Property investors who have had real estate in West Wollongong, 2500 should be relatively unhappy with this NSW suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -4.00%
West Wollongong,2500 has offered an average of -4.00% return per annum in house price rises to property investors over the last three years.
State is the 4th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.70% offered to property buyers. Sellers in West Wollongong itself are offering an average vendor discount of -4.24% to real estate investors.
Often selling an investment property can take time, and in West Wollongong the average time real estate has been on the market is 44.1944 days.
West Wollongong is 441th on a list of best yielding suburbs for rents in NSW with a 4.02% return
West Wollongong has had a quite poor year for property investment returns compared to the rest of NSW, giving investors a capital gain of -4.20% to date .
Comparing West Wollongong,2500 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
Our latest figures would indicate that property sellers in West Wollongong are currently offering property investors an average price cut of -7.67% below the asking price at the moment.
At number 1123 in a list of fastest selling suburbs, West Wollongong is in the bottom 20% of suburbs in Australia with an average of days on market 101.615 for properties listed there.
With the median price for a house in West Wollongong being $525000 and the advertised rent reaching $350 the gross rental yield for property investors calculates out to be 3.47%
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Popularity keeps apartment demand strong
Median unit price: $455,000
Three-year growth: 46.77%
Rental yield: 4.00%
Tucked away in the innermost western corner of Wollongong City, the suburb of West Wollongong is a perpetually popular dwelling.
The suburb recorded nearly 23% growth in the past year, in line with a very strong positive growth trend over the past five years. Average annual growth in the unit market is at a high 8.26%, indicating that this suburb’s demand shows no signs of slowing down.
Buyers are drawn to West Wollongong’s excellent location in the city, as well as its proximity to many amenities. The University of Wollongong is just a stone’s throw away, and the suburb itself is the site of a well-stocked commercial strip.
Thus, it’s easy to see how vendors are able to sell apartments at just slightly under the listing price, with the average discount rate coming in at only 2.74%.