East Corrimal is a desirable beachside pocket that’s rapidly losing its “sleeping giant” status, an Illawarra agent believes.
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According to the Domain Group, the median price of a three-bedroom house in East Corrimal is $814,000, with 24 sold this year.
The median price for a two-bedroom unit in East Corrimal is $408,000, with 13 sold this year.
Domain Group demographics report that the average age of residents is 20-39, with 41 per cent families and 59 per cent singles.
Jeremy Hodder, principal at Belle Property Wollongong said in recent times, East Corrimal had experienced “phenomenal growth” in prices each year.
“It’s had really good growth in the past three years, but now I think it’s changing a lot and there’s a lot of people looking to get into that suburb to try and renovate, (or) knock down and rebuild,” he said.
“It’s become a really desirable little beachside pocket.”
Mr Hodder said the suburb was appealing to young families.
“A lot of young buyers, young families are looking to upgrade and upsize into the area to get closer to the beach and enjoy that lifestyle,” he said.
“I think buyers are starting to uncover how good it is, based on its close proximity to the city and being close to the beach. (It’s) only ten minutes into town and close to the freeway exits.
“I think it’s been a bit of a sleeping giant for the past five to ten years, but now I think a lot of local and out-of-area buyers are starting to discover how good it is.
“Buyers (who) maybe have exhausted Bulli, Thirroul and East Woonona are starting to look at it and realise just how good it is.”
Among Mr Hodder’s current listings is a four-bedroom, three-bathroom home at 8 Thalassa Avenue, East Corrimal.
This luxury dual-level home has an asking price of $1,550,000 to $1,650,000.
Features include delineated family living and dining plus grand formal lounge; separate fitted study; gas/stone kitchen with dishwasher; fully-tiled bathrooms, ducted air conditioning and a 10kw solar power system.
Among David Meikle from McPhail Real Estate’s current listings is a freshly renovated two-bedroom unit at 7/46 Thalassa Avenue.
It has an asking price of $485,000 to $515,000.
Its features include an open plan living area that opens to the full-length terracotta tiled balcony, as well as a modern kitchen.
Mr Meikle said “anything that’s between the Distributor and the water’s always popular, and East Corrimal typifies that”.
“It’s just nestled nicely between Corrimal shopping centre and the coast, and it’s close to the railway station,” he said. “It’s always been popular.
“The northern suburbs has become very expensive, and that shift from those big prices up north slowly trickle their way down the coast.
“So it probably seems pretty good value now compared to something at Woonona or Austinmer.”
Do you have an interesting real estate story? Please email brendan.crabb@fairfaxmedia.com.au with details.
