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Residential Market Update with Sean November 2016

Wollongong/Illawarra Residential Real Estate Market Update

Hi, I'm Sean O'Connor from First National Real Estate Wollongong with your November property report. With Wollongong Market continuous to defy gravity as prices are still heading north and we?re setting record after record, there?s approximately six hundred new apartments under construction in the Wollongong CBD area. These properties consist of 1, 2 and 3-bedroom apartments which are selling very fast with most developments being completely sold out before completion.

Recently we had a property that went to auction at 13 Gooyong Street, Keiraville. This property attracted massive interest, there were over forty five registered bidders and over a hundred people attended the auction. The property was very well presented, it was a neat three-bedroom home on a large 980m block with child-friendly backyard, access to parkland, up in the leafy Keiraville suburb which is also close to the university. This property sold for Two Hundred and Thirty Thousand Dollars ($230,000) above reserve which is a great result for that street and location.

There is unprecedented buyer enquiry at the moment and the market is really starting to tighten because there are fewer properties coming to the market. Therefore if you?re thinking of selling I do think we are very close if not at the top of the market at present and if you could get to the market between now and Christmas I?m sure you?ll achieve a great result and you look back and think you?ve made a very wise decision.

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