Wollongong’s residential property market is making headlines.
Wollongong’s booming property market continues to make the news, with its incredible lifestyle and relative affordability drawing residents and investors from Sydney to the region.
Rent.com.au CEO Greg Bader believes Wollongong has a great mixture of assets, quite unlike any other Australian city. Mr Bader said the Illawarra’s beaches, lifestyle, proximity to Sydney, growing tourism plus mixture of job opportunities and industries were making it an attractive choice for a variety of people.
Domain Group’s Chief Economist Dr Andrew Wilson says that the hot Sydney market has been pushing priced-out buyers to Wollongong. ‘It’s one of the strongest, if not the strongest regional market in the country at the moment, its growing stronger than the Sydney market’. Kim Rawson, the Property Council’s new Regional Director, has a similar view. ‘Sydneysiders realise they can afford to get into the housing market, live close to the beach and services and having a similar commute when compared to living in Western Sydney’ she said.
According to Domain Group’s Regional House Price Report, Wollongong median house price was $700,000 (to December 2016), well below Sydney’s median house price of $1,123,991. Whilst being more affordable than Sydney, growth in Wollongong continues, with the residential median prices increasing by $100,000 or 16.7% over the last 12 months.
For details on Wollongong's property boom, see the recent media coverage below:
Image source: Dee Kramer