What a lazy $700,000 can buy in Illawarra: HTW residential
Residential prices continue to be holding through June 2020 in the Illawarra, according to the July Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
The report suggests there remains a relatively low amount of stock on the market which is driving a bit more competition amongst buyers.
Realistically priced and conventional properties are selling within two months in most cases.
"Ten years ago, $700,000 would have given you the pick of many properties throughout the Illawarra with only the more desirable areas out of reach, however strong price increases over the past decade have restricted a purchaser with $700,000 to spend," the valuation firm said.
This is the approximate median house price in suburbs such as Figtree and Flinders, although townhouses or units can still be picked up for under $700,000 in suburbs such as Thirroul and Bulli and older houses can be purchased in Corrimal and Russell Vale.
There have been plenty of new units built in Wollongong over the past couple of years and $700,000 will pick up a decent quality two-bedroom unit with a bit of a view.
A two bedroom apartment in Wollongong CBD has recently been sold for $488,500.
The 3/6 Market Place home (pictured below) comes with sleek kitchen, two oversized bedrooms, and renovated bathroom.
It is situated within close proximity to eateries and beach.
In high growth areas such as West Dapto (Horsley, Wongawilli and Kembla Grange) and Calderwood, a new four-bedroom house on a 450 square metre lot can be purchased for under $700,000, the report noted.
A current listing is a four bedroom house in Horsley priced at $649,000.
The recently updated home at 11 Lucas Drive (pictured below) comprises four bedrooms, living and dining spaces, two bathrooms, and gardens.
It is situated close to schools, eateries, transport and Wollongong CBD.
"We see mainly younger families or couples purchasing at this price point with second house buyers or downgraders often above this market.
"Pandemic conditions have not brought any significant price decreases in our market, however there is still a decent level of uncertainty in the short to medium term as government stimulus packages and local and macro economies grapple with a recession." the valuation firm said.
