In a recent report by the Real Estate Institute of New South Wales, a chronic shortage of available rental homes is now a permanent fact of life in New South Wales major metropolitan areas.
Residential vacancy rates tumbled to their lowest levels in 12 months in Sydney and Newcastle in September, slipping 1.2% in both cities. The situation in Wollongong is similar where vacancy rates fell in most regional centres, the Illawara and Central Coast, according to REINSW figures. It described the situation in cities as “grim indeed”.
“Unfortunately the rental market in our major metropolitan centres has worsened in September and the prospects for renters, no matter where they choose to live are grim indeed,” REINSW president Wayne Stewart said. He called on the state government to reduce property related taxes and to simplify planning laws.
In response to the above, we have released our latest report, Wollongong – Gateway to the South Coast of New South Wales.
Being the third largest city in New South Wales behind Sydney and Newcastle, Wollongong is 80 km south of Sydney CBD and a leisurely one hour drive by car. Affectionately known as “the Gong”, this seaside city is the gateway to a multitude of small towns dotted along the South Coast of New South Wales.
Due to the rising price of Sydney’s real estate, the close proximity of Wollongong offers relatively affordable housing where the median house price is $500,000 compared to Sydney’s $635,000. Wollongong has stretches of long sandy beaches running the length of its eastern fringes and also boasts a reputable learning institution in the University of Wollongong.
Nestled half way between the attractions of the South Coast and the big Sydney capital makes Wollongong an intriguing investment prospect that gets the best of both worlds. This 15-page report examines the key investment propositions for Wollongong and also reviews the price, rental returns and capital growth history of 12 of its surrounding suburbs.
- Fewer rental homes available in NSW cities, The Australian, 27 October 2010
- Rents will rise nationwide, says RBA surveys, Perth Now, 25 October 2010