Wollongong/Illawarra Residential Real Estate Market Update
Hi and welcome to the January market report. Well the new year has certainly started off with a bang.
A recent data survey has listed the Illawarra region as having the third highest prices in Australia just behind Sydney and Melbourne.
Our recently auction property in 3 Welmont Place, Mount Keira in a two week period we had 59 inspections, we issued 11 contracts and the property sold for $1,056,000 which is $56,000 above reserve and just demonstrates the high demand that we are experiencing at the moment. We also recently sold a property at unit 2/10 Crown Street, Wollongong. It was a lovely art deco apartment and it sold for $650,000 which was an excellent result for the owner but also a great pick-up for the buyers with its unique character and excellent location near the beach and entertainment centre.
We are expecting the market to continue to steam ahead throughout 2017 with the record low interest rates and increasing demand from buyers to purchase properties. We're expecting the price will continue to rise throughout this year.