The Wollongong unit market has been included in a list of top NSW areas that are both affordable and appealing.
According to new research commissioned by HOOD.ai, a national online network for people moving house, the top 10 sales and renting markets in the state for buyers and tenants with typical salaries are as follows.
Wollongong flats were ranked No. 10 on the ‘top 10 suburbs for buyers’ list, with a median sale price of $642,500.
According to the survey, the average day on market in Wollongong is 25 days, and the average weekly household income is $1180.
On a scale of one to ten, it has a SEIFA socio-economic score of six. The ‘SEIFA socio-economic score’ is a statistic devised by the Australian Bureau of Statistics that evaluates locations in Australia based on their relative socio-economic advantage and disadvantage.
Wollongong flats, according to Neil Webster of Stone Real Estate Illawarra, “meet the bill” in terms of affordability and attractiveness.
“Especially for that unit market, because we’ve had so much development around the city recently, and we’ve created such a chic city lifestyle,” he said. “There’s a good environment and culture, and it’s certainly appealing to buyers who are looking to relocate and be closer to all the Sydney and city style amenities.”
Small pubs, motels, a superb health precinct, and a shopping area are now available.”
Mr. Webster stated that Wollongong’s unit market appealed to purchasers in terms of affordability because most flats on the market within the median price bracket were brand new.
“We have the older apartments that are possibly at a lower price point, but for someone who’s coming in as a first home buyer who wants lifestyle and affordability, being able to buy something that’s new and still has a builders’ warranty in place will be a significant appeal,” he said.
“We have a lot of new stock on the market right now, and more is on the way, so Wollongong makes a lot of sense from an affordability standpoint.”
Median sale prices in the top 10 sales markets varied from $525,000 to $642,500, with typical weekly family incomes ranging from $1091 to $1757 in those suburbs.
Weekly rentals varied from $335 to $375 in the top ten rental areas, while household incomes ranged from $1308 to $2231.
The Wollongong unit market, according to HOOD.ai founder and CEO Tommy Fraser, is a viable alternative for purchasers looking to live in a beautiful regional city or Sydneysiders who have gotten disillusioned with the metropolis or have been priced out.
“Median sale prices in Wollongong have increased by 15.1 percent in the last year, from $558,000 to $642,500,” he said.
“Days on market have decreased dramatically during the same time period, with properties selling in just 25 days on average compared to 38 days a year ago.”
“Inventory levels are less than three months old and have been heading downward, indicating that the Wollongong unit market still has room for price rise.”
The suburbs whose ‘SA3’ region is more than 100 kilometers from either the Sydney or Canberra CBDs were ruled out for this report.
A group of suburbs is referred to as a ‘statistical area 3’, or a ‘SA3’, by the Australian Bureau of Statistics. Local government districts are frequently linked to SA3s.
Suburbs with a poor socioeconomic level, as defined by a SEIFA socioeconomic score of less than five, were also excluded.
Housing affordability, according to Mr. Fraser, is a hot-button political issue that has gotten a lot of attention during the election campaign.
“It’s no surprise that both parties are talking about affordability,” he added, “since the housing market is tight for individuals on average salaries right now.”
“Buyers must contend with the reality that property prices have risen considerably in Sydney and other parts of NSW over the last 18 months, while tenants must contend with extremely low vacancy rates in many parts of the state.”
According to the analysis, there are still some sales and rental markets that are both affordable and good places to live.”
