September Market Outlook
CoreLogic National housing Update September 2017
housing supply under $400,000 dries up
What’s the outlook for the cash rate?
First home buyers waiting for legislation to pass
Adelaide September 2017
Brisbane September 2017
Cairns September 2017
Canberra September 2017
Darwin September 2017
Gold Coast September 2017
Melbourne September 2017
Newcastle September 2017
Perth September 2017
Regional NSW September 2017
Regional NT September 2017
Regional QLD September 2017
Regional SA September 2017
Regional VIC September 2017
South West WA September 2017
Sydney September 2017
Tasmania September 2017
Wollongong September 2017
CoreLogic NSW housing Update September 2017
CoreLogic QLD housing Update September 2017
CoreLogic SA housing Update September 2017
CoreLogic VIC housing Update September 2017
CoreLogic WA housing Update September 2017
Starting off modestly vs. buying a more expensive property
5 ways to save your mortgage deposit faster
Understanding low doc loans for the self-employed
Wollongong September 2017
The month in review: Wollongong
By Herron Todd White
Home ownership continues to be an aspiration in the Illawarra. The 2016 census reports that 67.7% of occupied private dwellings are owner-occupied with the remainder either rented (28.6%) or unclassified (3.6%). This is a slightly higher proportion than that of NSW (64.5%) and Australia (65.5%). Local agents are reporting owner-occupiers are very active in the market.
We find there can be three categories of owneroccupier: first home owners, families; and empty nesters. Each of these types of buyer will have their own personal criteria for their home with style, location and budget being the main factors. Broadly speaking first home buyers will be purchasing a strata title property or an older style single dwelling at the lower end of the market. Families look to upgrade to a 3- or 4-bedroom suburban home and this can include an established dwelling or construction in a new land estate. Empty nesters will often downgrade in size however may increase in price point.
It is first home buyers who face the most competition for property from investors as they are typically looking for similar property attributes such as convenient locations and affordability. Both first home buyers and investors are particularly active in the unit market in the Illawarra.
As it stands, all areas of the Illawarra residential property market have experienced significant growth recently. At this stage the Illawarra is still affordable to many owner-occupiers, especially when compared to Sydney. In fact part of the driving force behind the strong market is Sydney buyers who are priced out of their local market looking further south.
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.