Four Illawarra suburbs in state’s top 10 for potential property jumps, new data indicates.

A beachside ‘burb and suburb on the lake are among four Illawarra suburbs that have made the list of 10 NSW suburbs to watch over 2022 for potential price gains.

Dylan Arvela

@dylanarvela

3 min read

January 11, 2022 - 1:13PM

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Bulli and Lake Heights are among four Illawarra suburbs tipped for potential price gains in 2022 in data released by realestate.com.au.

Farmborough Heights and Kanahooka also made the list of the 10 suburbs to watch around NSW given buyer demand and price growth in recent months.

Bulli ranked seventh, in between the Sutherland Shire suburbs of Sylvania Waters and Keerala, with the seaside suburb just over an hour from the Sydney CBD fetched a median price of $1,550,000 in 2021, up 35 per cent from the previous year.

Director at Connery Real Estate in Woonona, Paul Connery, said the interest in Bulli and nearby suburbs was potentially as a result of more people working from home.

Mr Connery said the prices in the region were unlikely to plateau.

“Thirroul has become way out of reach for a lot of people and Bulli is still a terrific town,” he said.

“Bulli has a lot to offer to people and families, and the same can be said for Woonona.

“Whether (the prices in Bulli) go up that much again it’s difficult to tell, but I can’t see it falling away. There are still plenty of people wanting to buy houses so we will see what happens in a month or so when kids go back to school and we’re all up and running, but I can’t see it declining.

“I think you will find a lot of people are now working from home and only having to go into the office one or two days a week. These people are thinking why live away from the beach somewhere in Sydney when you could live on the coast and travel for a couple of days a week and have a great lifestyle for the family.”

Farmborough Heights and Kanahooka ranked third and fifth respectively with median price growth of 12 and 17 per cent.

The median price in the foothills suburb of Farmborough Heights rose to $820,000, while in Kanahooka, wedged between Berkeley and Dapto, prices jumped to just over $680,000.

Mr Connery said he foresees plenty of interest south of Windang Bridge with home buyers looking to make the most of Shell Cove’s new marina.

“I think anywhere within cooee of the marina in Shell Cove (will be popular),” he said.

“The marina will be world class in a few years, so anywhere near it, like around Warilla, is somewhere people should consider. There are plenty of private sales in that area and it’s a changing area which is accessible to the marina.”

Connery Real Estate director Paul Connery said property close to the new marina in Shell Cove is likely to be popular in 2022. Picture: Shellharbour City Council and LinkedIn

The median house price in Warilla has more than doubled in the last decade to $656,000, a situation replicated in the surrounding suburbs of Lake Illawarra, Barrack Heights and Flinders.
Those hoping to get closer to the marina will need to invest significantly more with the median price in Shell Cove catapulting more than 190 per cent in the last 10 years to $1,100,000.

Lake Heights rounded out the top 10 with the lakeside suburb tipped in December by First National Real Estate agent Oliver Koltovski as an ideal location for first home buyers.

“Lake Heights and this area is certainly one of the best median points for those looking for their first entry into the market,” Mr Koltovski said.

“It’s a central location between Wollongong and Shellharbour. You’ve got the lake at your doorstep, there’s easy access to highways, you’re within close proximity to all the key places and you can enjoy the lifestyle of the Illawarra coast given how close you are to so many beaches.”

A property in Lake Heights a decade ago could be picked up for less than $280,000, but the median house price in the central Illawarra suburb has risen to $650,000.