Currently I'm in Kianga Narooma on a mini holiday visiting my father, Narooma is pretty much in the centre of Sydney and Melbourne and around 2/1/2 hours from Canberra on the coast. People holiday in Narooma from Sydney Melbourne and Canberra and have been doing so for as long as I can remember, recently prices in Narooma and surrounding areas such as Kianga have seen some great gains and I'm wondering why, for years people have been leaving Narooma because of lack of work myself included so the population isn't growing and the infrastructure hasn't changed to much over the years so where is the growth coming from? Is it possible with Sydney Melbourne and Canberra having great growth the people visiting from those areas are spending on holiday houses here in Narooma and driving up prices? I'd be interested in any thoughts as it seems now buying anywhere around kianga will cost you upward of 450k, 50% growth in 2 years, wow!
I remember speaking to someone about Narooma (not in relation to property) about 18 months ago who told me that following the establishment of the marine park near Narooma, he's noticed a dip in tourism (fishing being one of their major tourism drivers). The annual shooting expo (running for 2 years now) has helped bring some of that back, however it's only for a few days per year. Not sure if it's relevant but I figured I'd mention it.
@Darren its a combo of holiday homes, investors and relocators. The population growth stats are always so late (relying on census data) but there are baby boomers retiring there from the 3 capitals as mentioned plus the spending of equity from those areas by investors and families wanting weekenders. Also a few young families who are more mobile, either due to jobs like teaching nursing etc or due to tech (telecommuting) plus a few fifo guys who travel for work. They go for lifestyle. The median price didn't move at all from 2004 to 2014 so if demand increases at some point the whiplash has to happen.
