Illawarra housing and unit market in decline: HTW property clock

Illawarra housing and unit market in decline: HTW property clock
Illawarra housing and unit market in decline: HTW property clock

The Illawarra region south of Sydney has both its housing and unit markets starting to decline, according to valuation firm Herron Todd White.

"Halfway through the year and 2018 is shaping to be the weakest year in terms of residential property growth since at least 2012," the HTW June 2018 residential report suggested.

"Currently, we are experiencing much weaker conditions than we have gotten used to over the previous five years.

"Agents are reporting reduced demand, lower number of serious buyers attending open homes."

They noted that overall sales volumes have dropped.

Over the 12 months to April, CoreLogic reported a 2.7% increase in dwelling values, well down from the previous 12 months which saw a 17.4% increase.

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Illawarra housing and unit market in decline: HTW property clock

While many homes are not falling backwards due to the large growth seen in 2017, a number aren't meeting their price guidance.

The owners of 8 Hebron Avenue at Mount Pleasant (pictured top) had to settle for $1,245,000, below the $1.3 million guide offered.

A four bedroom Kiama Downs home at 14 Bass Street sold recently for $1.2 million, having initially sought $1.26 million to $1.3 million.

The price was reduced to $1.25 million before its sale. 

Click here to enlarge.

Illawarra housing and unit market in decline: HTW property clock

Units haven't been performing too well either.

A two bedroom unit at 30 Kembla Street in Wollongong could only sell for $445,000 after initially $500,000 hopes.

It sat on the market for 66 days with a final guide of $479,900.

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Illawarra Htw

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