Wollongong apartment prices jump 13%

Property prices for apartments in Wollongong have jumped in the past 12 months, according to the latest figures.

A September quarter snapshot released by Bendigo Bank Real Estate Institute of Australia shows Wollongong's median price for dwellings such as flats, home units, townhouses and terrace houses, had increased 13.1 per cent compared with the same quarter in 2012.

The Wollongong median price for apartments in this September quarter was $349,500.

Apartments hot property in Wollongong

Newcastle also recorded a median price increase of 16.5 per cent for apartments over the same time frame, the institute report said.

Simon Kersten, managing director of Colliers International in Wollongong, said he was not surprised by the higher demand and strong price growth for apartments in Wollongong.

"If you look at first home buyers, the national trend seems to have a sweet spot at $350,000," he said.

"You can't get a house within 10 minutes of Wollongong for that.

"There's also been a change in what people want. The old expectation of a young couple wanting a house and a block of land is different.

"They don't always want that and many are quite happy to live in apartments."

Mr Kersten said apartment sales had really taken off around Wollongong's CBD because it had become a desirable place to live.

"There's more on at night-time," he said. "There's more things to do. People are happy to live in town."

Illawarra Real Estate Institute chairman Trever Molenaar said the market for houses and other dwellings including apartments was very strong in the region.

"In the past few months, we've been in the best position we've been in for the past five years," he said.

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