Property prices up as more buyers head to Wollongong.
Wollongong residential property prices continue to achieve solid growth, according a recent Regional Market Update from CoreLogic.
Wollongong median house prices increased by 15.1% to $630,386 and apartment prices increased by 14.4% to $471,037 over the 12 months ending June 2016.
John McGrath, reporting for Switzer Daily, traces the increase back to Sydney buyers looking to re-locate. A common trend that can be seen after capital city property booms, Sydney buyers looking south for affordability, lifestyle and investment opportunities have helped drive prices up.
Herron Todd White also links demand from Sydney to the rise in prices, with the Illawarra residential property market as going from strength to strength since 2013. 2016 has seen the highest volume of house sales in the Wollongong LGA in the $600,000 to $700,000, with 420 sales in the year to October.