FHB, investors and doer-uppers competing for reducing Illawarra market offerings: HTW

FHB, investors and doer-uppers competing for reducing Illawarra market offerings: HTW
FHB, investors and doer-uppers competing for reducing Illawarra market offerings: HTW

Price increases in the Wollongong CBD market have pushed the price of most two bedroom units in well located developments over $500,000, according to the July residential market review from the property valuation firm, Herron Todd White.

The report found two bedroom units in older CBD complexes are going for around $400,000 with very few suburban houses around North Wollongong, Shellharbour, Shell Cove, Kiama and Geringong available under $500,000.

"Heading south and it’s common for tidy but older style houses to be available for under $500,000 in most established suburbs, however any modern or recently renovated dwellings are now mostly priced above $500,000 even in the traditionally more affordable suburbs such as Cringila, Berkeley, Dapto, Warilla and Barrack Heights," the report said.

"In 2015 we identified Wollongong CBD units and houses in Barrack Heights and Warilla as being the best buys for under $500,000. and we’ve seen strong market increases over the past 12 months and there hasn’t been a single region or residential property type that has performed poorly in this period.

"With such a small segment of the market now falling in the under $500,000 range we expect to see continued growth for these properties as they appeal to the largest range of buyers including first home buyers, investors and doer-uppers."

Property Observer found a four bedroom home in Warilla on the market for $399,000.

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Wollongong Residential Market

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