Looking to buy a home with a price tag of $700,000? A new property report reveals what you can snap up for about that amount in locations throughout the Illawarra.
Chris McKenna, region director of property valuation and advisory company Herron Todd White said not that long ago, $700,000 would have been enough to purchase a nice house in the Illawarra.
However, he said recent strong market activity and increased sale prices has really limited the buying power of $700,000.
"If we start off in the northern suburbs, you might be able to pick up an older two-bedroom unit in Thirroul or Bulli, but don't expect it to be pretty," he said.
"From Woonona south, the options open up a bit more to be able to buy a two-bedroom townhouse or a modern two-bedroom unit in Corrimal or Fairy Meadow."
Mr McKenna said it was only really when you get to Figtree that three-bedroom properties become available in the form of older three-bedroom townhouses.
He said if it was a house you're looking for, you'd need to start looking in Unanderra and further south.
The house at 40 Beatus Street, Unanderra has a price guide of $570,000 to $620,000.
Set on 643 square metres, this three-bedroom plus a sunroom, north-facing home is located in a quiet street with a council reserve at the rear.
Mr McKenna said you'll get more for your money around Berkeley and Warrawong, "although these areas have also seen big increases recently".
Also on the market is a two-bedroom, two-bathroom townhouse at 2/20 Church Street, Port Kembla.
It has a price guide of $629,000.
Selling agent, Rade Brbevski from Ray White said there were only two units in the complex, while it was located less than a kilometre from Port Kembla Beach.
Mr McKenna said new housing is available for around the $700,000 mark with modern duplex dwellings being built and sold in Kembla Grange and standalone houses on 300 square metre lots in Calderwood and Tullimbar.
Located nearby is 1 McGill Close, Albion Park.
Set on 625 square metres, the three-bedroom, two-bathroom house also has a three-car garage.
It has a price guide of $700,000 to $750,000.
The selling agents are Daniel McConnell and Denva Guldbransen from Harcourts Shellharbour City/Albion Park
Ms Guldbransen said it was on a corner block and had redevelopment potential, but would require some cosmetic upgrades.
She said it was well-located in a quiet cul-de-sac.
Daniel Norris from Ray White Dapto and Horsley is the selling agent for 7 Barellan Avenue, Dapto.
It has a price guide of $599,000 to $639,000.
Set on 594 square metres, the three-bedroom, one-bathroom house has been on the market for little more than a week, with plenty of interest from first home buyers and investors.
He said it was an older-style home that would need renovations, but was well-located in the "old Dapto area" that was close to shops.
"These style of homes are becoming very sought-after, as they've got the bigger blocks," he said.
"A lot of people still want some yard for the kids."
Meanwhile, Mr McKenna said in Wollongong, decent size older two-bedroom units are going for between $600,000 and $700,000, and "you might still be able to purchase a modern two-bedroom, two-bathroom unit in a new development for just under $700,000".
Among Lou Niceski from Elders Real Estate's current listings is 11/4-6 Victoria Street, Wollongong.
The three-bedroom, one-bathroom unit, built about 16 years ago, has a price guide of $600,000 to $650,000.
Positioned on Level 3, the property features a large open plan living and dining area; and is close to shopping and public transport.
"It's great value for money, on the top floor and close to the CBD," Mr Niceski said. "It's a very affordable unit."
Also among his listings is 3/29-33 Osborne Street, Wollongong.
The three-bedroom, one-bathroom townhouse, built more than 20 years ago, has a guide of $690,000 to $720,000.
Mr Niceski said there had been a lot of interest in the property, given its proximity to the hospital precinct and public transport.
Among Jayne Langford from Belle Property Illawarra's current listings is 43/3-15 Belmore Street, Wollongong.
Located in the Victoria Square building, the price guide for this two-bedroom, one-bathroom apartment is $670,000 to $700,000.
It was built in 2007, is 104 square metres internally and has recently been freshly painted and had new flooring installed.
It is due to be auctioned on September 10, if not sold prior.
"It's situated in a 14-year-old building, so the proportions are more generous than what your newer buildings are offering," Ms Langford said.
Mr McKenna said first home buyers are having to re-think their options and either shift to areas outside their initial picks, or to downsize their requirements.
"It's going to be interesting to see how the rest of the year plays out with this strong demand not going to be sustained indefinitely, however there is little evidence that things are dampening down anytime soon," he said.
Meanwhile, further south Herron Todd White's director valuer Joshua Devitt said the Shoalhaven residential property market has continued to strengthen and improve from the start of 2021 with strong, and even some record, sale results being recorded.
"If a property was purchased at the start of the year, it's safe to say that after the first six months of the year it's now worth more," he said.
"Low interest rates, demand outweighing supply and strong interest from out-of-town buyers as a result of the COVID-19 pandemic have contributed to resulting in a booming market in the Shoalhaven region."