You don’t need a graph to see why Gerringong now tops the region’s property charts.

Just stand on Tasman Drive.

The clifftop views are breathtaking, and so is its property boom.

Gerringong has emerged as the region’s most expensive town and the biggest long-term mover, topping the coastal market for both prestige and price growth.

Its median house price is now $1.8 million, nearly tripling in value from $625,000 in 2005.

That’s according to exclusive data released this week to The Bugle by Cotality (formerly CoreLogic), revealing the top end of the market across the Kiama, Shoalhaven and Shellharbour LGAs.

In the first of a three-part special report examining the state of the region’s property market, The Bugle looks at the biggest movers, the most expensive towns, where there’s still a relative bargain, and what the numbers tell us 20 years on.

Gerringong leads a powerhouse list of biggest movers that includes Berry, Kiama, Jamberoo and Shell Cove.

Berry has seen its median house price surge from $653,000 to $1.6 million over the past two decades.

Kiama’s values have risen from $669,000 in 2005 to $1.57 million today.

And Jamberoo now commands a $1.5 million median house price, while Shell Cove, once a growth corridor, firmly sits in the prestige bracket at $1.4 million.

When The Bugle visited Gerringong’s clifftop Tasman Drive on Monday, tourists were gathered for the view at a coastal stretch made famous by a recent Visit NSW TikTok video that went viral.

Tourists at Tasman Drive. Photo: The Bugle

It’s now more than just a scenic lookout. It’s the frontline of a property market that has left many locals, and first-home buyers, playing catch-up.

Cotality’s research director, Tim Lawless, said that while local property values had soared over the past two decades, the market had more recently been through a weak patch.

“Despite rising values since early 2023, both regions are recording values that are below peak levels,” he said.

“Kiama-Shellharbour values are down 4.8 per cent from their record highs and Shoalhaven values remain 11.5 per cent below peak levels.

“The drop in values between mid-2022 and early 2023 coincides with the early rapid phase of rate hikes but also came after a significant boom in housing values through the pandemic.”

He said Kiama-Shellharbour values surged 51 per cent between the onset of Covid in March 2020 and the market peak during the pandemic.

Shoalhaven values had an even greater bounce, up 64 per cent in the same period.

Lawless said demand for lifestyle properties and homes within proximity to the coastline remained high, especially in areas that offer a blend of commutability and liveability.

“Considering home values remain below their peak levels in these regions, buyers who missed out on purchasing a home during the pandemic boom may be more motivated to try again while price levels are discounted from their peak,” he said.

And there are still a few opportunities to do exactly that.

While the top end of the market continues to soar, the cheapest entry points around Kiama now sit between $720,000 and $1.33 million.

According to the latest Cotality data, Albion Park remains the most affordable option, with units averaging just $720,000.

Kiama units come next at $923,000, followed by Albion Park houses at $958,000.

Shell Cove units sit at $1.08 million, while Kiama Downs houses, at $1.33 million, mark the upper end of what’s still considered a “budget buy” in the current market.

NEXT WEEK: Agent reaction to the latest data, and their take on local property trends.