Wollongong Property Market Update November 2020

By Herron Todd White
November 2020

Despite the pandemic, the prestige market in the Illawarra has performed well throughout 2020. As property prices have risen over the years, so has the prestige price point. When we talk about beachside homes, the Illawarra appears to have a price ceiling of around $4 million, however this price point has recently been breached with a sale in Woodland Avenue, Thirroul for $4.125 million, the house having been listed for sale for over a year and finally finding the right buyer, indicating the strength of this market in our region at the moment. We have seen the following number of sales of coastal properties over $3 million in 2020: Stanwell Park – 1; Clifton – 1; Thirroul – 2; Minnamurra – 1; Kiama – 2; Gerroa – 1.

For those looking for a bit more land, the rural residential prestige market has also been active in 2020. The year kicked off with a $3.84 million sale in Russell Vale of a four-bedroom, three-bathroom homestead on 8.9 hectares with great district and distant ocean views. The $4 million mark was breached for a 20-hectare Calderwood property comprising three houses and significant ancillary improvements including stables, which sold in April for $4.6 million. The Kiama and Berry and Kangaroo Valley regions traditionally provide the greatest number of prestige rural residential sales and 2020 has been no different with a 75-hectare property in Kangaroo Valley comprising three dwellings fetching $5,362,500 and Rose Valley recording two separate sales of $5.665 million and $6.05 million.

Agents are reporting a shortage of stock across the board and the prestige market is no different. Despite recent activity and buyer interest, there are a very limited number of prestige properties currently on the market with no current beachsidelistings in Wollongong’s northern suburbs over $3.5 million. If an exquisite beachside pad is of interest, you can head south to Gerroa where a property on Stafford Street has just been listed in the $4 million range. In Barrengarry, a supreme six-bedroom, four-bathroom home on two and a half acres is listed for approximately $5 million. Superbly presented, the property includes a tennis court, pool and spa.

Chris McKenna
Residential Team Leader

Speak with a Wollongong Mortgage Broker today.