Wollongong

The Smartline Report – July Edition

The month in review: Wollongong

By Herron Todd White
July 2016

The residential property market has experienced strong growth during recent years with the boom commencing in mid 2013. As a result, $500,000 is not able to buy what it used to. There is a lot of construction activity in the Wollongong CBD but price increases mean that most 2-bedroom units in these well located developments are now priced over $500,000. 1-bedroom units would be available or alternatively 2-bedroom units in older CBD complexes can be purchased for around the $400,000 mark.

Moving out into the suburbs and it would be very unlikely to find a house available for under $500,000 in the suburbs north of Wollongong and likewise around Shellharbour Village, Shell Cove, Kiama or Gerringong. Heading south and it’s common for tidy but older style houses to be available for under $500,000 in most established suburbs, however any modern or recently renovated dwellings are now mostly priced above $500,000 even in the traditionally more affordable suburbs such as Cringila, Berkeley, Dapto, Warilla and Barrack Heights.

New build house and land packages are still available under $500,000 in new suburbs such as Calderwood, Tullimbar and the subdivisions in the West Dapto region. Also new townhouses and villas are still priced under half a million in the southern Illawarra suburbs.

In 2015 we identified Wollongong CBD units and houses in Barrack Heights and Warilla as being the best buys for under $500,000. We’ve seen strong market increases over the past 12 months and there hasn’t been a single region or residential property type that has performed poorly in this period. With such a small segment of the market now falling in the under $500,000 range we expect to see continued growth for these properties as they appeal to the largest range of buyers including first home buyers, investors and doer-uppers.

www.smartline.com.au

Please note that information in this publication is subject to change without notice. Smartline assumes no responsibility for any errors, omissions or mistakes in this document. © Smartline Home Loans P/L 1999 – 2016. Australian Credit Licence Number 385325

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.