Suburb Profile Report for West Wollongong NSW (2500)

West Wollongong House: Median price $672,500, Annual capital growth 6.60%, Number of sales 58, Weekly median advertised rent $520

West Wollongong Unit: Median price $525,000, Annual capital growth 9.66%, Number of sales 29, Weekly median advertised rent $350

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for May 2020 as supplied by CoreLogic. Data is reported to the period ending Feb 2020. Please note that property sales data is routinely updated, so may change retrospectively.

  • Expert Report
  • House Report
  • Unit Report

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%

Information supplied by:


June 2017

M
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W
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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%. 

Metrics i HOUSE UNIT
$672,500 $525,000
0.37% -2.19%
-4.00% -4.20%
6.60% 9.66%
$520 $350
58 29
4.02% 3.47%
44.1944444444444 101.615384615385

Source: Monthly data update for May 2020 as supplied by CoreLogic. Data is reported to the period ending Feb 2020. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Very good (H), Above average (U)
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Demographics
Total population 4447
Median household income ($/weekly) 1068
Median age of persons 35
Median housing loan repayment ($/monthly) 1928
Average household size 2.5
  • Census Count Percent(%)
    5-14 years 568 12.8
    25-34 years 644 14.5
    35-44 years 617 13.9
    45-54 years 552 12.4
    55-64 years 437 9.8
    Others 1630 36.6
    Age Group
    Census Count Percent(%)
    Registered Married 1608 49.1
    Not Married 1421 43.4
    Defacto Relationship 246 7.5
    Social Marital Status
  • Census Count Percent(%)
    Australia 3132 74.8
    Croatia 109 2.6
    Egypt 52 1.2
    United Kingdom 195 4.7
    Other 226 5.4
    Others 474 11.3
    Country of Birth
    Census Count Percent(%)
    Buddhism 69 1.7
    Christianity 3013 73.8
    Hinduism 34 0.8
    Islam 109 2.7
    No Religion 838 20.5
    Others 19 0.5
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 183 11.7
    $600-$799 161 10.3
    $1,000-$1,249 143 9.1
    $1,500-$1,999 179 11.5
    $2,000-$2,499 153 9.8
    Others 744 47.6
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 1327 39.5
    Employed, worked full-time 1166 34.7
    Employed, worked part-time 635 18.9
    Unemployed, looking for work 136 4.0
    Employed, away from work 98 2.9
    Person Characteristics
  • Census Count Percent(%)
    Managers 199 10.5
    Professionals 519 27.4
    Technicians & trades workers 294 15.5
    Community & personal service workers 213 11.2
    Clerical & administrative workers 278 14.7
    Others 394 20.8
    Occupation
    Census Count Percent(%)
    Pre-school 104 8.3
    Infants/Primary 385 30.8
    Secondary 214 17.1
    Technical or Further Educational Institution 137 11.0
    University or other Tertiary Institutions 380 30.4
    Others 31 2.5
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 3215 76.6
    Semi-detached, row or terrace house, townhouse 582 13.9
    Flat, unit or apartment 383 9.1
    House or flat attached to a shop, office 18 0.4
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 590 35.3
    Being purchased 540 32.3
    Rented 538 32.2
    Other tenure type 5 0.3
    Tenure Type
Census 2011, ABS
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