Illawarra experiences biggest fall in sales volumes across NSW regions

llawarra has seen sales volumes continue to fall with current sales activity 23% below the five year average for the region, according to the latest CoreLogic Regional Report. 

The report reveals challenging property market performance across Australia’s regions, with falling sales activity in the 12 months to February 2019.

The proportion of houses and units selling has seen a similar decline with house sales down -20% and unit sales down -22% over the year to February 2019.

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Source: CoreLogic

Across all three New South Wales regions, Illawarra saw the biggest fall in sales volumes when compared to February 2018.

Home values are down across the region, with house values recording an annual decline of -10.1%, while unit values are down -2.7% over the 12 months to March 2019.

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Source: CoreLogic 

Homes across the region are taking longer to sell, with the average time on market for an Illawarra house increasing by 22 days when compared to February 2018, while the average unit is taking an additional 30 days to sell.

The Illawarra rental market has seen no change in advertised rental rates over the year to March 2019.

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Source: CoreLogic