For young Australians looking to move into their own homes and remain close to Sydney, Wollongong “stands out as a great option to enter the housing market”.
That’s according to analysis of the September quarter Domain State of the Market Report — Regional, released this week.
Each quarter, the Domain Group releases data on median house prices throughout the country.
“There have been some big movements in regional Australian property this quarter, with local economic strength continuing to impact price growth and deliver mixed results across the nation,” Domain chief economist Dr Andrew Wilson said.
“Notably, prices in regional NSW have eased in many markets, in line with its capital city results.”
Findings for the September quarter included:
Wollongong house prices declined over the September quarter, following a sustained period of growth. The median house price fell 1.9 per cent to $740,000.
Annually, median prices are 13.9 per cent higher compared to the September quarter last year.
“For young Australians looking to move into their own homes and remain close to Sydney, Wollongong stands out as a great option to enter the housing market,” Dr Wilson said.
“While the region is experiencing a slight decline, the yearly price increase makes Wollongong a standout in NSW.”
Prices in Shellharbour continued to grow this quarter, with the median house price increasing 2.3 per cent to $650,000.
Local house prices have risen 16.7 per cent over the past year.
“NSW South Coast markets continue to attract buyers,” Dr Wilson said.
“The price growth in Shellharbour is a testament to this and it looks set to continue into the future.”
Shoalhaven house prices increased 3.7 per cent over the September quarter to a median price of $545,000.
This quarter of growth is in line with the region’s robust annual growth rate of 19.5 per cent.
“The lifestyle appeal of Shoalhaven means the region stands out as another strong performer, with recent increases in house prices cementing its status as an in-demand location for homeowners, as well as holidaymakers,” Dr Wilson said.