The Illawarra region has continued its recent dominance on the property market, as Wollongong recorded the biggest jump in house prices across the country over the last 12 months. House prices in the area skyrocketed by 16 per cent and units went up 14 per cent.
It means that for the first time in nearly four years, Sydney hasn’t topped the price growth list. An influx of Sydney home buyers heading south to Wollongong is tipped to be behind the Harbour City’s decline.
The median price of a Wollongong house is now $720,000 while the average unit price sits around $520,000. This makes the area more expensive than many major cities including Brisbane, Perth and Adelaide.