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Residential Market Update by Sean December 2016

Wollongong/Illawarra Residential Real Estate Market Update

Welcome to December market report. Firstly I just like to reflect on the last twelve months where we had a fantastic year achieving an annual growth rate of 12%. The average days on market is sitting around 42 days and the auction clearance rate was a healthy 75%. The median house price has risen from $675,000 to $769,000 in the last twelve months. That is a fantastic result for the region.

With this result, you might expect the market to flat out in the next twelve months, however, a recent domain property group report has indicated they're expecting another 8% increased throughout the next twelve months in the Wollongong region.

Interest rates are in all time low and demand is at all time high with 6 out of 10 home loans going to investment properties. Last week we auction property 23 Alandale Avenue, Figtree. It sold to $620,000. We had a lot of spirited bidding, it was a standard three-bedroom brick home and was certainly a great result for the owners.

As I said it's been a great year for property in the Wollongong region, and I just like to take this opportunity to wish you all a Merry Christmas and a very prosperous New Year!

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