Wollongong March 2018

The month in review: Wollongong

By Herron Todd White
March 2018

Due to geography and attributes such as beaches and proximity to Sydney, there is no middle ring based on distance to the CBD. In fact, to the north of Wollongong there are certain cases where being further from the CBD (Thirroul, Austinmer, Coledale) is more desirable. Therefore we will describe the middle ring based on price point.

After strong growth in recent years, the middle price bracket in the area is between $600,000 and $700,000 and the following residential suburbs have a median sale price within this bracket: Farmborough Heights, Port Kembla, Unanderra, Kanahooka, Horsley, Albion Park, Oak Flats, Shoalhaven Heads and Vincentia (source: RPData). These suburbs predominantly comprise single residential dwellings, some with smaller villa or townhouse developments.

Recent cooling off in the residential market is shifting advantage from vendors to buyers, so there are opportunities appearing in this price bracket. That said, the biggest challenge is further declining sales and the possibility of median sale prices moving backwards. However if conditions continue to decline, we expect this to be across the whole residential market and not just this $600,000 to $700,000 price bracket.