Newcastle, Wollongong soaking up Sydney market stragglers: BIS Shrapnel 2018

Newcastle, Wollongong soaking up Sydney market stragglers: BIS Shrapnel 2018
Newcastle, Wollongong soaking up Sydney market stragglers: BIS Shrapnel 2018

Wollongong is beating Newcastle in attracting potential property buyers priced out of the Sydney market, with Wollongong's vacancy rates falling and the median house price rising by 14% in 2014/2015, according to a new study.

The BIS Shrapnel Residential Property Prospects 2015 to 2018 report found migration from Sydney to Newcastle is hampered by weaker economic conditions in the Hunter area, with Newcastle's median house price growth only 5% in comparison, however that factor is tipped to turn.

The study forecasted a mining upturn in the Hunter region to spur local investment over the three years to 2018, with Newcastle median house prices tipped to total 15% and Wollongong a total of 10%.

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Newcastle, Wollongong soaking up Sydney market stragglers: BIS Shrapnel 2018

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

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