Towradgi leads the charge for boom suburbs in the Illawarra
One beachside community on the outskirts of Wollongong is defying all odds to become Illawarra’s only suburb to record positive price growth.
While the Illawarra property market is enduring a slow year, one beachside suburb is bucking the trend.
REA has released new data today on Australian suburbs that are outperforming the market and recording an increase in their median sale price.
It found that Towradgi is the only suburb in the Illawarra region to have recorded positive growth to their median sale price.
MORE: Bidder’s $13,000 auction mistake
Live in Reese Witherspoon’s ‘Big Little Lies’ house
Wippa sells in Queens Park for $2.4m
In the past 12 months, the beachside suburb has seen a 7 per cent increase in its median sale price to $902,500.
Towradgi had 46 house sales over that period, including a $2.13 million sale of 38 Murranar Rd in April, according to CoreLogic data. It also has a beachside home at 27 Towradgi Rd on the market with a $2.2 million-$2.4 million guide.
Elsewhere, Kiama Downs and Haywards Bay tied second for the best performing suburbs in Illawarra, after their median sale price remained unchanged from the previous year.
The rest of the top 10 included Albion Park, Figtree, Keiraville, Berkeley, Albion Park Rail, Woonona and Oak Flats. Those suburbs only saw their median house price decrease by 1 or 2 per cent.
This is a substantially better result than the 10.8 per cent decrease to the median sale price that the Illawarra region has recorded in the past 12 months, according to CoreLogic’s latest home value data.
MMJ North Real Estate director Troy Phipps said it didn’t surprise him that Towradgi was the best performing suburb in Illawarra.
“It stays outside of normal conditions and regardless of the market, it is always a strong performer,” he said.
“The houses that look across the street to sand would be some of the most expensive homes in Wollongong.”
Mr Phipps said the suburb is popular with families who are looking to live close to the beach.
Raine and Horne — Kiama Robert Perea said the Kiama region is an attractive place to buy.
“It is a more mature market because of the price range, but it performs well with buyers looking to move to the area for the lifestyle,” he said.
SIGN UP FOR THE LATEST NSW REAL ESTATE NEWSLETTER
Originally published as Towradgi leads the charge for boom suburbs in the Illawarra