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Residential Market Update by Sean April 2017

Hi I'm Sean O'Connor and welcome to our April market report brought to you this month from lovely Market Square, a park just around the corner from our beautiful Wollongong Harbour, our beaches and restaurants and all that Wollongong has to offer.

Well after 48 consecutive months of price increases, there are signs that market is starting to plateau. With the banks starting to increase interest rates even though the Reserve Bank has kept them on hold and the government is starting to look closely at housing affordability and strategies that allow the first home buyers to gain easier access into the market.

Negative gearing is once again under the microscope and although it's unlikely that it will abolished it could be varied or adjusted in some way. Well all those factors could affect the sustained run of property increases that we have experienced over the past 48 months, but property will still continue and always will be a very profitable investment.

We recently auction the property at 27/59 Corrimal Street, Wollongong in a complex called 'The Watermark', it's a penthouse styled apartment though it wasn't on the top floor, it has a lovely outdoor entertaining area, three bedrooms, an en-suite, double garage and we had received a lot of interest. The property sold under the hammer for a record-price for the building and also great result for all involved.

Well I'm Sean O'Connor from First National Real Estate Wollongong. This has been your April property market report and until next month, happy house-hunting!