From seven-figure sales to more affordable pockets, the Kanahooka market has seemingly “matured” to incorporate a wider range of buyers.
Darren Kay, principal of Belle Property Illawarra was one of the selling agents for 1 Rondanella Drive, Kanahooka.
It sold for $2,275,000 in late June.
The four-bedroom, two-study, architect-designed, single-level dwelling sits on five acres of level countryside.
Bordering on Mullet Creek, Mr Kay said the “beautiful home” had sold to an Illawarra buyer.
“There hasn’t been a property of its kind hit the market (in the suburb) previously,” he said.
“One of the appealing things about Kanahooka is it’s a ten-minute drive into Wollongong CBD, with easy access to the freeway if you want to head to Sydney.
“As the urban sprawl in Dapto takes off and there’s better infrastructure, these acreages close to the CBD are prime.
“I think it’s (Kanahooka) been a bit of a sleeping giant. Where the marketplace really has taken off from Wollongong out, it’s now kind of taking shape and form in Kanahooka.
“It’s been very affordable for a long time.”
According to The Domain Group, the average age of Kanahooka residents is 60-plus, with 58 per cent families and 42 per cent singles.
Domain Group demographics also report that 51 per cent fully own their own home, 36 per cent have a mortgage and 13 per cent are renting.
The median price for a three-bedroom house in Kanahooka is $585,000, with 57 sold this year and spending an average of 58 days on the market.
Read More: ‘Springhill’ estate on the market for $3.75m
Among MMJ Real Estate Wollongong director Daniel Hastings’ current listings is 8 Linton Court, Kanahooka.
The three-bedroom house has a price guide of $629,000 to $669,000.
The villa-style home is located on a 419sqm lot in the Forest Grove Estate.
Mr Hastings said this type of property was often popular among Baby Boomers.
“They like that it’s not a traditional strata situation, like a strata villa,” he said.
“They’ve got their own plot of land, albeit smaller, so it’s low maintenance… Offering the lifestyle and conveniences of a villa, but not necessarily the strata situations.”
Mr Hastings said in the past decade, the Kanahooka market “had matured to have a wider range of buyer”.
“Some time ago it was probably just considered an affordable pocket, and a good first home or something like that potentially,” he said. “But in the past decade or so you’ve had the emergence of new estate areas.
“Some of those pockets are near or on the lake as well, so people in the region are appreciating Lake Illawarra a lot more.
“I think Kanahooka has benefited from that as well, because there’s some really nice settings there.
“And with that you’ve got some higher-priced situations; seven-figure sums are not out of the question nowadays in those parts.
“But you still have some pockets that are relatively affordable as well.”
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