What house prices across the Illawarra will be worth in 2028
Parts of Illawarra are on track to have $2m-plus home prices by 2028, new research shows. See what prices will cost in your suburb.
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Average home values across Illawarra could exceed $2m as early as 2028 if prices continue growing at the same stellar rate as the past five years.
According to new data, suburbs of Thirroul, Gerringong and Kiama are on track to grow by almost $1m.
Exclusive PropTrack analysis has revealed that median prices in Kiama Downs, Shell Cove, Bulli, Mangerton, Woonona and Cordeaux Heights are also on track to exceed $1.5m.
The only suburb to have already reached $1.5m is Thirroul with a current median price of $1.6m.
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It comes as 19 suburbs across the Illawarra, with current median prices between $700,000 to late $900,000’s, are expected to tip over the $1m mark in five years time.
Gerringong is expected to have the biggest increase of 67 per cent to a median price of $2.4m.
Meanwhile Port Kembla is on track for a 42 per cent increase with a median price of $1.26m predicted by 2028.
The PropTrack research examined what prices would be in every suburb across the country if the trajectory of growth since 2018 continued.
The period saw two market downturns and an 18-month boom period.
PropTrack economist Angus Moore said regional real estate values would be bolstered by rising rents and a strong outflow of capital city residents into further flung regional centres.
That exodus elevated during the early onset of Covid and, while the outflow from bigger cities has not been as strong since then, the trend has largely continued, Mr Moore said.
Stanwell Park couple Andrew and Tameka Moffat are currently looking at selling the home they have lived in and renovated over the past 10 years.
The plan is to stay in the Illawarra region and buy anywhere between Thirroul and Stanwell Park.
Mrs Moffat is an interior architect, working on many homes in the area including her own which was once an iconic restaurant and tea rooms.
“We are definitely staying in the area, it’s so close to Sydney with Andrew commuting to Balmain for work,” she said.
“The area is ideal for us as we have family on the south coast, my husband and kids love to surf, there’s unreal walking tracks and Sea Cliff Bridge.
“It’s just an easy place to live, there’s so many nice places to visit along the coast and everyone values the community spirit.”
Mrs Moffat, a mother of three and now a grandmother, said the growth of the region since the pandemic had been huge, with a lot of younger families moving to the area looking for nicer places to live and work from home.
“It’s close enough to access major hospitals and there’s plenty of good public and private schools all set along the coastline,” she said.
“A lot of people want that coastal lifestyle and quality of life. It has seen prices increase especially over the last five years.”
She said while ongoing price rises would present challenges to younger generations, she had seen an increase in home designs incorporating granny flats and separate living areas and studios to cater for people staying at home longer.
Ray White Helensburgh principal Mattias Samuelsson said he had noticed a common thread with buyers looking for more of a lifestyle as opposed to living in the city.
“People are looking for more balance,” he said.
He said during the pandemic, 80-90 per cent of buyers were from Sydney compared to previously when it was 30-40 per cent.
“For what they can sell for in Sydney they can pick up property down here for a fraction of the price. It represents good value.
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“The whole Wollongong region has grown a lot, a lot of money has been put into new infrastructure and the lifestyle has evolved … the restaurants, the cafes.
“Over the last decade we have sen a huge transformation.”
Mr Samuelsson said he wasn’t surprised with price growth predictions to 2028.
“I feel this area has always been a little undervalued when you compare it to other areas with similar characteristics. The Northern Beaches you may significantly more for a similar sort of lifestyle, the beaches, the quaint relaxed beachside town.
“Our region has everything and a lot easier access to Sydney, the express train goes straight to Central Station. I feel it’s only a matter of time but there’s still a long way to go.
He said people moving to the region are not only staying but also telling friends and family
“It’s really starting to gain momentum,” he said.
“Even people buying holiday homes, after a few years they eventually move in.”
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