Goulburn house prices rose 11 per cent in the last 12 months but the city remains affordable for the time being.
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The median house price sits at $465,000, comparing favourably with nearby Bowral ($1,647,334) and Canberra ($1,015,900).
These numbers are part of real estate group Hotspotting's Top Five Regional NSW report, which identified Australia's first inland city as a property market to keep an eye on.
Whether that affordability will last however is in doubt if development application numbers are anything to go by.
2021 saw a total of 637 development applications lodged to Goulburn Mulwaree Council, up from 399 the year before.
Throw in council's revised population forecast of 40,000 (up from 37,000) for 2036 and the years to come could see some changes to affordability.
Council are planning an additional 3,500 residential dwellings by that date to accommodate the projected increase, one that took officials by surprise.
"It is our belief that Goulburn and the wider region's population is increasing at a significantly quicker rate than was projected," Mayor Peter Walker said in the report.
One of the key reasons drawing investors to Goulburn is its low vacancy rate of 0.6 per cent, one that hasn't risen above 1.5 per cent since 2017.
The report, delivered by property commentator Terry Ryder, noted that Goulburn hasn't undergone the typical highs and lows in the market experienced other regions and cities.
The low vacancy rate is expected to remain as such with housing affordability in the Southern Highlands skyrocketing, forcing people further south.
"Goulburn is very attractive to people because it is one of the oldest towns in Australia and because of its proximity to Sydney, Canberra and the Hume Highway," Ray White agent George Southwell said.
"Agents there are getting a lot of enquiries from Sydney because the Southern Highlands is becoming quite expensive to live in, so people are moving south."
It wasn't all growth upon growth however with median unit prices falling by one percent to $345,000.
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