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Residential Market Update with Sean October 2016

Wollongong/Illawarra Residential Real Estate Market Update

Hi, Iím Sean OíConnor from First National Real Estate Wollongong with your October property report.

Illawarra market is certainly performing very nicely at present. It is currently one of the most resilient markets in Australia . The average house price in the Illawarra is now $777,000, with all the sevens it means good luck. And the average price increase annually is 11.3% which is a great result for the region. We also have another property going to market this week. This property is located in 6 Trinity Row, Bulli. This is one of Illawarra's most desirable streets located in the northern suburbs, easy commute to Sydney, property is located directly opposite to Bulli beach and parkland. Also with cafes, schools and shopping nearby. The property currently consists of two strata title apartments, one upstairs and one underneath. It has many potential usage. You can either rent the property out as investment, you can live on one and rent the other one out or you could demolish and redevelop the site as it is located on a 784sqm leveled block as I've said it's just opposite of Bulli Beach. Price is under the two million mark, we expect to have a huge interest in this property. With its local university and lovely beach and parkland, and close proximity and easy commute to Sydney, it is certainly a jewel in the South.

I'm Sean O'Connor. Happy house hunting and I hope to see you at one of my open homes in the next few weeks.

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