Wollongong September 2018

The month in review: Wollongong

By Herron Todd White
September 2018

Is there such a thing as a Spring Selling Season in the Illawarra? Empirical data shows a small level of support, with data collected for house sales over the past five years through the Illawarra (Wollongong, Shellharbour, Kiama and Shoalhaven LGAs) indicating three peak selling periods: February/ March; May; and November.

There does appear to be a winter slump in house sale numbers with June, July and August being relatively quiet months. An increase starts to be seen with the introduction of spring in September, rising through to the November peak.

The coming spring months will be interesting for the Illawarra residential property market. While the market hasn’t stopped (properties are still selling) demand is much softer than it has been in recent years and as such price growth is limited. In some areas we are aware of a slight decline in sale prices, particularly where vendors are very motivated to sell. Vendors and agents will be hoping that spring can spark the market back to life.