never been there but heading to Merimbula (6hrs south of Sydney) in early December for 10 days with the mrs and her son. it's before the peak period and we've picked up a 2 bed unit for 10 nights for $550. meant to be a thoroughly decent windsurf spot so can't wait. hopefully get a few nor easters and a nice 3-4 foot of swell.
if you're into camping you can stay in National Parks for about $10 a night eg this one is pretty close to Gerroa
http://www.stateparks.nsw.gov.au/killalea