Sydney investors pushing first time buyers out of Illawarra market: HTW
The strength of the Illawarra market since the middle of 2013 has resulted in diminished options for first home buyers, according to HTW’s Month in Review: March 2017.
The firm says values are continuing to rise in the region, which is making it even harder for buyers to get onto the first rung of the property ladder.
“There are countless stories of young people or couples getting beaten out on purchases by investors or Sydney buyers paying above what the first home buyers could afford,” HTW says.
“There are certain locations in the Illawarra that would now be out of reach of most typical first home buyers.
“Suburbs north of Wollongong and areas around Shellharbour and Kiama would be a stretch without assistance.”
However, HTW have outlined several more affordable property types, at present in Illawarra:
- For a one bedroom unit in an older complex in Wollongong or North Wollongong, expect to pay $300,000 to $350,000 or around $430,000 for a two bedroom unit.
- For an older style dwelling in Lake Heights, Berkeley or Barrack Heights, expect to pay around $450,000.
- A new dwelling at Calderwood or West Dapto could be purchased for approximately $550,000.
- Older style dwellings in Nowra or Sanctuary Point are going for around $300,000 to $350,000.
A three bedroom house at 5 Elizabeth Avenue, Nowra (above) has been listed for $350,000 and the agent states that the property is ideal as an investment property.
Similarly a vacant residential land at 21 Spring Street, Nowra (below) has been listed for $310,000.
A three bedroom house at 4 Supply Street, Nowra (below) was recently sold for $325,000.
