Median prices in Surfside began to show significant growth in late 1987, according to Residex figures. From this point until 2004 Surfside’s story is one of steady and continual growth. Surfside’s medians in fact managed to show growth in 28 consecutive quarters, rising from $26,479 in September 1987 to $95,469 in September 1994.
In 1994 however, began a trend of gradually increasing growth rates followed by a 2004 period of price fluctuations. Surfside then sees spikes at the beginning of 2006 ($300,512), 2008 ($324,071) and 2010 ($340,445), indicating a trend for summer purchases in these seaside suburbs.
“There’s a seasonal trend pre-Christmas, so you’ll find increases in pricing as well as turnover certainly at the start of the year because all the settlements would roll through from that pre-Christmas period,” explains Raine & Horne Batemans Bay licensee Adam Porteous.
Surfside does seem to have been affected by the GFC, but the crisis didn’t hit quite as hard here as it did in Malua Bay. Medians did plateau at around $324,000 throughout 2008 and during the first half of 2009, but this slowdown sits in stark contrast to Malua Bay’s price crash over the same period.
Porteous points out that Surfside’s proximity to the Batemans Bay CBD makes it more of a location for permanent residents than holiday home buyers, and this may explain why its market remained sturdier than Malua Bay’s during the GFC.
“Surfside is within a few kilometres of the Bateman’s Bay CBD, so you’ve got more of a permanent residency there. There’s more of a holidaymaker market down in Malua Bay,” he says. “I’d say 60% of properties in the Malua Bay area are either investment or holiday homes, and in tighter times the first thing to go won’t be the family home; it’ll be the investment property.”