Wollongong Property Market Update August 2019

What appeals to one set of home buyers can easily put off another, however, there are a number of property fundamentals that apply to most Illawarra home buyers. Location, view and condition are recurring themes across all price points and have a significant impact on sale price.

When we talk about first home buyers, we can be discussing different types of properties. Singles or couples are often interested in Wollongong CBD units ($400,000), townhouses in the suburbs ($500,000) and either older style suburban homes or newer houses in new subdivision areas ($500,000 to $750,000).

Upgraders buying a second home tend to be families where they have grown out of the first home and are looking for more space. With kids now at school they may be back to a dual-income and can afford a step up in the same location or they will have to sacrifice on location to be able to buy a larger home. According to realestate.com.au, the median house price over the previous year for a four-bedroom home was $972,500 in Woonona, $805,000 in Figtree, $657,500 in Albion Park and $507,500 in Nowra. Note the price reduction as we travel from north to south.

A must-have for prestige type buyers is a view. It doesn’t matter if the prestige property type is a house, a unit or a rural lifestyle property, an ocean view is a consistent factor for residential sales in the Illawarra over $3 million. Recent sales such as Garaban Court, Bulli for $3.8 million, Cliff Road, Wollongong for $3.225 million or Penguins Head Road, Culburra Beach for $2.5 million all have significant ocean views in addition to their impressive improvements.

Speak with a Wollongong Mortgage Broker today.