In the wake of COVID-19, the Australian housing market has experienced considerable fluctuations, with regional areas of New South Wales such as the Snowy Mountains, witnessing significant price growth. According to a recent research article by CoreLogic, the effects of the pandemic on housing values were prominent in regional towns like Cooma and Jindabyne, however experts say this growth has now slowed.
Shannon Fergusson, Principal at McGrath Real Estate in the Snowy Mountains, noted the property market despite seeing remarkable growth, has experienced a pull back in prices recently. “The market certainly levelled off after the peak demand years, especially throughout the latter part of 2024, when buyer activity slowed significantly,” Mr Fergusson noted.
PHOTO: 9 Kiah Avenue, Cooma, recently SOLD for $775,000 after being listed in the $840,000 price range CREDIT: McGrath Real Estate Snowy Mountains.
Despite these fluctuations, there are signs of recovery. The market saw a surge in buyer activity in early 2025, particularly in Cooma, where sales in the McGrath Snowy Mountains office are reported to be strong in the first quarter. Mr Fergusson commented on the growing interest, stating, “We have certainly seen proactive, strong buyer activity returning in January, February, and March this year, most likely due to more buyer confidence surrounding interest rates, and potential investors who left the market in late 2024 returning.”
PHOTO: CoreLogic’s key turning points for national home values since COVID 19 – national home values levelled off in 2025 CREDIT: CoreLogic
Jindabyne saw the most dramatic increase in property values in the region, rising by 67.4 percent since March 2020 according to CoreLogic data, with the median value now levelled off slightly since recent highs and sitting at $1,230,000. Cooma, likewise, reported a 37.4 percent increase since March 2020, with its median house value currently at $530,000.
PHOTO: 9 Kiah Avenue Cooma – An attractive, high end four bedroom home, spent 121 days on the market.
Price changes have been varied across the market with properties priced above $800,000 in Cooma a bit slower to find buyers, whereas those in the $600,000 to $700,000 range have remained robust according to Mr Fergusson.
“At the moment, properties in Cooma for example in the $600,000 to $700,000 thousand range, might have been fetching approximately 30-50 thousand more during the height of the market. Currently though, the affordable properties are finding buyers more easily than the higher end.”
“In Jindabyne I have seen some data that suggests there has been a decrease of property values up to approximately 25 percent.”
Overall, while regional areas like the Snowy Mountains have experienced considerable growth since March 2020, current market dynamics suggest a more stabilised environment moving forward.