An Illawarra agent believes Oak Flats is an up-and-coming suburb that has perhaps been overlooked by some buyers.
According to the Domain Group, the median price for a three-bedroom house in Oak Flats is $595,000, with 55 sold this year.
The median price for a four-bedroom house in Oak Flats is $680,000, with 21 sold this year.
Domain Group demographics report that the average age of residents is 40 to 59, with 51 per cent families and 49 per cent singles.
Also, 42 per cent fully own their own home, 34 per cent have a mortgage and 24 per cent are renting.
Among Belle Property Wollongong agent, Jayne Langford’s current homes for sale is a three-bedroom house at 31 Minda Crescent, Oak Flats, listed for $640,000 to $700,000.
The one-level home contains an open-plan family area and separate formal lounge or media room.
“The home has been recently renovated, and ready to move into,” Ms Langford said.
“Located on a corner block, there is access into the home from both sides.
“The owners have created a low maintenance property with easy care gardens. It’s going to suit everybody from a young family with not much spare time on their hands to some people who may be downsizing, especially being all on one level.
“We’ve had interest from Sydney buyers wanting to move closer to family, interest from the local buyers and investors as well.”
Ms Langford said Oak Flats was an area that’s sometimes “overlooked”, despite being so close to Shellharbour and Lake Illawarra.
However, she believed it was an up-and-coming suburb.
“We’ve sold some beautiful properties on the lake at Oak Flats, and they’ve sold for really good prices, because people see the value in having absolute waterfront or just a little walkway in front of them,” she said.
“Some of the homes in the older areas, particularly down near the lake are on rather large blocks, and there’s a lot of development going on. You’ll see duplexes being built, and a lot of the older houses on the lake have been renovated, or knocked down and rebuilt.”
Agent, Jarath Moss from Harcourts Shellharbour City/Albion Park recently sold a two-bedroom villa at 2/41 Griffiths Street, Oak Flats for $400,000.
Mr Moss said it offered convenience, a great location and low maintenance, and the eventual selling price was above the top listed figure of $385,000.
He said it was sold to an elderly woman who was returning to the Illawarra.
He said Oak Flats was a desirable location for buyers, and properties that became available tended to be snatched up quickly.
“Being one of those original and established areas… It’s one of those areas everyone wants to be in,” he said.
“It’s got the old family blocks, the lake, Shellharbour Square’s there, and a lot of these older homes have been remodelled.
“It’s sort of untapped in regards to high turnover, but that’s because it’s such a good area (people want to stay).”