Wollongong Property Market Update November 2019

The top end of the market in the Illawarra has seen usual market activity throughout 2019. Whilst there has been lower demand than during the peak period in previous years, the top end hasn’t been quite as dramatic as the sub-$1 million properties. High-end sales include dwellings for $4.1 million in Wombarra, $3.2 million and $3.8 million in Bulli and a rural residential property just out of Berry for $5.4 million. A Wollongong unit in Cliff Road sold for $3.225 million.

One of the more extraordinary sales in 2019 was a $2.7 million property in Dapto. The house was built in 2018 and is approximately 475 square metres in size, featuring six bedrooms and three bathrooms all on 2,974 square metres of land. The homesite is elevated and has district and escarpment views and the grounds are extensively landscaped and retained with self-irrigating gardens, a wet-edge pool with spa and garaging for six cars. By far a record price in Dapto, it is not expected that there would be any more expensive properties in this area let alone any that have hit the market recently. Top-end properties vary depending on their type however most have a high-quality level of fitout, substantial size and a significant view. Vast ancillary improvements need to complement the dwelling itself. These highlights show that there has been decent trading in the upper bracket. Buyers have still been willing to pay a decent price if they are getting something unique and special.

A search of realestate.com.au for properties in the region currently for sale over $4 million lists a number of development sites along with a penthouse with a rooftop pool and private lift in Gerringong, an oceanfront house on a double block in Bulli and two rural residential properties in Kangaroo Valley.

Speak with a Wollongong Mortgage Broker today.