Illawara house prices to soften as 10-year supply decline reverses

Jennifer DukeDecember 7, 2020

The latest housing figures for the Illawarra, released today, have revealed that a 10-year decline in supply in the region has been reversed.

The New South Wales government's housing figures have found that supply is on the increase again in the area, which may put downward pressure on prices.

Minister for Planning and Infrastructure, Brad Hazzard, in releasing the latest trends in the Metropolitan Development Program monthly monitor said that this should be a boost for the local area.

“This is also good news for the region’s economy, as more homes under construction means more local jobs for tradies and less people having to commute to Sydney for work.”

Housing completions increased from 820 in 2011/2012 to 1,192 in 2012/2013, a jump of 45%.

Approvals also increased by 16% over the period.

This trend is expected to continue, with the number of dwellings completed looking to reach an average of 1,499 per year to 2016/2017.

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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