views and beaches, and also due to it being small and private, yet still close to everything you need.
"You have a fantastic region around you with coastal walks, wineries, golf courses, rolling green hills and terrific headlands," he said.
"It's far enough from Sydney to not be overdeveloped but still near enough for a weekend getaway.
"It really has the best of everything - and the prices we're seeing now reflect that."