NSW has seen average median house prices change by -4.21% which means that West Wollongong, 2500 has not done well for property investors by showing a capital gain of -10.20% over the last year
The five-year average increase in median property values for West Wollongong,2500 has given property investors a potential capital gain of 38.22% across each of those five years.
LACK OF BUYER INTEREST may well be the reason that West Wollongong is offering property investors an average of -7.38. This rate of discount on properties puts Suburb at number 789th in terms of most discounted suburbs in NSW
With the median price for a house in West Wollongong being $660000 and the advertised rent reaching $500 the gross rental yield for property investors calculates out to be 3.94%
If you compare the increase in value of investment property in West Wollongong, 2500 to the rest of Australia, it performed very well. The median increase in value, or capital gain property investors experienced for this NSW suburb was 13.01%.
Across a shorter period, West Wollongong, 2500 has seen a median price increase of -7.81% over the last quarter.
Property buyers and investors in West Wollongong 2500 should be seeing an average reduction in asking price of around -7.88% . This means that West Wollongong is holding prices well when compared to other suburbs in NSW.
Using the current median advertised rental of $350 and the average annual increase in value of a median property of 11.12%, investors should hope to achieve an overall return of 3.46%
Information supplied by:
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%.