The month in review: Wollongong
By Herron Todd White
We like to dust the crystal ball off each January and for 2018 it is looking particularly cloudy. 2017 ended with initial signs of a slowdown in the residential market, the first slowing signs for over three years. Agents were reporting lower numbers to open homes, less demand from Sydney buyers and a lower volume of transactions. Christmas and the new year have now come and gone and the big question is how will 2018 pan out.
Initial signs are that there are still buyers in the market with plenty of sales occurring so far in January, including the upper end of the market such as the recent beach front sale in Coledale for $2.04 million and 15 other sales over $1 million in the Illawarra in the first three weeks of the year as reported on Realestate.com.au.
Of particular interest through the year will be the performance of Wollongong CBD units, the upper end of the market and sales of land and new homes in new subdivisions throughout the region. Our prediction is that the overall market will cool as the year progresses. Uncertainty in the Sydney market will flow down the coast and selling periods will start to increase as the market turns into more of a buyer’s market.