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Wollongong revealed as Australia’s third most expensive

city with price growth outpacing Sydney…

The third most expensive city in Australia after Sydney & Melbourne isn’t where you
might expect – it’s Wollongong, population 200,000.

House prices in the Gong jumped by $100,000 in the year to December 2016, with a
median house price of $700,000, Domain Groups Regional House Price Report
Shows.

Melbourne’s median house price is $795,447 and Sydney’s $1,123,991.

Experts say much of Wollongong’s growth is a result of the high cost of property in
Sydney, with both investors and home hunters turning south in search of a bargain.

House prices in Wollongong were up 16.7 per cent over the year and a staggering
7.7 per cent over the December quarter. Sydney prices grew 10.7 percent over the
year and 4.7 per cent over the quarter

It is now clearly one of the state’s most popular coastal destinations, Domain Group
chief economist Andrew Wilson said.
“It’s now being considered a part of Greater Sydney,” Dr Wilson said.

“It’s the strongest result of all the major regional markets … likely because of its
proximity to Sydney and relative affordability.”

Located 70 kilometres from Sydney, apartments in the area have also experienced a
price jump – up 4.1 per cent to $501,000.

Wollongong is fast making a name for itself as one of the priciest real estate markets in Australia. Photo: Robert Peet

Source: domain.com.au