Traditionally, spring is a time that brings change, and for some that means tidying up their property and listing it for sale.
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That would appear to be a welcome prospect, as one expert says an increase in new stock coming to the market is required to meet the strong buyer demand throughout the Illawarra.
Chris McKenna, residential team leader for property valuation and advisory company Herron Todd White said April and May 2020 "brought a halt" to the residential property market in the Illawarra.
"However, this now seems to have rebounded to decent levels," he said.
Herron Todd White's latest report indicates that overall volume of sales in the first seven months of 2020 are only slightly down from the same period in 2019 across the Wollongong, Kiama and Shoalhaven LGAs, with Shellharbour being the exception by having a slight increase.
However, 2020 transaction levels are still significantly lower than during the boom years with Wollongong approximately down 65 per cent from 2015, Shellharbour down about 25 per cent, Kiama down approximately 110 per cent and Shoalhaven down about 90 per cent.
Mr McKenna said Illawarra agents are now reporting strong buyer demand, with an increase in new stock coming to the market required.
"Buyer competition has caused strong sale prices in recent months and RPData has advised that the Illawarra region has recorded both the largest rise in housing values as well as the biggest jump in home sales over the past 12 months for all of regional Australia," he said.
The Kiama LGA has performed particularly strongly, with 27 sales over $1 million since the start of July, including an executive-style house on Pheasant Point Drive in Kiama for $2.875 million.
Other notable sales in the region recently include a suburb record sale in Shell Cove on Red Sands Avenue for $1.9 million, and a penthouse unit on Harbour Street, Wollongong for $1.825 million.
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