Why you should think about buying or leasing Wollongong real estate
Wollongong is completing a metamorphosis from an industrial city to a university city, and with this change has come a lifestyle revolution. Wollongong’s inner city is now populated by trendy bars and restaurants, while the city’s cultural life is booming.
Meanwhile, increasing numbers of people are seeing Wollongong – with its stunning oceanfront precinct of surf beaches, boat harbour, bars and restaurants – as an attractive and more affordable alternative to the stratospheric prices of Sydney’s beachfront suburbs.
The world-class University of Wollongong is driving much of the change in perceptions of Wollongong. It has a well-earned reputation as one of Australia’s leading teaching and research institutions, with a strong international focus that is generating overseas interest in the city. The University’s Innovation Campus research and development precinct at North Wollongong is helping to generate exciting new high-tech employment opportunities in the city.
No wonder Wollongong’s real estate market is buoyant, and that when houses or units go up for sale in Wollongong, the interest is intense.
What makes Wollongong such a great place to live?
Two excellent surf beaches, a picturesque boat harbour, ocean swimming pool and generous open public spaces along the waterfront, contribute to the sense that Wollongong offers the quintessential Australian beach side lifestyle.
That is certainly true, but there is so much more to Wollongong than great beaches.
The city has a vibrant cultural life, with one of Australia’s best regional art galleries, the WIN Sports and Entertainment Centre which attracts some of the biggest touring acts and sporting events, and the Illawarra Performing Arts Centre which hosts national theatre companies and other touring performers.
Wollongong also has great restaurants, from inner city favourites like Lorenzo’s Diner and Caveau to waterfront icons like The Lagoon Seafood Restaurant. Wollongong’s rich cultural diversity means that lovers of international cuisine are also well catered for.
Wollongong is a shopper’s paradise. In 2014 General Property Trust demonstrated its faith in Wollongong real estate when it opened a $200 million redevelopment of its Wollongong Central shopping centre adding a vast array of speciality shops and boutiques and a new supermarket to a shopping precinct that already had major department stores David Jones and Myer.
And the city has excellent sporting facilities, including the historic Wollongong Golf Club, one of Australia’s true links courses built along the beachfront just south of the city centre.
Wollongong is also an educational hub, with its outstanding university, a large TAFE NSW Campus and excellent public and private primary and secondary schools.
The city also has outstanding healthcare facilities, with the recently expanded Wollongong Hospital one of the state’s major teaching hospitals. It will be complemented by Ramsay Health Group’s 151-bed Wollongong Private Hospital due to open in 2016.
And the city is well-connected to Sydney by road and rail, making Wollongong real estate an attractive proposition for commuters. Wollongong is just over an hour by road from Sydney International Airport.
Wollongong Real Estate Stats
Realestate.com provides some useful stats about the Wollongong real estate market. So who is calling Wollongong home and what can you expect to pay for Wollongong real estate?
- Current median purchase price for a 3 bedroom home in Wollongong: $650,000
- Current median purchase price for a 4 bedroom home in Wollongong: $662,500
- Current median purchase price for a 2 bedroom unit in Wollongong: $423,750
- Current median purchase price for a 3 bedroom unit in Wollongong: $606,000
- Wollongong real estate is in high demand with 746 visits per property listed for sale
- Who calls Wollongong home?
- Independent youth (30.3%)
- Maturing and established independent people (17.9%)
- Elderly singles (12.4%)
Why Should You Invest in Wollongong Real Estate?
Wollongong real estate offers outstanding variety of properties for sale, with a large range of units and villas and some new and original houses coming on to the market.
The city’s spectacular coastline with and views north to the Royal National Park, has long been the main focus for Wollongong real estate investors.
The streets leading to the city’s two excellent surf beaches contain a wide variety of quality blocks of units – many commanding spectacular ocean views. Not surprisingly, units and houses for sale in this part of Wollongong generally generate considerable interest.
But in recent years there has been an increasing focus by commuters on buying units and apartments built in the CBD close to Wollongong Railway Station, which offers express train links to Sydney. The constantly expanding health and medical precinct just west of the CBD is also fuelling investor interest.
Wollongong real estate has been exhibiting consistently steady capital growth and strong rental returns. The large international student body at the University of Wollongong certainly contributes to the strong demand for rental properties.
Average rent for a 3 bedroom house in Wollongong is $450 per week, while a 3 bedroom unit is attracting an average $550 – generally because the best units are located close to the beachfront.
Looking to make Wollongong home?