July Market Outlook
CoreLogic National housing Update July 2017
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Adelaide July 2017
Brisbane July 2017
Cairns July 2017
Canberra July 2017
Darwin July 2017
Gold Coast July 2017
Melbourne July 2017
Newcastle July 2017
Perth July 2017
Regional NSW July 2017
Regional NT July 2017
Regional QLD July 2017
Regional VIC July 2017
South West WA July 2017
Sydney July 2017
Tasmania July 2017
Wollongong July 2017
CoreLogic QLD housing Update July 2017
CoreLogic SA housing Update July 2017
CoreLogic VIC housing Update July 2017
CoreLogic WA housing Update July 2017
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How to calculate the cost of buying a home in Australia
Mortgage myth buster: things you need to know about mortgages
Wollongong July 2017
The month in review: Wollongong
By Herron Todd White
Values continue to increase across the Illawarra and as a result, those with $500,000 to spend have less and less to purchase. North of Wollongong, possibilities are limited to older 2-bedroom townhouses or units in suburbs such as Corrimal, Bellambi, Woonona and Thirroul. It may also be possible to purchase a bush block in Wombarra or Coledale, however there wouldn’t be a building entitlement and the purchaser would be taking a big risk if they were hoping to get approval to build a dwelling.
Around the Wollongong CBD it is getting hard to find 2-bedroom units even in older complexes for less than $500,000. There are plenty of 1-bedroom units available priced from about $375,000. Moving south of the CBD and we come across the first suburbs where $500,000 will be able to buy a single residential dwelling. Locations such as Cringila, Warrawong, Lake Heights and Berkeley still offer older style small 2- or 3-bedroom dwellings although these will be in fair condition.
Units, villas and townhouses are all the most likely property types that can be purchased in the Shellharbour for under half a million dollars. Most 2-bedroom strata properties are priced under this mark and in areas such as Albion Park Rail it is possible to purchase an older style 3-bedroom townhouse for between $450,000 and $500,000.
Not to be forgotten are the new residential land release areas where regular 300 to 600 square metre vacant lots are available for less than $500,000 in estates such as Calderwood, Horsley and Wongawilli.
Growth in the Shoalhaven residential market has also been strong and there are now many houses in Nowra that are no longer available for less than $500,000. However in Nowra and surrounding suburbs it is still possible to purchase a 3- or 4-bedroom family home under $500,000 and this is the same for locations such as Culburra Beach, Sanctuary Point and Sussex Inlet.
As an investment we would recommend areas still deemed affordable in the Shoalhaven such as properties in and around Nowra and the coastal suburbs of Callala Beach, Callala Bay and Culburra Beach. While all locations have had sustained growth for a while now, we believe that the Shoalhaven will continue into the short to medium term as the greater Wollongong region becomes more unaffordable and road links get better and better with the Berry bypass underway and the Albion Park bypass planned.
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.