By Herron Todd White
Residential prices continue to be holding through June 2020 in the Illawarra. There remains a relatively low amount of stock on the market which is driving a bit more competition amongst buyers. Realistically priced and conventional properties are selling within two months in most cases.
Ten years ago, $700,000 would have given you the pick of many properties throughout the Illawarra with only the more desirable areas out of reach, however strong price increases over the past decade have restricted a purchaser with $700,000 to spend. This is the approximate median house price in suburbs such as Figtree and Flinders, although townhouses or units can still be picked up for under $700,000 in suburbs such as Thirroul and Bulli and older houses can be purchased in Corrimal and Russell Vale. There have been plenty of new units built in Wollongong over the past couple of years and $700,000 will pick up a decent quality two-bedroom unit with a bit of a view. In high growth areas such as West Dapto (Horsley, Wongawilli and Kembla Grange) and Calderwood, a new four-bedroom house on a 450 square metre lot can be purchased for under $700,000.
We see mainly younger families or couples purchasing at this price point with second house buyers or downgraders often above this market. Pandemic conditions have not brought any significant price decreases in our market, however there is still a decent level of uncertainty in the short to medium term as government stimulus packages and local and macro economies grapple with a recession.
Speak with a Wollongong Mortgage Broker today.