Market Update

Despite declines in the Sydney market over the month of April, the Illawarra has continued its climb with house prices rising 1.4%. That caps off a strong year for Wollongong house prices with CoreLogic putting the year to year growth at 24.3% and the median value of house prices now sitting at $1,085,519. It was a different story for unit prices with a small decline of 0.3% in April bringing the median price to $716,949. But that was a well deserved breather for a unit market that has added 16.8% over the year to the end of April. Combined, that brings the total year on year 22.9% by the end of April.

 

 

 

Market Update Continued…

All eyes will be on the Reserve Bank of Australia in the next few months with economists tipping a tightening of monetary policy between now and Christmas. While that brings uncertainty to prices, there continues to be a deep pool of Sydney buyers ready to snap up a bargain down south.

 

 

 

 

 

30 Years of Experience

Tim Bartlett has over 30 years of experience in Illawarra Real Estate, which means he’s seen the highs and lows of the market – and there have been plenty of both! What this means is, if you’re thinking of selling, Tim can keenly assess the market for you and give you the best advice based on relevance, experience and honesty. If you still need convincing, check out Rate My Agent and see why Tim has won the agent of the year for Wollongong.

 

 

 

 

Investment Opportunities

Forbes Magazine noted Sydney real estate has seen increased interest worldwide. Ken Jacobs of Private Property Global is seeing a marked increase in foreigners’ interest in real estate around Sydney. “Across the board, we are receiving more and more offshore inquiries from both ex-pats wanting to return and others wanting to move here,” notes Jacobs. While Jacobs is referring to luxury property, this interest can still benefit an investor.

 

 

 

 

 

Investment Opportunities Continued…

With Australian borders opening to tourists there is another opportunity reopening in the property market. International students. Wollongong University is a renowned university which attracts many students from other countries. If you are looking to invest in the property market but find a house is out of reach, an apartment which can be rented out to students is an excellent option.

 

 

 

 

 

Finances

If you’re new to the property market, would like to purchase an investment property would like to prepare for increasing interest rates, you can talk to a financial advisor. Wollongong has many local, experienced and trusted financial advisors who can help you take charge of your financial situation. If you would like to buy or sell a property, knowing your finances is a necessary part of the process and a financial advisor can help you improve your financial position and make profitable choices. Here are some we recommend:

The Wealth Quay  | Future Step Financial Services  | Fenton and Associates