There has been an increased demand for vacant land within the Illawarra during recent months, one expert says.
Meanwhile, another believes the commercial office market in Wollongong appears to have weathered the COVID-19 storm well to date.
Chris McKenna, residential team leader for property valuation and advisory company Herron Todd White said there has been an increase in activity in the past couple of months within the Illawarra's residential property market.
This includes the demand for vacant land.
"Developers' agents in the larger land release subdivisions in West Dapto and Calderwood are reporting stronger inquiry and a higher level of sales, although competition between estates means some are still offering incentives to entice prospective purchasers," Mr McKenna said.
Prices of resales in Calderwood since August have ranged from $260,000 for a 408sqm corner lot with a split-level elevation to $450,000 for a 740sqm near level corner lot designated by the developer as a duplex lot.
Meanwhile, out at West Dapto, resales have ranged from $357,500 for a 460sqm inside lot situated close to power lines to $435,000 for a 465sqm, gently sloping inside lot opposite Wongawilli ponds.
HTW's report noted that infill blocks of vacant land are rare in the established suburbs.
Asking prices vary depending on the location, size, topography and view.
Recent sales include:
*A Coledale property for $1.1 million, which is a 546sqm block with a moderate slope, ocean views and DA approved dwelling plans.
*A 701sqm lot towards the escarpment in Woonona for $665,000.
*Recently subdivided battleaxe lots in Corrimal for $515,000 and in West Wollongong for $425,000.
*A 626sqm elevated lot in Flinders for $580,000 which comes with DA approved dwelling plans.
Mr McKenna also noted that a fire damaged home in Unanderra has recently sold as is for $390,000, with the purchaser responsible for either significant repair work or a knockdown-rebuild.
Meanwhile, Herron Todd White director Scott Russell said the commercial office property market in Wollongong seems to have weathered the COVID-19 storm well to date.
However, he said the outlook for the rest of the year is understandably cautious, "as we all look to see how the economy performs once the various temporary government schemes and incentives are wound back, notably the JobKeeper and JobSeeker programs".
"Illustrating strong investor appetite for prime defensive assets at this juncture is the recent sale to Castlerock of the ATO anchored A- grade office building at 45 Kembla Street, setting a city record at a reported sale price of over $57 million," he said.
"For tenants there is a healthy choice of quality space available due to the recent completion of Gateway on Keira, Avantè and the refurbished 83-85 Market Street.
"While rents are holding firm to date, the provision for incentives remains and we expect there to be pressure on landlords to increase their incentive offering until economic conditions stabilise."
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