Wollongong Property Market Update September 2020

Traditionally, spring is a time that brings change and for some that means tidying up their property and listing it on the market. April and May 2020 brought a halt to the residential property market in the Illawarra, however this now seems to have rebounded to decent levels. Overall volume of sales in the first seven months of 2020 are only slightly down from the same period in 2019 across the Wollongong, Kiama and Shoalhaven LGAs with Shellharbour being the exception having a slight increase, however 2020 transaction levels are still significantly lower than during the boom years with Wollongong approximately down 65 per cent from 2015, Shellharbour down approximately 25 per cent, Kiama down approximately 110 per cent and Shoalhaven down approximately 90 per cent.

Real estate agents are therefore hoping that COVID-19 conditions remain contained in New South Wales to allow the spring market to flourish. Agents are reporting strong buyer demand, with an increase in new stock coming to the market required. Buyer competition has caused strong sale prices in recent months and RPData has advised that the Illawarra region has recorded both the largest rise in housing values as well as the biggest jump in home sales over the past twelve months for all of regional Australia. The Kiama LGA has performed particularly strongly with 27 sales over $1 million since the start of July including an executive style house on Pheasant Point Drive in Kiama for $2.875 million. Other notable sales in the region in the past month include a suburb record sale in Shell Cove on Red Sands Avenue for $1.9 million and a penthouse unit on Harbour Street, Wollongong for $1.825 million.

Chris McKenna
Residential Team Leader

Speak with a Wollongong Mortgage Broker today.