Increasingly more people are opting to live in regional locations like Wollongong as an alternative to living directly in the city. You get a more flexible living arrangement where you can take advantage of what the city has to offer close by but enjoy possibly a nicer property or a nicer location by looking at apartments for sale Wollongong area. The problem is several groups of people are interested in this kind of living option, as well as the usual city workers more retirees, holidaymakers, young families and people looking to downsize are also choosing it. When the cost of Syndey puts a lot of people off, the more affordable market in areas like Wollongong is very attractive. Commuting by train to the city center takes very little time too.
How the property market in Wollongong is performing
Since just a couple of years ago, while prices have fallen slightly on average, actual property values have gone up. The average house price is $700,000 and values are up over a third. When you compare that to Syndey you will see that while the values of houses have recovered somewhat they are only up by 6.8% and apartments by 3%. 3 bedroom apartments for sale Wollongong located have grown more in value than those in Sydney. The forecasts expect that these price growths will continue to stabilise and improve over the next year. What is also something attractive to regional areas is that they tend to offer better long-term cash flow options than a city investment.
Areas that are looking good to invest in
When looking at specific areas that are looking good in growth forecasts you have Helensburgh, north of Wollongong that is forecast to have a growth of over 28% in the next three years because of its affordability and proximity to Sydney. Also, a suburb to watch is Fairy Meadow, close to Wollongong’s centre. Houses over the last five years have gone up by 6.2% and apartments 7.7%. Rent for apartments is about $380 a week and for houses $500 a week. If you are looking for something more affordable that shows promise in the next 5 years look to the suburb of Coniston for apartments for sale, Wollongong area.
Things buyers should think about
When you are considering buying you need to make decisions based on whether you are looking to rent or for a personal home. This factor affects where you might buy and what important factors you need to consider. The important thing with any market is to do enough research and to understand what is driving the local property market in that area. You need to look for growth that is sustained over a medium to long period of time and consider other things like whether investments are being made into the local infrastructure like transport links. This is true whether you are looking for a house or at 3 bedroom apartments for sale, Wollongong.