The Illawarra region has seen impressive growth in house prices over the past five years, with certain suburbs experiencing remarkable increases. New data provided by CoreLogic highlights which areas have seen the largest percentage jumps in median house values – and some of the top spots may come as a surprise.
Currently, the overall median house price in the Illawarra sits at $1,040,552, reflecting a five-year increase of 58.3%. While some high-end areas have enjoyed substantial gains, it’s actually the more affordable suburb of Berkeley that tops the list for percentage growth. With a median house value of $737,941 as of April, Berkeley’s prices have soared by 87.8% over five years.
Following Berkeley is Unanderra, where the median house price is now $835,169, marking a five-year increase of 78.8%. Rounding out the top three is Warrawong, often considered a more affordable option in the region. The suburb's median house price currently stands at $765,018, with a five-year growth rate of 78.2%.
Overall, dwelling values across the Illawarra region have risen 52.6% in the past five years, with house values up by 58.3% and unit values up by 32%. Among these, Berkeley and Warrawong have shown particularly strong performance in the last year alone, with values rising 13.5% and 11.4%, respectively.
If you’re considering investing or buying in the Illawarra, these insights into recent growth trends could help you identify areas with strong potential for future returns.
Data courtesy of CoreLogic, figures at April 2024.
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