Wollongong Property Market Update October 2020

By Herron Todd White
October 2020

There has been an increase in activity in the last couple of months in the Illawarra’s residential property market. This includes the demand for vacant land.

Developers’ agents in the larger land release subdivisions in West Dapto and Calderwood are reporting stronger enquiry and a higher level of sales, although competition between estates means some are still offering incentives to entice prospective purchasers. Prices of resales in Calderwood since August have ranged from $260,000 for a 408 square metre corner lot with a split-level elevation to $450,000 for a 740 square metre, near level corner lot designated by the developer as a duplex lot. Meanwhile out at West Dapto, resales have ranged from $357,500 for a 460 square metre inside lot situated close to power lines to $435,000 for a 465 square metre, gently sloping inside lot opposite Wongawilli ponds.

Infill blocks of vacant land are rare in the established suburbs. Asking prices vary depending on the location, size, topography and view. Recent sales include:

• a Coledale property for $1.1 million which is a 546 square metre block with a moderate slope, ocean views and DA approved dwelling plans;
• a 701 square metre lot towards the escarpment in Woonona for $665,000;
• recently subdivided battleaxe lots in Corrimal for $515,000 and in West Wollongong for $425,000; and
• a 626 square metre elevated lot in Flinders for $580,000 which comes with DA approved dwelling plans.

Interestingly, a fire damaged home in Unanderra has recently sold as is for $390,000 with the purchaser responsible for either significant repair work or a knock down rebuild.

Chris McKenna
Residential Team Leader

Speak with a Wollongong Mortgage Broker today.