Hope remains for a Wollongong retail recovery: HTW Retail

Overall the Wollongong retail market is headed towards finishing the year as predicted, flat, according to the latest retail report from valuation firm Herron Todd White.

The property valuation firm found that the first half of the year was particularly challenging for retailers due in large part to a stagnant housing market however some hope for a recovery has been provided for the second half of the year and moving into 2020 as the housing market recovers, likely being fuelled by the three interest rate cuts.

It is hoped that these interest rate cuts will stimulate spending in the retail sector.

The report authors stated, "leasing conditions have continued a long term trend of being static given above averagevacancy rates and generally soft demand, while supply continues to be introduced to the market given the large number of mixed-use projects completed in the Wollongong CBD over recent times and with additional projects also being developed at present."

"There is no upward pressure being placed on rental rates with conditions generally favouring tenants," they concluded.