Illawarra prices up 30pc, Shoalhaven 37pc as regional property keeps booming

Home values in these prime Shoalhaven locations have jumped 37.6 per cent over the past year, according to the latest CoreLogic figures, the highest growth for any region in the state.

The median price for houses and units in the region now sits at $957,036.

Growth in the Illawarra region, including Wollongong, Kiama and Gerringong, was slightly slower at 30 per cent for the year, and the median price here is currently $950,472.

Property values across regional locations have boomed in the past year, as prices nationally reached their highest growth rate since 1989.

The latest CoreLogic figures showed that many regional areas outpaced capital cities for price growth in the past year, despite prices in Sydney growing by a huge 25.5 per cent over the 12 months to January 31.

The latest CoreLogic figures show that even during January, traditionally the quietest month of the year for the property market, prices in regional areas continued to grow at more than twice the rate of the combined capital city markets.

Prices in the Illawarra grew by 1.4 per cent during January and were up by 1.6 per cent in the Southern Highlands and Shoalhaven.

CoreLogic research director Tim Lawless cautioned against placing too much emphasis on January's growth figures, given the smaller number of homes changing hands during that month.

"As the volume of home sales moves out of seasonal lows, we should get a firmer reading on how 2022 is shaping up," he said.