KIAMA may have retained its spot as having the most expensive median house price on the South Coast, but the costs have actually fallen during the past year, new data shows.
The Domain State of the Market Report, December Quarter 2018 released on Thursday shows the average house prices across in the region and how much they have grown in recent years.
Kiama topped this list for the most expensive median house price at $867,500, followed by Shoalhaven at $555,000, Bega Valley at $517,500 and Eurobodalla at $499,000.
However, while Kiama might have the highest median house price, the cost of buying a home fell by $29,500 (3.3 per cent) during the past year, from $897,000 to $867,500.
All other locations in the report experienced an increase in median prices.
Eurobodalla experienced the largest jump, with buyers now needing an extra $37,776 (8.2 per cent) to purchase a home, with cost increasing from $461,224 to $499,000.
Bega Valley buyers also needed to find a little extra cash, with prices increasing by 3.5 per cent – from $500,000 to $517,500.
While prices went up by 1.8 per cent in Shoalhaven, with the median cost now $555,000 which is up from $545,000 just one year ago.
The cost of purchasing a unit in some locations the South Coast also increased during the past year, the data shows.
In Bega Valley, median prices jumped by 6.8 per cent – from $281,000 to $300,000; while the cost increased by 2.45 per cent in Shoalhaven – from $437,000 to $447,000.
Meanwhile, in Eurobodalla it became a little cheaper for those looking to buy a unit with prices dropping by a significant 5.5 per cent during the past 12 months, from $325,500 to $307,500.
Looking back a little further to Domain’s data from 2013 shows just how significantly median house costs on the South Coast have increased.
House costs in Shoalhaven have skyrocketed by 59.7 per cent in just years – from $347,500 to $555,000.
The median cost in Kiama recorded the second highest increase, with the price jumping by 57.7 per cent from $550,000 to $867,500.
Prices spiked Eurobodalla by 45.1 per cent (from $344,000 to $499,000) during the five-year period; while costs rose in Bega Valley by 42.8 per cent (from $362,500 to $517,500).
The Domain report also showed a continuing cooling of the Sydney housing market, with house prices recording the steepest fall in more than two decades, pushing prices back to mid-2016 levels.
House prices fell 3.2 per cent over the quarter and 9.9 per cent over the year to $1,062,619.
Unit prices fell 3.3 per cent over the quarter and 5.8 per cent over the year to $702,012.