Those with dreams of moving into Bulli have not had a good year.
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Data released today shows that Bulli was in the top five fastest rising suburbs in regional NSW for housing property prices.
The median sale price for Bulli in 2021 was $1,710,000, a 65.1 per cent increase.
The data for Bulli is part of a wider growth in regional house prices, with regional house prices outpacing their city counterparts in 2021.
Regional housing markets grew by 30 per cent while capital cities rose by 21.7 per cent.
Regional NSW was the market with the highest price growth with dwelling prices up by 36 per cent on the previous year.
The figures come from the PropTrack Property Market Outlook 2022 report and PropTrack director of economic research and report author Cameron Kusher said 2021 was an extraordinary year for property prices.
"Last year was a bumper year for property prices in Australia. In 2022, we expect prices will continue to climb, but the rate of growth will slow."
With COVID-19 restrictions lifting in 2022 and interest rates on fixed rate mortgages expected to increase, Mr Kusher expected the overheated market to cool off.
"The uplift in new listings since lockdowns ended is likely to lead to a better balance between the supply of homes for sale and buyer demand," he said. "This is expected to result in properties taking slightly longer to sell as potential buyers have more choice and less competition, meaning they don't have to move as quickly to secure a property and may not have to pay a premium."
The rapid increase in property prices in the Illawarra has left housing out of reach for a greater portion of the population.
Housing advocates have called upon governments to set aside portions of new development for affordable housing as community housing providers struggle to keep up with demand.
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