The Bugle's View - Value versus worth 

As has been widely reported, the median price of property in Kiama has reached $1.5m, a rise of more than 80% in the last five years.  

The cost of housing has eclipsed Byron Bay, and we’re now the most expensive place in regional NSW to put a roof over your head. 

Not too long ago, anytime Byron Bay was raised in conversation, it would be along the lines of – “I hope we never become anything like Byron Bay”.

And just like that, we’re there.

On the face of it, we’re not too far behind Sydney, with the price of a swanky luxury SUV that we see swanning down Terralong Street the only difference between the cost of housing between here and Sydney.  

This is great news for all property owners (particularly those without a mortgage!) in the area. No doubt that they’ve worked hard to get onto the property ladder, realise their Australian dream and the value of their asset(s) have skyrocketed. 

We say property owners, rather than homeowners because we know that there are quite a few properties that are investments for short-term letting, or simply a weekender for a Sydneysider. 

The Bugle does not cast aspersions on the right to own property and see its value increase over time – but our View is, what worth does the average price of a home being $1.5m bring to our community? When families are being broken up and young adults are leaving the area taking with them, youth, energy and importantly the next generation of our community, there is a clear difference between ‘value’ and ‘worth’. 

Our coverage also heard the other end of the family-unit spectrum. We heard from Kiama local Ryan Jamieson and his family’s own personal housing crisis with no other options but to sleep on a pull-out sofa whilst his daughter shares a bed with her grandmother. 

He and his family are just some of the faces of the housing crisis. Our property might have value, but what is its worth, if it means that our community is under constant housing stress with little to no options besides leaving the area?

Our people and community are our greatest asset, but if Ryan’s situation is anything to go by, ‘our people’ are under stress and are moving away. It’s no wonder the average age of our local government area is already ten years older than the rest of the State. In Kiama specifically, it is even more stark. 

Kiama Council says that in the next 15 years, one-third of the population will be over 65 years old.  

Is our community just going to become cashed up Sydneysiders who are selling their expensive property and buying another (albeit less expensive one) in our area? Sure, there’s significant value involved in that transaction, but what is that worth?

Premier Chris Minns recently stated that Sydney is at risk of becoming a city with no grandchildren, and given the similarities with our housing prices, we appear to be on that same trajectory. Perhaps, superficially, this is what the overarching community wants? But if we delve deeper, is it really? Do we want to be a diverse community with teachers, aged-care workers, families, professionals, entrepreneurs and young people as well as the elderly? 

Or do want to have an enclave that is asset-rich and worth-poor? 

The Bugle’s View is that we should be happy that a majority of us now have a lot more value to our names, but equally, we need to start thinking about how we increase our community’s worth.