22 Mar Berkeley Benfits Finally Being Realised
A lot has changed for the humble suburb of Berkeley, south of Wollongong.
What was once a working class area with a demographic of low socio-economic households, the area has quickly become an Illawarra suburb hot on the minds of buyers.
People have begun to realise the hidden beauty of the area backing on to Lake Illawarra with stunning views of the water.
Great For Entry Level Buyers
Tamara James, 27, has been searching for the perfect home with her partner for several months with the motivation to be closer to family and a suitable school for her daughter.
Ms James said the lake and improved infrastructure has become big drawcards, also pushing up prices.
“It used to be sort of like the ghetto, but now it seems the place where everyone wants to be,” she said.
Ms James said as first homebuyers have begun to be priced out of Wollongong it’s driven people eight minutes south and wishes she jumped on the property wagon years ago.
What Are Houses Going For In Berkeley?
“A two or three-bedroom house we could have bought a couple of years ago are now going for $450,000 to $500,000. Everyone wants to be in Berkeley,” she said.
According to the Domain Group, the median price of a three bedroom house is $455,000 with 56 sold in the past 12 months, each spending on average 25 days on the market.
For a four-bedroom house the median is $530,000 with 14 sold in the past 12 years.
What is the Average Age of a Berkeley Resident?
The average age of residents are 40 to 59, with 45 per cent families, the rest singles. While 32 per cent fully own their home, 29 per cent have a mortgage and 39 per cent are renting.
At present there are three and four-bedroom homes on offer starting from $430,000 up to $830,000.
Decent sized plots of land are also available from $325,000 and range from 800 to more than 1000 square metres.
Dimosons Real Estate Port Kembla director Robert Dimovski said the proximity to the lake and the freeway have made Berkeley an attractive area to first homebuyers and investors too.
“I think it’s going to boom because it’s still quite affordable compared to Port Kembla, Unanderra and compared to Farmborough Heights,” he said.
They currently have a three-bedroom, single brick home listed for $469,000 which Mr Dimovski says would be suitable for the first homebuyer or investor.
For a little more cash buyers can get a four-bedroom home with lake views for $595-$650,000 at Baron Court, listed by McGrath Wollongong.
Principal selling agent Trever Molenaar said the the suburb has enjoyed significant growth in the last decade with new subdivisions opening up and a mixture of old and news homes on offer.
“The Berkeley of today is very different to that of the ‘80s and ‘90s,” Mr Molenaar said.
“Once dominated by public housing (and before that farm lands) it had the reputation as a less desirable suburb to live and invest in.”