Illawarra's commercial property market enjoyed a strong 2019.
The year 2019 was "one of the stronger in recent times" for the Illawarra's commercial property market. Tim Jones, managing director of commercial sales at MMJ Wollongong said there was a sentiment that "not everything's going to the open market now - there's a fair bit of off-market activity".
"The real sought-after area is industrial; it's red hot and we can't list enough of it," he said.
"It's really strong. There's a lot of demand and not a lot of supply.
"Unanderra, Port Kembla and parts of North Wollongong are really sought-after."
Elsewhere, Mr Jones said a notable commercial sale was 128-134 Crown Street, Wollongong.
Featuring Westpac as a major tenant, it recently sold for $7,500,000 to a Sydney-based investor buying their first property in the region.
"Overall market conditions are good - there's still people out there wanting to tap into higher yields, which is what commercial property provides," Mr Jones said.
"We're getting a lot of activity from the Sydney marketplace looking to probably find slightly better yields by going a little more regional.
"The reality is, a lot of Sydney buyers don't view Wollongong as regional any more. They view it as an outer part of Sydney in a lot of ways, and are getting good returns."
He predicted the region's market would be "just as strong, if not a little stronger" in 2020.