Wollongong has joined the million-dollar property club, with the city's median dwelling value now into the seven figures.
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However, one expert says while it remains a seller's market in Wollongong, there will likely be a gradual shift in conditions to favour buyers over the next couple of years.
According to CoreLogic figures, the median dwelling value (houses and units combined) in Wollongong (the city, not the LGA) was $1,022,402 at the end of October.
Median dwelling values there grew 0.9 per cent over the month of October, 4.6 per cent over the quarter and 26 per cent in the past year.
By comparison, the median dwelling value for the Illawarra region was $898,197.
The figures also show that in Newcastle, the median dwelling value was $820,635, as well as $861,233 for houses and $660,287 for units.
CoreLogic's head of research Eliza Owen said lack of supply was a persistent issue across regional NSW, and was evident across listings in Wollongong.
Also, she said Wollongong was a popular sea change destination, and in a prime location between major hubs like Sydney, and popular holiday getaways like Huskisson, Kiama and Bowral.
"It is likely that Wollongong has been a very popular location with interstate and intrastate migrants," she said.
However, price growth does appear to have slowed somewhat.
"Looking at the broader Wollongong market, monthly growth has slowed from a peak of 4.1 per cent in March 2021, to 0.9 per cent through October 2021," she said.
"Affordability constraints are likely one of the main constraints on the monthly growth rate."
Earlier this year, it was revealed that more than a dozen Illawarra suburbs had joined the housing market's million-dollar club during the previous 12 months.
CoreLogic's inaugural 'Million Dollar Markets' report identified 218 markets nationally where either house or unit median values in a suburb reached the million-dollar-mark in May 2021 compared to May 2020.
Ms Owen said it was still a seller's market in Wollongong, and spring and summer proved no better time to showcase your coastal property.
"For buyers, I'd say don't get caught up in 'FOMO', (as) mortgage rates seem to be bottoming out - especially in the fixed space," she said.
"Credit conditions are tightening and new listings campaigns are gradually edging higher. There's never a perfect way to 'time' the market, but I think we will gradually see conditions shift to favour buyers over the next couple of years."
CoreLogic figures say across Wollongong, the housing stock percentage split is estimated to be 62 per cent houses and 38 per cent units.
According to the latest figures, houses in Wollongong had a median value of $1,184,130 (compared to $977,183 for the wider Illawarra region), while Wollongong units had a median value of $708,937 (compared to the Illawarra figure of $641,118).
Alex Frino, Professor of Economics at the University of Wollongong said the median house price in the Illawarra had increased by 28 per cent, or $220,000, so far this year.
"That means the median house owner has been experiencing an increase in wealth of about $22,000 a month," he said.
"In terms of affordability, the bad news is that it means the median buyer now needs to find about $7000 more in their annual budget to service the purchase of a house.
"So affordability is creeping further and further away for the average buyer."
However, Prof Frino said this growth would have a positive impact on the region's economy, as the median wealth of home owners in the Illawarra region had increased substantially.
"We know that fuels consumer confidence and buying, and that in turn is great for the local economy," he said.
"It's bad news for affordability, but great news for the economy itself."