Wollongong
A growing number of people are choosing coastal towns over urban city life.
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That’s according to the June quarter Domain Regional State of the Market Report, released on Thursday.
Findings show the regional renaissance along the NSW coastline continues, with notable yearly price growth in Wollongong, the Shoalhaven and Shellharbour.
Wollongong’s median house price increased by 5.7 per cent over the June quarter, to reach a new record high of $760,000. The median house price surged by 18.8 per cent year-on-year.
Wollongong house rents also increased over the past year, growing 4.2 per cent to $500 per week. The region’s median rents held steady over the June quarter.
“Wollongong has recorded yet another strong result, both quarterly and annually,” Domain chief economist Dr Andrew Wilson said.
“A growing number of people are choosing coastal towns over urban city life, a positive indication for future growth in Wollongong.”
Shellharbour
Median house prices in Shellharbour increased 6.6 per cent over the quarter, reaching a record high of $645,000. This follows an annual increase of 17.3 per cent, one of the highest yearly growth rates for regional NSW.
Median house rents increased 2.1 per cent over the quarter and 4.3 per cent over the year, to $480. “Rising demand continues to fuel regions south of Sydney,” Dr Wilson said. “Shellharbour’s healthy growth will likely continue to draw buyers in.”
Shoalhaven
The median house price in the Shoalhaven increased 2.3 per cent over the June quarter, reaching $537,000. The region had a booming annual growth of 17.8 per cent.
Median house rents increased 4.9 per cent over the quarter, to $430.
The Shoalhaven region had the most significant annual increase in median rents out of all regional markets, rising 22.9 per cent.
“The Shoalhaven market has recorded another solid quarter of growth,” Dr Wilson said. “Its remarkable annual increase in house and rental prices indicates that the region is a sought-after destination for lifestyle buyers looking for a sea change.”
Wingecarribee
House prices in Wingecarribee increased 2.6 per cent over the June quarter, reaching a median of $800,000 — a significant annual increase of 18.5 per cent.
Median house rents decreased to $495 per week, a 1.0 per cent decline over the quarter and a flat annual growth.
“Wingecarribee’s property market continues to grow with strong buyer demand pushing up median house prices. All signs point to further growth throughout the region in 2017,” Dr Andrew Wilson said.
Eurobodalla
The median house price in Eurobodalla recorded a slight increase of 1.6 per cent over the quarter, reaching $445,000. This follows an annual growth of 13.4 per cent.
Median house rents have remained relatively steady over the quarter, increasing by a slight 0.6 per cent to $400 per week. This is an annual increase of 14.3 per cent.
“South Coast markets continue to rise with Eurobodalla hitting a record high median over the June quarter,” Dr Wilson said.
The Domain Group is a subsidiary of Fairfax Media.
