New figures show Wollongong is among the State’s top 10 suburbs for first home buyers. Sales and conveyancing data recorded by InfoTrack for last quarter confirms the 2500 postcode is a property hot spot.
InfoTrack’s Head of Property Australia, Lee Bailie said Wollongong came in at number 10 for the highest volume of sales for first home buyers, and for purchase price between June 1 and September 30, 2022.
“We’ve seen more and more first home buyers looking to purchase outside of the central Sydney metropolitan area, and the lifestyle on offer around Wollongong is enticing,” Mr Bailie said. “The 2500 postcode, which encompasses Wollongong, West Wollongong, North Wollongong, Spring Hill, Mount Saint Thomas, Mount Keira, Mangerton, Keiraville, Gwynneville, and Coniston, made the top 10 list across both of our categories.
“It was one of only two postcodes named in the State’s bestselling suburbs for first home buyers located outside of Western Sydney – the other being Wagga Wagga in the Riverina. The number one spot for sales volume was postcode 2762, Schofields and Tallawang, while Liverpool, Parramatta and Campbelltown also made the list.”
InfoTrack’s Q3 2022 Property Market Update found units continue to be the top choice for first home buyers in New South Wales.
“Strata properties remain the greatest portion of sales for this buying cohort, at 49.5 per cent of all purchases,” Mr Bailie said. “Last quarter also saw a slight increase in first home buyer owner occupiers, up 2% to 43%.”
Mr Bailie said while interest rates were rising, purchase prices had fallen.
“Following a peak in August, purchase prices have now decreased, dropping 10% for first home buyers,” he said. “Interestingly, our data shows experienced buyers spent 15 times more than first home buyers for properties across the State last quarter, but those prices have now also dropped, down 17%.”
The full report can be viewed here.
