Wollongong Property Market Update September 2019

Out of towners are drawn to Wollongong given its proximity to Sydney and its relative affordability compared to Sydney’s property markets, its coastal lifestyle, its transforming employment opportunities and its well-regarded university.

Significant transformation has taken place in the city in the past five to ten years with a shift towards apartment living and improved transport links to the wider region.

The ABS advises that approximately 20% of Wollongong workers commute at least 50 kilometers to work, which is one of the highest rates in the state. First home buyers priced out of the Sydney market have taken to Wollongong and signed up for the commute. At its shortest, Helensburgh is a 50-minute train ride to Central and from Wollongong it is a 90-minute journey. Given that a lot of Sydney’s suburbs experience hour-long commutes to the CBD, Wollongong’s more affordable property prices hold appeal. Similarly, second or third home buyers and downsizers are able to cash in on their large equity gains in their Sydney properties and get more bang for their buck in the Wollongong market. Month in Review September 2019 37

Suburbs north of Wollongong hold the most appeal to those moving down from Sydney and local agents will advise that the majority of Wollongong properties with a price tag over $2 million will have a large amount of interest from Sydney based purchasers.

To those who are looking to avoid the commute, Wollongong’s employment opportunities have been shifting away from its coal mining heritage with a rise in health and social services, knowledge services and advanced manufacturing. Positions are now available in Wollongong that were previously unheard of during a time when a commute to Sydney for skilled employees was mandatory.

Speak with a Wollongong Mortgage Broker today.