Local real estate agents are unanimous – our region has never seen anything like the current boom.

“When we were in this stage of the cycle last time in 2002/3 I remember it being extraordinary how quickly properties were going up in value,” says Jason Stalgis of First National Coast & Country.

“But this is surpassing that, not only by price but by volume of people that want a slice of this area.”

He says it is unusual at the moment to have less than thirty groups at an opening.

“Quite often we are getting 50 groups wanting to go through in a half an hour period, so a lot of times we are running over.”

The type of buyer has changed to mostly being people who want to move into the area, rather than buy a holiday property.

“COVID has changed people’s perceptions of when they are going to do things. A lot of people have been looking to do something for a while, but all of a sudden they are saying, it’s time to do it.”

In the Gerringong area, the lack of new release land and investors and locals holding onto the properties they have has tightened supply.

“We usually have a lot of locals upgrading their homes, by moving closer to the beach. We aren’t getting those now, as the competitionis too steep.”

The whole Kiama region is experiencing the boom, but Gerroa has been a particular hotspot.

“We really don’t know where the limit is there,” says Mr Stalgis.

“Every time we try and estimate what a property is going to sell for it goes well beyond it. All the value is in the land.”

He gives the old Omega Schoolhouse on the Princes Highway as an example of the way prices are exceeding expectations. It sold for $3.27 million, $1.5 million above the reserve, despite its heritage status and needing a million dollars spent on it.

Vivian Marris of Elders Jamberoo agrees there are lots of Sydney buyers wanting to work from home outside of the city.

“COVID has encouraged people to move down here now rather than later as they had planned to,” she says.

“For some, access to the NBN is a deciding factor.”

Her two large recent off-market sales – $4.7m on Factory Lane (141 acres) and $4.25m on Jamberoo Mountain Road (67 acres) – have generated a lot of buyer interest, but people are also wanting to stay put so supply is tight.

“There is nothing on the market in town at the moment, and I’ve never experienced that before.

“Just shows people recognise this is a damned great place to live.”

“I’m of the opinion that this peak we are experiencing now probably has 3-6 months to run before we get back to a normal cycle.”

Michelle Lay has had the Ray White office in Kiama for over 19 years, and it is the busiest she has seen it.

“Back in March I thought it was going to be something different than what it turned out to be.

“The market picked up enormously from about September, and it is now a real sellers’ market with the lack of stock.

“We always had a good balance with local buyers, but the sea changers are now outweighing them.

“As we closed 2020, our auction clearance rate was sitting at 100 per cent under the hammer, with most of them seeing seven to eight registered bidders.

“Some of our properties exceeded $250,000 more than the reserve expectation.”

Ms Lay agrees the number of prospective buyers inspecting properties is stronger than ever before.

“Three to four week auction campaigns have been attracting 100-120 people.

“It has been phenomenal for our vendors.”

She thinks that part of the reason more houses aren’t going on the market is that people are worried they aren’t going to be able to get something else, unless they move somewhere in less demand.

“Kiama has been named as one of the top three places where people want to purchase,” says Ms Lay.

Newcomers to the market, Stone Real Estate, have noticed a definite change since they opened last July.

“There are lots of buyers coming down from Sydney, and so few properties,” says Helena Crumpton.

“There is literally a competition for every home.”

She agrees that people have brought forward their plans to move down here.

“We are still so accessible to Sydney, so people can get up there when they need to.”

Greg Crumpton says he’s noticed another trend.

“Rather than having their holiday place down here, a lot of people are flipping it and now making their main home down here and just going to Sydney when they want or need to.

“Sydney is becoming their weekender rather than the other way around.”