From the country to the coast
Buyers are falling in love with the many charms of Mollymook
Buyers are falling in love with the many charms of Mollymook
Mollymook is a small town cooking up a huge reputation. Although its permanent population sits at about 3,500, thousands more descend on the coastal patch and surrounding villages each year for a slice of its laidback lifestyle and five star culinary offerings.
Like its beachside peers across the country, Mollymook on NSW’s South Coast turned heads during the pandemic years. City slickers narrowed in on the space, serenity and affordability of the region transforming the sleepy holiday town into a desirable destination among more permanent buyers.
In 2020, the median house prices in Mollymook Beach and Mollymook were $785,000 and $750,000 respectively.
By the time the property cycle hit its peak in 2021 those figures
had almost doubled. Domain data reported that Mollymook Beach clocked up the highest house price growth of any suburb in Australia over the five years to July 2022, registering an incredible 106 per cent price hike.
Today, however, the extraordinary flight to the country has eased with
interest rate rises pouring water on boiling house prices.
While down 2.4 percent from peak prices, Mollymook’s house median is still $1.22 million while Mollymook Beach sits at $1.05 million, down a significant 21.3 per cent over the same period according to REA Group data.
Andrea Tucker, principal of McGrath Estate Agents Mollymook said the region has travelled through a price adjustment and is coming out the other side.
“We’re still ahead if you round those figures up,” she says. We’re really trading back in a normal market after quite a bullish time.
“There’s a little caution from buyers now, but they’re still quite active in the market. They’re
just sitting back waiting for opportunities, particularly if they’re looking for investment properties.”
Tucker adds that when it comes to home prices, Mollymook has several sweet spots.
“If you can pick up anything in Mollymook under $1 million, you’ll have people all over it,” she says. “Then you go up in gradients but once it gets over $2 million the buyer pool starts to thin out.”
Local agents place the luxury market in excess of $3 million, however in the heady days of 2021, a beachfront house in Mollymook sold for $10 million via online auction. Just five years prior, the same four-bedroom house at 15 Shipton Crescent was bought for $2.26 million.
In addition to its popular surf beach, Mollymook has a large natural rock pool known as the Bogey Hole and Mollymook Golf Club maintains two prized golf courses; an 18-hole championship course known as the Hilltop and a smaller 9-hole beachside course.
“One of the beautiful things about living here is you’re less than 10 minutes from the beach or the countryside. We’re really blessed,” Tucker says. “Not to mention we’re quite spoilt for fantastic restaurants.”
In 2009, English celebrity chef Rick Stein put Mollymook on the national food map when he opened his first Australian restaurant, Rick Stein at Bannisters. Other high-profile restaurants include the Asian-inspired Gwylo and The Beachside Bistro with nearby fine dining spots such as Cupitts Estate and Small Town are also attracting the tourist trade.
With the food scene flourishing, the accommodation landscape is developing in Mollymook too. Earlier this year, Motel Molly became the latest in a string of revived retro motels across the country. Following the multi- million-dollar refurbishment of a former beachside motel by Knox Developments and Richards Stanisich — also responsible for refitting historic Sydney joints Hotel Rose Bay as well as The Woollahra Hotel.
Sensing its saleability, developers are also waking up to Mollymook. Peniche, a four-storey luxury development of eight three- bedroom apartments, was given the green light by Shoalhaven Council in early 2023. The
project at 1 Buchan Street is currently being marketed through McGrath Mollymook and is set for completion in late 2024.
Its perks will include a shared pool, views to the ocean as well as Mollymook golf course with prices starting at $1.75 million.
Local buyer’s agent, Matt Knight of Precium, says while investors making the most of the tourism trade had stepped back after a flurry of activity post-COVID, there still is a holiday home market in Mollymook.
“While we’ve seen a softening in tourist numbers, they’re still very large tourist numbers. When international borders were shut there was a captive audience of tourists with nowhere to go except for where they could drive to. As a result, we had a very high hotel and holiday home occupancy rates and a subsequent massive spike in prices,” he said.
Airdna, which analyses the performance of short-term rental properties listed on Stayz and Airbnb, revealed that by December 2022, demand for Mollymook Beach holiday rentals was down 27 percent for January compared to
the previous summer. As Australians began venturing abroad once again, owners invested in the short term rental market started rethinking their strategies according to Knight.
“The Airbnb occupancy rate has dropped a little and some of those properties have come back to a more normal holiday vacancy rate,” he says. “A few people may have decided in response to pull their property off the holiday let market and put in a permanent tenant, particularly in the light of all the interest rate rises. So that’s caused a bit of an easing in the long term rental market.”
House hunters turning to Mollymook cover a wide cross section, Tucker explains, but the hottest properties are four-bedroom houses with retirees, investors and families all in the mix.
“I get really excited about the young professionals still moving here,” Tucker says. “We had a lot come through COVID, and although some have had their corporate companies claw them back into the office, they’re still coming.
“They’ve had their eyes opened. They realise they can take up surfing, there are smaller class sizes for their kids, they’re not spending so much time in traffic.
“There’s still a lot of enticement for young professionals to move here.” Knight agrees the stream of buyers is a mixed bag from expats hoping to return Down Under, to retirees and digital nomads.
“There’s still a small number of people leaving the cities because they can work from home. I’d say the volume has gone down, but it’s still there and people are making real estate choices based on that,” he says, adding that Mollymook and its surrounds has something not all quiet coastal towns can offer.
“It’s really become a place where a sophisticated buyer, who wants the beach but also the mod cons of life, can have it all. Whereas some of the more remote beaches are beautiful, but they just have a little general store.”
Ultimately, Mollymook’s “critical mass” offers something for almost everyone according to Knight.
“I left Sydney more than 15 years ago and raised four children down here. It’s actually a viable area with schooling options and an economy that’s holding its own. It’s not just a one-club town for retirees, it certainly appeals to a wider age demographic and a wider set of expectations.”
For Central Element, the start of work at Pearl represents another step in the company’s growing eastern suburbs pipeline.
All three vehicles will form part of a broader charitable initiative benefiting Big Brothers Big Sisters of America, the American Red Cross and Starlight Children’s Foundation
Randy Boyagoda’s new novel, “Lords of Serendipity,” delivers a biting satire of cheating, politics and dysfunction across modern universities.
Administrative cowardice. Rampant cheating. The soaking and scamming of undergrads and grad students. Performative wokeism. Intensifying competition for international tuition dollars from an expansive China.
These are either the latest dire headlines about American higher ed or the myriad subplots of “Lords of Serendipity,” an ambitious new novel by Randy Boyagoda. Unlike most campus fiction, its scope extends well beyond the cloister of the liberal arts classroom to whammy the entire university system, from its financial model to its function within a globalized economy. Along the way, it skewers its lightning-rod targets with a precision too sharp to be considered entirely fictional.
That its author is not only well-versed in satire, having written four other novels in the genre, but is also a professor of English at the University of Toronto and an experienced college administrator, further blurs the lines between comic fiction and brutal fact. It’s the kind of no-holds-barred book only a consummate insider would know to write—but only one who is also conveniently outside the American university system could get away with writing.
“This is someone who’s got the inside dope on what can go on at universities, especially with international students, and what kind of con games are going on,” said Margaret Atwood, a friend and fellow Torontonian.
The novel, like Boyagoda himself, is often very funny—even as the dilemmas its characters face read as tragedy. Its cast includes the bickering members of a Sri Lankan hotel cleaner’s family, insecure American freshmen, dead-end third-tier college professors and their highflying Ivy League counterparts and dispirited university functionaries. An old-fashioned Dickensian tale, it sweeps across continents and campuses, from a classic liberal-arts college to a stand-in for Harvard University to an urban technical school to the dilapidated buildings of a state-run university in Sri Lanka.
“I’m a joyful person,” Boyagoda said in an interview, though he prefers to see his outlook on academia as “hopeful” rather than optimistic. He smiles and laughs frequently. He bikes everywhere. He derives energy from his students and from his four daughters, ages 14 to 20. They help him and his American wife, Anna, also an educator, care for Boyagoda’s father, an immigrant from Sri Lanka who has dementia and lives with the family.
The germ of the novel came to Boyagoda during the pandemic, when he was serving as a vice-dean. An urban legend was circulating about a statistics grad student selling passing grades to international students. The cheating scheme itself may well have been apocryphal, but it felt tantalizingly plausible.
“As a novelist, it stayed with me,” Boyagoda said. “Who would sell grades for a stats course? Why would someone buy grades? What’s motivating them? Why wouldn’t the university be doing something about it?” What he didn’t want to do, he explained, was write “another novel about a creative writing professor and his drama with students.”
In addition to writing novels—the first of which was a finalist for Canada’s prestigious Giller Prize; he’s written eight books in total—Boyagoda teaches literature full-time. For his students next semester, kids raised in a purportedly “post-literature era,” he’s assigning three 700-page novels, he noted mischievously, books by George Eliot, Ralph Ellison and Kiran Desai.
On RateMyProfessors, students remark on Boyagoda’s heavy assignments, tough grading and distaste for cellphones, but also hail his “comedy.” When alerted to these reviews, Boyagoda laughed. “Guilty as charged,” he said.
“Randy’s one of those people in academia who is very well educated but doesn’t have an ounce of superiority about him,” said John Irving, who frequently guest lectures in Boyagoda’s classroom. “It’s amazing to see how willing students are to talk in his classrooms, how little afraid they feel of being mocked or put down—he gets complete candor out of them.”
Negotiating competing interests seems to come naturally to him. Like many college campuses, after the Oct. 7 Hamas attack on Israel, the University of Toronto was embroiled in protests, encampments and discord; part of the school’s response was to convene a working group on civil discourse. Boyagoda was put in charge, serving for two years. It’s the kind of thankless task many professors would flee from, but Boyagoda relished the prospect and thinks the group, which is ongoing, made progress.
He has since pivoted to another formidable academic concern: the waning prestige of the humanities. In July, Boyagoda became the director of the Jackman Humanities Institute and special advisor on the humanities to the dean of arts and science. This fall, he is starting a series of gatherings he calls the Dead Book Club. (Dead writers feature heavily among his favorites: St. Augustine, Dante, William Faulkner, Evelyn Waugh, Saul Bellow.)
“The goal is to encourage students to read for its own sake and have conversation for its own sake,” Boyagoda said. “The importance of the humanities will be revealed to those who participate.”
“Lords of Serendipity,” which publishes next week, reflects Boyagoda’s commitment to the pursuit of knowledge: “I’m supposed to say I learn more from my students than they do from me, but no,” Boyagoda said. “I enjoy sharing my excitement and joy about literature and ideas. There are these moments when you are teaching and you can see someone’s face change because they didn’t know something and then they did. That moment when you’re actually watch someone enlarge themselves is deeply satisfying.”
In literary circles, Boyagoda is often referred to as a Catholic novelist, a description he embraces. “A novelist willing to give shape and voice to contemporary religious experience is needed,” Boyagoda said. “I understand myself as a Catholic novelist, provided that I’m not only a Catholic novelist, I’m also a South Asian novelist and I’m a Canadian novelist. I don’t want to be captive to one label.”
His characters, he said, are subjected to what he calls “Graham Greene character situations.”
“They are trying to do good in a fallen world and realize the most they can do is less harm than someone else would do in that same role,” he explained. “They have to accept they are complicit in something that provides some good thing to others. It’s a very Graham Greene way of thinking about sacrifice.”
The campus green they inhabit is a febrile zone in which lofty ideals and cynicism regularly collide. It’s a place where a traditional holiday college celebration is now an occasion for political protest. Kids freely police one another inside and out of the classroom with social media their constant, ready weapon of choice. International students, knowing their family’s financial futures hinge on their degrees, operate in terror of failure and deportation.
Early readers of the book include Gary Shteyngart and Junot Diaz, both of whom have taught at universities and written comic novels. They each contacted Boyagoda midway through to say, in essence, “You nailed it.”
As biting as “Lords of Serendipity” can be, Boyagoda’s faith in higher education remains undaunted.
“It’s absurd that we live in societies that make the decision to take people between the ages of 18 and 22, when they are most physically capable of contributing to our nations and communities, and tell them, ‘Go away for four years, and read and learn and have conversations,’” he said. “I want students to be aware of what an incredible privilege that is.”
Corrections & Amplifications
Randy Boyagoda is a special advisor on the humanities to the dean of arts and science at the University of Toronto. An earlier version of this article incorrectly said he is a special adviser to the dean of humanities. (Corrected on Sept. 2)
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