By Herron Todd White
Illawarra Welcome to 2020. The year ahead is an unknown quantity in respect to the residential property market in the Illawarra. Towards the back end of 2019, demand for property appeared to be picking up, halting the declining market experienced throughout 2018 and the first half of 2019. Selling periods certainly dropped and it was common for agents to be reporting sales within a couple of weeks of marketing as buyers became a bit more ready with their cheque books. We are expecting the beginning of 2020 to follow this trend with reasonable demand for a wide variety of property throughout the Illawarra.
Something to keep an eye on is Wollongong CBD units.
At the lower end of the house market are entry level properties in Cringila for just under $400,000, in Nowra for around $350,000 and Horsley around $450,000. At the other end of the scale, there are a number of fine homes currently listed for sale over $3 million in locations including Lilyvale, Otford, Thirroul, Minnamurra and Berry along with a dual level Cliff Road unit listed at over $4 million.
As at the end of 2019, property pricing and position in the market will be crucial to driving sales. Well presented properties with realistic price expectations will do well, while inferior quality properties and those in secondary locations are still expected to struggle.
Something to keep an eye on is Wollongong CBD units. As 2020 progresses, so will a number of larger unit developments including the highrise projects on and around Regent Street. Delivery of these will provide a large supply of additional units into a market that has already expanded at an unprecedented level in the past 10 years.
Our prediction for the year ahead is for the residential property market across the region to remain relatively stable with minor increases in value. Whether the market is gearing up for another decline, further strong growth or a long settled period is anyone’s guess.
Speak with a Wollongong Mortgage Broker today.