Illawarra residential values continues to rise: HTW
Residential values in Illawarra continue to increase, according to Herron Todd White’s latest report.
The property advisory firm says that the greater Wollongong area will become "unaffordable" in the future.
“Values continue to increase across the Illawarra and as a result, those with $500,000 to spend have less and less to purchase.
“North of Wollongong, possibilities are limited to older 2-bedroom townhouses or units in suburbs such as Corrimal, Bellambi, Woonona and Thirroul.
“It may also be possible to purchase a bush block in Wombarra or Coledale, however there wouldn’t be a building entitlement and the purchaser would be taking a big risk if they were hoping to get approval to build a dwelling.
“Around the Wollongong CBD it is getting hard to find 2-bedroom units even in older complexes for less than $500,000.
“There are plenty of 1-bedroom units available priced from about $375,000,” the report stated.
A one bedroom unit at 108/19 Market Street, Wollongong (above) has been listed for $350,000.
South of the CBD are more affordable, but will be older styled Herron Todd White comments.
“Moving south of the CBD and we come across the first suburbs where $500,000 will be able to buy a single residential dwelling.
“Locations such as Cringila, Warrawong, Lake Heights and Berkeley still offer older style small 2- or 3-bedroom dwellings although these will be in fair condition.
“Units, villas and townhouses are all the most likely property types that can be purchased in the Shellharbour for under half a million dollars.
“Most 2-bedroom strata properties are priced under this mark and in areas such as Albion Park Rail it is possible to purchase an older style 3-bedroom townhouse for between $450,000 and $500,000,” the report commented.
A three bedroom townhouse at 3/38 Bateman Avenue, Albion Park Rail (below) has been listed for between $465,000 to $485,000.
Herron Todd White says that new residential land releases are available for less than $500,000.
“Not to be forgotten are the new residential land release areas where regular 300 to 600 square metre vacant lots are available for less than $500,000 in estates such as Calderwood, Horsley and Wongawilli.
“Growth in the Shoalhaven residential market has also been strong and there are now many houses in Nowra that are no longer available for less than $500,000.
“However in Nowra and surrounding suburbs it is still possible to purchase a 3- or 4-bedroom family home under $500,000 and this is the same for locations such as Culburra Beach, Sanctuary Point and Sussex Inlet.
“As an investment we would recommend areas still deemed affordable in the Shoalhaven such as properties in and around Nowra and the coastal suburbs of Callala Beach, Callala Bay and Culburra Beach.
“While all locations have had sustained growth for a while now, we believe that the Shoalhaven will continue into the short to medium term as the greater Wollongong region becomes more unaffordable and road links get better and better with the Berry bypass underway and the Albion Park bypass planned,” the report stated.