A long-time Illawarra agent says that as 2018 approaches, the region’s market is likely to remain a “real reflection of what happens in Sydney”.
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Rob Linnehan, co-principal at Ray White Albion Park has worked in the Illawarra for several decades.
Headed into next year, he said the market in the Illawarra region was still a “real reflection of what happens in Sydney”.
“If Sydney slows, we slow,” he said.
“Once upon a time that ripple effect took months, now it’s virtually weeks.
“If Sydney slows and consolidates in the new year, which I think is the general comment… In Sydney you’ve got a lot of people that are listing because they can see that the crest of the wave has been and gone.
“So the people that have been sitting on the fence waiting to see how things were going to go, they’re now saying, ‘well, hang on, we better get on while there’s still good times’.
“So you’re finding that there’s a re-correction, and the re-correction is that more stock is on the market.
“More stock on the market means it’ll swing from being a vendors’ market to a purchasers’ market.”
Among Mr Linnehan’s recent sales is an acreage/semi-rural property at 2 Kingston Town Drive, Kembla Grange, which sold at auction for $1.94 million.
Situated in the Kembla Grange Equestrian Estate, the large horse training facility is on a level 8235sqm with three street frontages.
The residence features four bedrooms, two bathrooms, expansive living areas and modern kitchen.
The equine facilities include 28 double brick stables, feed and tack rooms, two sand rolls, nine horse walking machine, manager’s office, day yards and more.
This property also has potential for further expansion of residential or equine facilities (subject to council approval).
Selling agent Mr Linnehan said interest in this property largely came from local investors.
“A local investor bought it,” he said.
“It’s a unique offering and probably the biggest stable complex in Kembla… This is two acres; most of them are an acre and a half-acre.
“This was two acres of freehold, big stable complex.
“That was a pretty good test of the market.
“What’s interesting is the people that bought it, and the people that were interested in it were all very much aware of the anticipated Kembla Grange racetrack upgrade that’s scheduled to kick off in 2018.”
Among Mr Linnehan’s other recent sales included a farm at 117 Calderwood Road, Albion Park, sold at auction for $1.31 million.
The masterbuilt home is set on 30 acres.
