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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.