Newcastle, Wollongong soaking up Sydney market stragglers: BIS Shrapnel 2018
Wollongong is beating Newcastle in attracting potential property buyers priced out of the Sydney market, with Wollongong's vacancy rates falling and the median house price rising by 14% in 2014/2015, according to a new study.
The BIS Shrapnel Residential Property Prospects 2015 to 2018 report found migration from Sydney to Newcastle is hampered by weaker economic conditions in the Hunter area, with Newcastle's median house price growth only 5% in comparison, however that factor is tipped to turn.
The study forecasted a mining upturn in the Hunter region to spur local investment over the three years to 2018, with Newcastle median house prices tipped to total 15% and Wollongong a total of 10%.