Suburb Profile Report for Corrimal NSW (2518)

Corrimal House: Median price $840,000, Annual capital growth 7.82%, Number of sales 65, Weekly median advertised rent $505

Corrimal Unit: Median price $485,000, Annual capital growth 7.69%, Number of sales 36, Weekly median advertised rent $405

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

Investment property in Corrimal has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 9.23%

Corrimal,2518 was ranked 543 in Australia by increase in median property value over the quarter.

Corrimal, 2518 is offering NSW ‘s 349th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 30% of discounts offered by this NSW.

Situated 61.61km from the CBD, Corrimal is one of Wollongong localities in the postcode 2518.

Property value increases in Corrimal have tracked lower than the NSW average of 2.17% over the last 12 months.

The five-year average increase in median property values for Corrimal,2518 has given property investors a potential capital gain of 40.58% across each of those five years.

The most recent median price for Corrimal is $485000, with sellers offering an average of -4.67% off the asking price.

Often selling an investment property can take time, and in Corrimal the average time real estate has been on the market is 52.03 days.

With the median price for a house in Corrimal being $485000 and the advertised rent reaching $405 the gross rental yield for property investors calculates out to be 4.34%

YIP MAG Information supplied by:

YIP MAG
June 2016

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It may not get the same attention as some of the more trendy suburbs in Wollongong’s north, but Corrimal’s unit market has enjoyed a solid run of late.Full summary It may not get the same attention as some of the more trendy suburbs in Wollongong’s north, but Corrimal’s unit market has enjoyed a solid run of late.

At $445,000, the median unit price is still relatively affordable; however, if market conditions continue it may not be so for much longer.

The median price has jumped 22% in the past year and grown by a very respectable 56% over the past five years.

In terms of amenities, Corrimal is well served, with the suburb offering a number of education options.

Corrimal train station links it to the centre of Wollongong as well Sydney, while the upgraded Memorial Drive has made life easy for those commuting by car.

That strong run of capital growth has had an effect on rental returns though, with landlords only seeing yields of 4% currently, off the back of a median weekly rent of $350.

Landlords don’t seem to be struggling to find tenants either, with the current vacancy rate in Corrimal just 0.59%.Close
Metrics i HOUSE UNIT
$840,000 $485,000
4.35% -8.49%
9.23% -6.55%
7.82% 7.69%
$505 $405
65 36
3.13% 4.34%
65.48 52.03

Source: CoreLogic

DSR Score for property investment : Good (H), Good (U)
Find a mortgage broker in Corrimal NSW
Demographics
Total population 6324
Median household income ($/weekly) 963
Median age of persons 41
Median housing loan repayment ($/monthly) 1950
Average household size 2.4
  • Census Count Percent(%)
    5-14 years 683 10.8
    25-34 years 768 12.1
    35-44 years 858 13.6
    45-54 years 885 14.0
    55-64 years 746 11.8
    Others 2385 37.7
    Age Group
    Census Count Percent(%)
    Registered Married 2337 48.4
    Not Married 2118 43.9
    Defacto Relationship 373 7.7
    Social Marital Status
  • Census Count Percent(%)
    Australia 4814 79.5
    Japan 182 3.0
    Papua New Guinea 58 1.0
    United Kingdom 349 5.8
    Other 148 2.4
    Others 506 8.4
    Country of Birth
    Census Count Percent(%)
    Buddhism 86 1.5
    Christianity 4566 77.3
    Hinduism 36 0.6
    Islam 85 1.4
    No Religion 1092 18.5
    Others 42 0.7
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 274 11.9
    $400-$599 297 12.9
    $600-$799 247 10.7
    $1,500-$1,999 271 11.8
    $2,000-$2,499 198 8.6
    Others 1017 44.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 2109 42.0
    Employed, worked full-time 1676 33.4
    Employed, worked part-time 898 17.9
    Unemployed, looking for work 175 3.5
    Employed, away from work 167 3.3
    Person Characteristics
  • Census Count Percent(%)
    Professionals 522 19.1
    Technicians & trades workers 452 16.5
    Community & personal service workers 326 11.9
    Clerical & administrative workers 406 14.8
    Labourers 256 9.4
    Others 774 28.3
    Occupation
    Census Count Percent(%)
    Pre-school 145 10.4
    Infants/Primary 426 30.5
    Secondary 387 27.7
    Technical or Further Educational Institution 157 11.2
    University or other Tertiary Institutions 247 17.7
    Others 37 2.6
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 4430 74.2
    Semi-detached, row or terrace house, townhouse 963 16.1
    Flat, unit or apartment 554 9.3
    House or flat attached to a shop, office 23 0.4
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 931 37.8
    Being purchased 776 31.5
    Rented 739 30.0
    Other tenure type 20 0.8
    Tenure Type
Census 2011, ABS
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Recent sales & rentals