Wollongong July 2018

The month in review: Wollongong

By Herron Todd White
July 2018

There has been strong growth in residential property values in the Illawarra over the last 5 years. This uplift has now taken most property values well over the $500,000 mark. Half a million dollars will mostly limit a purchaser to vacant land in one of the new housing estates (Calderwood, West Dapto) or an older style 1- or 2- bedroom unit. There are still limited opportunities to purchase a free standing dwelling for under $500,000, however, it is likely that this dwelling will be in fair condition and would require some updating. Look for dwellings in suburbs around Warrawong/Berkeley and Warilla/Barrack Heights.

Further down the Coast it is still possible to pick up a free standing dwelling in and around Nowra in the $300,000’s, however these properties will not be in the most desirable neighbourhoods and will require some work. Decent houses are available for between $450,000 to $500,000. Other Shoalhaven townships such as Culburra Beach, Sanctuary Point and St Georges Basin all still offer houses for under $500,000. For something a bit different, try a one acre bush block in Woodridge Estate in Bangalee, priced around $400,000.

The residential market has finally slowed down now and it will be interesting to see what properties continue to be available for under $500,000 in the coming years. If prices have another surge, there will be very limited supply remaining.