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As seen in the Source link, written by news.com.au on 2019-12-03 22:22:07

Buyers looking for great return on their property need to buy look at buying into the coastal locale of Kiama now.

A new report has found that the town is forecasted to see the median house price grow by nearly 25 per cent over the next three years.

Research house SuburbGrowth.com.au is reporting that Kiama’s median house price of $825,000 is set to go by 24.4 per cent.

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The analysis by SuburbGrowth.com.au – part of the Select Residential Property Research Group (SRP) – looked at holiday hot spots around Australia that are set for unprecedented growth.

Its findings placed Kiama as the fifth best in Australia and the third best in NSW. It lagged behind East Ballina, which is set for 27.8 per cent growth and Bilambil Heights in Tweed Heads by 26.7 per cent.

SRP Director of Research Jeremy Sheppard said the research focused on suburbs within holiday locations, which also had solid market fundamentals outside of the tourism sector.

“While some of these locations might be better known as holiday destinations, they also have significant local populations – in some cases, hundreds of thousands of people who live there all-year round,” Mr Sheppard said

“What this means is that these markets have solid fundamentals primed for growth, including the economic principals of demand and supply that apply upward housing price pressure.”

The report comes as CoreLogic has indented a 0.9 per cent growth in Kiama’s median sale price over the three months, as the market begins to show signs of turning around.

Raine & Horne Kiama’s Steve Pryor who is selling a sprawling six-bedroom estate right on the beach at Kiama, said the market has seen a slightly lift from the recent spring selling season.

“The second quarter of next will be a better gauge at just how strong the market really is,” he said.

“At the moment the loosening of lending restrictions has assisted in seeing a boost in the market this spring.”

Mr Pryor said the Kiama market was aligned with property trends happening further north in Sydney.

“With 50 per cent of our buyers coming from Sydney, if the Sydney market grows, usually we have a good flow on affect,” he said.

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