Wollongong Real Estate Snapshot 2016

Buying a home to live in or as an investment in Wollongong is a major decision requiring careful analysis of your needs, financial situation and long-term goals.

For buyers looking for affordable homes in Wollongong, there are a number of housing options such as beach-front properties to large suburban family homes and a relaxed lifestyle. Young families, singles and adults find Wollongong a great place to call home.

Wollongong Demographics

he city is home to just under 300,000 people, the third largest in NSW, and is particularly attractive to young couples and singles. An analysis of the Wollongong population by Experian Australia showed that approximately 30 percent of the residents are independents under 35 years old. Almost 18 percent are mature and established independents between 35 and 44 years old. Elderly singles account for about 12 percent of the population.

Amenities of Wollongong

Situated on the South Coast about 85 kilometres south of Sydney in the Illawarra region of New South Wales, Wollongong offers affordable housing, seaside living, a temperate climate and beautiful views.

The city is home to Wollongong University, the Wollongong Conservatorium of Music and several specialty high schools.

The Crown Street Mall is a popular shopping hub and the City Centre offers shopping, entertainment and special events, with cafés, street fairs and weekly markets.

Wollongong Property Values

Property values in Wollongong are more affordable than major urban areas like Sydney. In December 2015, the median sales price for a house in Wollongong was $667,000, based on 90 sales between December 1, 2014, and December 21, 2015.

The median sales price was $655,000 for a three-bedroom home and $662,500 for a four-bedroom home. For comparison, the median sale price for NSW as a whole was $593,000 for the same period.

For those interested in renting instead of buying, the median rent for townhouses and flats was $370 per week in Wollongong. In comparison, median rents for NSW were $465.

More than half of Wollongong residents rent their place of residence. Fewer than 23 percent of the residents own their homes. The vacancy rate is low throughout the city making Wollongong a great place for investors to look for rental properties.

Each of the several neighbourhoods within Wollongong has its own characteristics, from the lively city centre to quiet, family-oriented communities.

Several, like Fairy Meadows, are beach-front suburbs. Housing options vary within each neighbourhood.

For example, approximately 83 percent of the housing in Figtree is detached and 5.6 percent is comprised of block flats. In Keiraville, more than 21 percent of housing is block flats and 66.8 percent is detached. Housing costs vary between suburbs as well.

Forecast for Wollongong Real Estate

The high demand for homes in Wollongong has spurred development. Plans are underway to convert commercial properties to flats and apartments, remove older buildings to make way for new, and renovate older properties to accommodate the expected influx of more than 2,500 new people over the next few years.

Overall, experts forecast that housing in NSW overall will become more affordable in 2016 giving first-time homebuyers more opportunity to purchase a home.

Those planning to retire may find a better opportunity to sell or trade their homes. Higher mortgage rates and more restrictions on lending may affect investors.