Illawarra

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<p>A Primbee freehold property offered for sale last December is now under contract.</p>
<p>Savills Australia and WHK Commercial offered the prime freehold, vacant, single titled parcel of land on the highway in the coastal suburb of Primbee. </p>
<p>Set within an established residential and commercial precinct, the 8,615 square metre site at <a href="https://www.realcommercial.com.au/property-land+development-nsw-primbee-502546514" target="_blank">Lot 1, Golf Place</a> adjoined the Port Kembla Golf Club.</p>
<p>It is 1.8 kilometres from Perkins Beach, Windang.</p>
<p>The site is relatively level, clear of any vegetation with town water services connected.</p>
<p>The surrounding area is predominately made up of residential, recreational and environmental use.</p>
<p>Under the Wollongong City Council, the property is zoned SP3 Tourist and is to be sold on a vacant possession basis.</p>
<p>Robert Lowe of Savills Australia and James Egan of WHK Commercial prevouslybindicated under the current zoning parameters, the property allows for and is not limited to, the construction of commercial shops, childcare centres, tourist and visitor accommodation (STCA)</p>
<p>There is a height limit of 9 metres and FSR of 1.5:1, subject to approval by Wollongong City Council.</p>
<p>Over recent years, the Illawarra region has witnessed significant growth across both the residential and commercial sectors with an increasing population expected to grow to 465,400 people approximately by 2031.</p>
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j.ballantyne1990-6AQqhLzZaK

Freehold property in Primbee, Wollongong precinct sold

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<p><span>Home owners in the Illawarra "tend to come in all shapes and sizes," according to a recent Herron Todd White (HTW) residential report. </span></p>
<p><span>The report notes first home buyers compete with small time investors for lower value properties.  </span></p>
<p>It nominated a $600,000 house in Corrimal, a $400,000 unit in Wollongong, a $425,000 house in Dapto, a $400,000 house in Warilla or a $325,000 house in Nowra.</p>
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<p><span>"Most of the region’s more desirable locations such as the northern suburbs, Shell Cove and Kiama are priced out of reach for most typical first home buyers. Local real estate agents are currently reporting that demand from first home buyers for lower end stock is strong," the valuation firm said. </span></p>
<p><span>A renovated two bedroom house with a big back yard in Warilla has recently been sold for $405,000.</span></p>
<p>Located at <a href="https://www.realestate.com.au/sold/property-house-nsw-warilla-132634154" target="_blank">61 Lake Entrance Road </a>(pictured below), the house features separate lock up garage, outdoor entertaining area and off-street parking for 2 cars. </p>
<p><span>It is situated close to restaurants, pubs, shops and transport. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/3/23/warrila.jpg" alt=""></span></p>
<p><span>Second home buyers are usually families looking to upgrade out of their first home for some more space or more modern comforts.</span></p>
<p><span> Higher incomes allow the budget to stretch further than a first home buyer and the type of property can vary depending on the buyer’s appetite for doing the renovation themselves or the desire to move straight in and not have to do any work. </span></p>
<p><span>Due to the higher budget, second home buyers are found throughout most parts of the Illawarra. </span>They could be looking at a $1 million house in Thirroul, an $850,000 house in Fairy Meadow or Figtree, a $750,000 house in Horsley or Albion Park or a $600,000 house in South Nowra.</p>
<p>A four bedroom house on a 929sqm of land in Thirroul has been listed for sale with $1.25 million to $1.3 million hopes. </p>
<p>Situated at<a href="https://www.realestate.com.au/property-house-nsw-thirroul-133054114" target="_blank"> 51 George Street</a> (pictured below), the house comprises separate dining, kitchen overlooking the back deck, undercover deck and veranda. </p>
<p>Other features include double garage, high ceilings, ornate cornices and under house storage. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/3/23/thirroul.jpg" alt=""></p>
<p>Upgraders are transforming some locations such as Fairy Meadow, Towradgi and East Corrimal where the proximity to the beach and Wollongong CBD are attracting families to knock down and rebuild or significantly renovate and extend older style dwellings, the report noted. </p>
<p><span>The last main category of home owner is the downsizer or retiree. Baby boomers are currently making up the vast majority of this category.</span></p>
<p><span>"The needs and wants of the downsizer or retiree will vary depending on a number of influences. Do their children and grandchildren live in the area or are they willing to move to a more comfortable location? Do they want to downsize in size but not in budget? Are they looking to change their family home to something in a lower value bracket that will allow them to use their equity during their </span>retirement?" the valuation firm said. </p>
<p>Semi-modern villas often appeal to this demographic or for those with a bit of cash, a nice modern Wollongong unit with ocean views can be on the agenda.</p>
<p>Harbour Square at 21 Harbour Street is a 2019 built, 33 unit development constructed by a well regarded local builder with two-bedroom units having sold between $900,000 and $1.15 million and three- bedroom units from $1.6 million into early $2 million.</p>
<p>The majority of the units were purchased by local downsizers.</p>
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<p><span>"The residential property market is traditionally made up of various demographics and buyer profiles across the Goulburn region," the valuation firm said. </span></p>
<p><span>The median house price of $430,000 </span>(Realestate.com.au), typically appeals to first home buyers looking to get their foot in the door with older style historic homes centrally located on tree lined streets and within close proximity to schools, parks and the CBD.</p>
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<p><span>However, the ornamental features do come at a cost for these older style properties, as they do require more upkeep and ongoing renovation works.</span></p>
<p><span>The report notes first home buyers are also attracted to the copious amounts of low maintenance house and land packages on offer in the numerous developments located further from the CBD such as the Teneriffe Estate and the Josephs Gate Land Development. </span></p>
<p><span>Many young families who are also priced out of Canberra </span>and the Southern Highlands see Goulburn as an affordable lifestyle alternative. These buyers are particularly more dominant in the executive style residential developments such as the Snow Gums Estate, Platypus Banks Estate and Run-O-Waters.</p>
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<p><span>"These developments are seen as good value for money and provide families with more elbow room for a larger home, shed and backyard," the valuation firm said. </span></p>
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First home buyers compete with small time investors for lower value properties in Illawarra: HTW residential 

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<p><span>The month of May progressed steadily for the residential property market in the Illawarra, according to the latest Herron Todd White (HTW) residential report. </span></p>
<p><span>The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</span></p>
<p><span>The HTW report notes sale prices appear to be holding with no obvious signs of any discounting happening.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/thirroul%20.jpg" alt=""></span></p>
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<p>Notable sales include a $3.1 million sale in <a href="https://www.realestate.com.au/sold/property-house-nsw-thirroul-133480182" target="_blank">Surfers Parade, Thirroul</a> (pictured above) and a duplex in <a href="https://www.realestate.com.au/sold/property-house-nsw-austinmer-133320946" target="_blank">Toxteth Avenue, Austinmer </a>(pictured below)that sold for $2.35 million.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/austinmer.jpg" alt=""></p>
<p><span>The number of transactions has decreased slightly with realestate.com.au recording 88 residential sales in the Wollongong LGA in the first 20 days of the month (4.4 sales </span>per day).</p>
<p>This is in comparison to 102 sales in the first 20 days of April (5.1 sales per day). For a point of reference, RP Data recorded 585 sales for the two month period of April and May 2019 (9.6 sales per day).</p>
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<p><span>"Open homes have recommenced and local agents are reporting that while there is </span>less activity, it has not disappeared completely and all levels of the market have purchasers ready to complete sales," the valuation firm said. </p>
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<p><span>Home renovations are a big part of owning a property.Reasons for renovating can be wide ranging. </span>Flippers look to purchase an older, run down property, complete a full renovation and on sell the property, hopefully at a profit.</p>
<p><span>They have experience with a trade themselves and have other local contacts they can call on to get the renovation completed as quickly as possible. </span></p>
<p><span>Time is important as the longer they take to renovate </span>the property, the longer they have to pay holding costs, therefore most flippers will not undertake any renovations that require DA approval, such as an extension. A quick internal and external facelift and the property goes back on the market.</p>
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<p><span>The report suggests owner occupiers tend to renovate their properties at varying stages of their ownership of the property.</span></p>
<p><span>"First home buyers may not have a lot of spare cash to make too many updates initially but as the years go by they will look to spend their savings on renovations projects.</span></p>
<p><span>"Most upgraders tend to look to purchase a family home where </span>all the work is already done. It might be a new house or one that has been recently renovated," the valuation firm said. </p>
<p>Alternatively there are a few who will look to complete the renovation themselves and can therefore fit their own specific requirements into the project.</p>
<p><span>Full renovations or knock down and rebuilds are appearing in popular suburbs in the north or around the CBD which typically have older stock built during the migration boom of the 1960s.</span></p>
<p><span> These areas are transitioning and it is common to drive down a street such as O’Brien Street in Bulli or Storey and Donald Street in Fairy Meadow and see a real mix of new, modern homes next door to older original houses.</span></p>
<p><span>"The key to completing renovations of any scale during the current period is to find a builder who has proven experience and also availability.</span></p>
<p><span>"Most builders have been reporting a decent pipeline of work with new quotes still being prepared. Recent economic issues seemingly have not put a dampener on renovation dreams," the valuation firm said. </span></p>
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Illawarra builders report decent pipeline of renovation work: HTW residential 

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<p>The real estate group, McGrath Estate Agents, has reaffirmed its commitment to the Illawarra region announcing the opening of a new office in Thirroul.</p>
<p>It is under the auspices of its longtime franchise partner, the McCarthy/Sutherland Shire &amp; Illawarra Group led by Patrick McCarthy.</p>
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<p>John McGrath said McCarthy and his team had established their south coast market presence over eighteen months ago.</p>
<p>"So opening in Thirroul will be a value-add to their community of buyers and sellers alike.</p>
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<p>“Thirroul itself offers low density beachside living that is increasingly appealing to both Sydneysiders wanting an escape as well as those who are attracted to his wonderful lifestyle, amenity, and its proximity to Sydney and the regional cities of Wollongong and Canberra,” Mr McGrath added.</p>
<p>Last December Jeremy Hodder, joined the group and will now be partnering with Vanessa Denison-Pender, former director of One Agency Thirroul, to open the new office.</p>
<p>Vanessa has been in the industry for 17 years and has been a principal in the area for eight years. </p>
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<p>Mr Hodder believes that the affordability of the area is particularly attractive and in reach of first home buyers and empty nesters as well as the WFH commuter.</p>
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<p>McGrath Thirroul speciality suburbs include Thirroul, Austinmer, Wombarra, East Corrimal, Coledale, Towradgi, and Bulli.</p>
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<p>“The out of area migration from Sydney is becoming increasingly popular," Vanessa said.</p>
<p>Thirroul is only 80kms from the south of Sydney and many more people are becoming comfortable with this commute to put themselves in a better financial position.</p>
<p>“Since the onset of COVID-19, we have experienced a large number of enquiries from Sydney not only for relocation opportunities but also for investment options, this includes weekenders and beach holiday homes”.</p>
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<p>With an average median house price for Thirroul is $1,225,000; Vanessa Denison-Pinder has achieved some sales results in the last six months including: </p>
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<p>11 The Grove Austinmer – A street record for a 4 bedroom home sold for $2,925,000</p>
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<p>21 The Grove Austinmer – A 3 bedroom home sold for $1,600,000</p>
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<p>28 The Waves Thirroul – A street record for a 5 bedroom home sold for $1,465,000</p>
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<p>686 Lawrence Hargrave Drive, Coldale – A Beachfront 4 bedroom home sold for $2,410,000</p>
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<p>Recent sales by Jeremy in the last six months include: </p>
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<p>10a Toxteth Avenue, Austinmer – Brand new 3 Bedroom home sold for $2,350,000</p>
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<p>3 The Breakers, Thirroul – A 4 bedroom home sold for $2,325,000</p>
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<p>347-349 Lawrence Hargrave Drive, Clifton – Set a new suburb record for Clifton sold for $3,375,000</p>
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McGrath expands Illawarra footprint with an office in Thirroul

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<p>Residential prices continue to be holding through June 2020 in the Illawarra, according to the July Herron Todd White (HTW) residential report. </p>
<p>The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. </p>
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<p><span>The report suggests there remains a relatively low amount of stock on the market which is driving a bit more competition amongst buyers.</span></p>
<p><span> Realistically priced and conventional properties are selling within two months in most cases.</span></p>
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<p><span>"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. </span></p>
<p><span>This is the approximate median house price in suburbs such as Figtree and Flinders, although townhouses or units can still be picked </span>up for under $700,000 in suburbs such as Thirroul and Bulli and older houses can be purchased in Corrimal and Russell Vale.</p>
<p>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.</p>
<p>A two bedroom apartment in Wollongong CBD has recently been sold for $488,500. </p>
<p>The <a href="https://www.realestate.com.au/sold/property-apartment-nsw-wollongong-134021110" target="_blank">3/6 Market Place</a> home (pictured below) comes with sleek kitchen, two oversized bedrooms, and renovated bathroom. </p>
<p>It is situated within close proximity to eateries and beach. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/3/wollongong%20cbd%20.jpg" alt=""></p>
<p>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. </p>
<p>A current listing is a four bedroom house in Horsley priced at $649,000.</p>
<p>The recently updated home at <a href="https://www.realestate.com.au/property-house-nsw-horsley-133293570" target="_blank">11 Lucas Drive </a>(pictured below) comprises four bedrooms,  living and dining spaces, two bathrooms, and gardens. </p>
<p>It is situated close to schools, eateries, transport and Wollongong CBD.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/3/horsley.jpg" alt=""></p>
<p><span>"We see mainly younger families or couples purchasing at this price point with second house buyers or downgraders often above this market. </span></p>
<p><span>"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. </span></p>
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What a lazy $700,000 can buy in Illawarra: HTW residential  

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<p><span>Four landowners in the NSW hamlet of Sutton Forest have failed in their attempt to stop the South Korean owned Hume Coal gaining access to their land.</span></p>
<p><span>The Land and Environment Court hearing ruled against their claim that Hume could not get onto their properties due to "significant improvements”.</span></p>
<p><span>The Act defines “significant improvement" as meaning “any substantial building, dam, reservoir, contour bank, graded bank, levee, water disposal area, soil conservation work or other valuable work or structure”</span></p>
<p><span>Under section 31(5) of the Mining Act, significant improvements provide the only ability for landowners in possibly preventing mining companies accessing their properties.</span></p>
<p><span>"Hume may access the plaintiffs’ properties as proposed and prospect at the identified locations in accordance with terms of the licence under any binding access arrangements made pursuant to Div 2 of Pt 8 of the Mining Act," the court ruled.</span></p>
<p><span>"The plaintiffs’ interpretation of s 31 which would identify all driveways and improved pastures as “significant improvements” is in effect inconsistent with the objects of the Act.</span></p>
<p><span>"Such an interpretation has the potential to inhibit or sterilise the development of mineral resources over vast areas of rural land which are paddocks and if made roads and tracks cannot be used and new tracks and roads need to be made for the purposes of access for prospecting do anything other than minimise impacts on the environment."</span></p>
<p><span>There was an order that the plaintiffs pay the defendant’s costs of the proceedings unless the plaintiffs apply to the court registrar to relist the matter for hearing argument as to costs.</span></p>
<p><span>The court was asked to rule that the significant improvements included stock-proof fences, formed roads and tracks and cropped or improved paddocks. </span></p>
<p><span>The plaintiffs were Peter Martin, Phillip Pollicina, Ross Alexander and the Roche family. </span></p>
<p><span>One of the Southern Highlands property is an equestrian eventing course of Olympic standard owned by Kathy and John Roche, that has been developed over the past 20 years.</span></p>
<p><span>Kathy and John were recently named the NSW Eventing Volunteers of the Year.</span></p>
<p><span>The five day hearing in September 14 included a site visit.</span><span style="line-height: 1.3em;"> </span></p>
<p><span>The case was intended to be precedent setting, Peter Martin, from <a href="https://www.shcag.com.au/home"><span>SHCAG</span></a> envisaged.</span></p>
<p><span>He said it was the first time that a group of property owners had got together in NSW to challenge a mining company’s ability to access all of their properties for exploration because of the significant improvements.</span></p>
<p><span>"These properties are all highly developed and we contend that Hume Coal has no right under s31 to come on and drill holes given the inconvenience for landowners, disruption to day-to-day operations and potential significant damage to the properties concerned,” he said before the hearing.</span></p>
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Hume Coal win Sutton Forest land access court case

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<p><span>The January market has been strong in the Illawarra district despite some hesitation on the longevity by both agents and buyers, according to Herron Todd White.</span></p>
<p><span>Herron Todd White's Month in Review for February said local real estate agents are in general bullish that they can see the results in 2015 replicated in 2016. However while many 12 months ago said that the past two years was simply the catch up that was needed, it is plain that the meteoric rise in prices cannot continue.</span></p>
<p><span>"Some northern beaches agents in the Wollongong area are telling us that where they used to have several people vying for properties at auction, they are now struggling to get a pair," the report noted.</span></p>
<p><span>"We saw many auctions postponed or vendor bids come into play right at the end of 2015. In our view there will not be a major drop in prices as there will still be some strength in the local market due to one thing – a continued low interest rate environment.</span></p>
<p><span>"Inner northern suburbs up to Bulli offer the best value for money in our opinion and postcodes such as 2519, 2517 and 2518 rate highly. Look for flat blocks and beach and train proximity. Sea views are becoming less valued as closeness to shops, schools and transport take over. </span></p>
<p><span>In the southern areas, we look to Shellharbour and Kiama as our picks. Shellharbour’s Marina is well underway and will really boost this seaside village, particularly now that the new train station has opened at Shellharbour Junction. Kiama is a well preserved seaside location with relatively low rise development and that special village feel. </span></p>
<p><span>"An increased supply of new units in the CBD, North Wollongong and other inner north areas should be viewed with caution in regard to stability of price levels in this sector."</span></p>
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2016 sees Illawarra market starting strongly: HTW

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<p><span>Illawarra in NSW has seen reasonable growth in the past 12 to 18 months in all sectors and there is a sense in the market that it will continue, particularly in the below $600,000 section of the market, according to recent sales and agents’ advice, say Herron Todd White in their March property clock.</span></p>
<p><span>Affordable housing has had a blip from the lows of late 2011 to 2012 but there are few suburbs in the general Illawarra area where it is possible to get something in the sub $400,000 range.</span></p>
<p><a href="/images/2016/03/16/Screen%20Shot%202016-03-16%20at%209.27.30%20AM.png" target="_blank" style="line-height: 1.3em;">Click to enlarge</a></p>
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<p><span>In the south, across the Shellharbour LGA there are some older houses under $450,000 but these are getting harder to come by as well. This is a big change from three years back when properties could be purchased for under $300,000. The postcode to look for here is 2529.</span></p>
<p><span>As usual it is always the lower end of the market that moves first and sees the better percentage increase in value. Never forget the low end of a market in the better located suburbs. You will generally be a clear winner when the whole market moves.</span></p>
<p><span>The mid range has remained strong during the past year and the $700,000 to $850,000 range has a bit more strength, depending on the suburb of course. This is the second home buyer’s sector and those who bought four years ago have seen some genuine increases, particularly around the northern beaches. Suburbs such as Figtree, Keiraville, Balgownie, Fairy Meadow, Corrimal, Woonona and Towradgi have experienced some good growth in values in this time. The postcode to look for here is 2519.</span></p>
<p><span>Above $900,000, the depth of buyers drops off, but there is still reasonable activity and some good strength. Over $1 million there are some good sales but it is generally thinly traded and tending to be harder to find bargains. The major influences in this sector are interstate investors and Sydney buyers looking for an upmarket house close to the beach but within commuting distance of Sydney. Bulli, Thirroul, Austinmer, Coledale and Stanwell Park are all attractive to this buyer sector.</span></p>
<p><span>Kiama and Minnamurra are also included in the southern parts of the region, with a good deal of holiday house buying pushing the market.</span></p>
<p><span>Let’s look at some of the good long term growth sectors in the Illawarra market.</span></p>
<p><span>In our view this lies in the lower ranges, affordable ($600,000 to 700,000) in a desirable location i.e. north or close to Wollongong CBD.</span></p>
<p><span>For units, we see CBD units close to the beach, university or hospital in the range of $350,000 to $450,000 as being a good bet for the future.</span></p>
<p><span>What offers the average buyer the best chance of growth over the medium term?</span></p>
<p><span>Pick up an older home in a good location....(close to Wollongong, Shellharbour or the beach) where the majority of the value is in the land... worst house in the best street etc. Don’t go for the new project home in a fringe location - remember that only the land increases over time, not the improvements – a tried and true adage in real estate. Forget about having all the mod cons when buying your first house – buy a shack on the best land you can. It will serve you well in the long term. Remember the 60/40 rule.</span></p>
<p><span>If someone called our office looking to spend a reasonable amount of money but didn’t want to sit on the property forever, we would direct them to inner suburbs close to employment centres, whether Wollongong, Shellharbour or Kiama LGAs.</span></p>
<p><span>The average buyer profile in this sector is mixed and includes investors and first home buyers, but increasingly we see small builders and amateur developers invading the market. </span></p>
<p><span>Overall, the Illawarra property market has remained quite buoyant especially in the low and mid ranges, with the prestige markets tapering off. The outlook for the Illawarra property market appears to be in a steady but not spectacular growth mode. If interest rates rise there will be some fallout and values may ease. </span></p>
<p><span>As an illustration, Property Observer found two examples of recent sales in the region:</span></p>
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<p><span><img src="/images/2016/03/23/700_illa.jpg" alt="" width="529" height="368"></span></p>
<p><span>1. A four-bedroom house at </span><a href="https://www.realestate.com.au/property-house-nsw-berry-121385030" target="_blank">4 Womack Close Berry NSW 2535</a> (above) sold for $710,000 recently.</p>
<p><img src="/images/2016/03/23/main-3.jpg" alt="" width="677" height="508"></p>
<p><span>2. A two-bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-nsw-fairy+meadow-121939174" target="_blank"><span>3/138 Carters Lane Fairy Meadow NSW </span><span>2519</span></a></span><span> sold recently for $345,000.</span></p>
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Illawarra likely to see growth in below $600,000 properties: HTW

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<p>The home of the late Wendy Hughes, the acclaimed actress, has been sold in Wombarra by her children.</p>
<p>The 850 sqm oceanfront on the NSW Illawarra escarpment was sold for $1.9 million, a tad less than its $2.1 million asking price.</p>
<p>The beachfront retreat was built after she paid $154,000 in 1988. It was listed by Urban Property agent Wayne Bennett.</p>
<p>Hughes starred across television, film and the stage, winning Logie awards in 1977 and 1984 in the best supporting actress category for Power Without Glory and Return To Eden.</p>
<p>In 1983 she won the Australian Film Institute's Best Lead actress award for her role in Careful, He Might Hear You. </p>
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firstname1-iYD4UYzvBa

Wombarra oceanfront sale of late Wendy Hughes home

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<p><span>Regional areas across Australia are under the spotlight due to a lift in transaction levels and median values given the rising expense of capital city property markets, according to CoreLogic RP Data's Regional Report for the March 2016 quarter.</span></p>
<p><span>According to CoreLogic RP Data, t</span>he Illawarra region in New South Wales leads the way as the best year-on-year performer with house values increasing by 15.8 percent and unit values increasing by 13.2 percent.</p>
<p>ILLAWARRA STATISTICS</p>
<p><a href="/images/2016/05/Screen%20Shot%202016-05-26%20at%2010.29.15%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/05/Screen%20Shot%202016-05-26%20at%2010.29.15%20AM.png" alt=""></p>
<p><span>CoreLogic research analyst Cameron Kusher said the Illawarra region has been a </span><span>stand out performer in the past year, with the market driven largely by a surge in Sydney property prices as people find themselves priced out of the capital city housing market.</span></p>
<p><a href="/images/2016/05/25/Screen%20Shot%202016-05-26%20at%2010.32.25%20AM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2016/05/25/Screen%20Shot%202016-05-26%20at%2010.32.25%20AM.png" alt=""></span></p>
<p> </p>
<p><span>"The Illawarra region offers not just an affordable alternative for owner occup</span><span>iers; it’s also attracting buyers keen to secure holiday homes," he said.</span></p>
<p><span>“With mortgage rates at their lowest levels in 53 years and tipped to drop even further, we’re likely to see housing purchases popular across larger coastal </span><span>regional markets throughout 2016.</span><span>” </span></p>
<p><span>"In another win for NSW, Richmond-Tweed was the only region to see sales volumes increase over the year, up 10.8 percent to 5,930, while Newcastle &amp; Lake Macquarie and Illawarra both saw transactions lower relative to last year, down -1.4 percent and -3.2 percent respectively. </span></p>
<p><span>"Across Queensland, the Gold Coast recorded the largest increase in dwelling sales over the year to February 2016, up 7.3 per ent to 19,516 sales, followed by Wide Bay, which saw dwelling sales increase by 4.4 per cent to 5,471. Regional Townsville experienced the biggest fall in sales volumes over the same period, down -8.3 percent to 3,419 sales while in The Sunshine Coast and Cairns regions, volumes dropped by -2.4 percent and -2.3 percent respectively."</span></p>
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<p><span>In regional Victoria, dwelling sales increased in Geelong, (up 2.0 percent to 6,117), and sales volumes across the Latrobe-Gippsland region increased by 7.4 percent. </span></p>
<p><span>Houses and units across Geelong rose by 5.4 percent and 2.8 per cent, according to the report, with house values in the Latrobe-Gippsland region up 3.0 percent and unit values up by 2.1 percent over the year to March 2016. </span></p>
<p><span>According to the report detached house stayed  relatively unchanged in Bunbury in Western Australia and recorded a rise of just 0.3 per cent. </span></p>
<p><span>Cameron Kusher said unit values fell by -3.7 percent over the year to March 2016 while sales volumes were down -9.2 percent for houses and -24.1 percent across the smaller unit market, indicating current transaction levels are -4.2 percent below the five year average for the region.</span></p>
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