Housing demand to shift in Wollongong
research

Housing demand to shift in Wollongong

By Staff Reporter

Housing demand is set to change in Wollongong as the city’s demographic shifts, PRDnationwide research shows.

An above-average increase in retirees, pre-retirees and the 25-29 age bracket comes as the number of 30-49 year olds in the area decline.

PRDnationwide research analyst, Oded Reuveni-Etzioni, says it is expected that the increase in retirees will result in an overall move to downsizing into a smaller and often less expensive dwelling.

“This often means selling a house outside the Wollongong area and moving to a new land estate, or exchanging a detached house for a semi-detached or high density dwelling close to a town centre," Mr Reuveni-Etzioni said.

"The demographic changes in Wollongong highlight an  increasing demand for medium density dwellings driven by single-parent families, and single person households that are common in areas with a large over-65 population."

According to Mr Reuveni-Etzioni, the median house value in the Wollongong LGA was $439,000 in October 2012, with a median rent price of $380 per week.

promoted stories
Email:

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
SOLDIERS POINT 48.92%
2.
BLUE BAY 43.96%
3.
BERKELEY VALE 42.74%
4.
LEMON TREE PASSAGE 42.55%
5.
NORTH NARRABEEN 40.19%
Housing demand to shift in Wollongong
SPI logo