We’ve seen a great start to the year in real estate for the Illawarra. The number of properties sold in the Illawarra and in Sydney has been trending up strongly over the last 12 months. And while January was a relatively quiet month for sales (as it traditionally is), with only around 400 homes sold, it was the biggest January that we have seen in the Illawarra for over 15 years.
This is a positive indicator that the market has recovered, the latest Corelogic reports show that real estate values in the Illawarra have increased at just over 1% per month for the last 6 months. These strong results have continued into February, and we have seen increased numbers of sales for the area.
Auction Clearance Rates have also been high throughout February. Last week’s clearance rate for NSW was 83 per cent, with Belle Property NSW achieving a 95 per cent clearance.
The strong results have come early in the auction season, says Domain senior research analyst Nicola Powell.
“It says that vendors are really confident going into their auction, confident that they have enough buyers to create that competitive auction environment,” Dr Powell said.
We have experienced some wonderful results for our clients over the last month, including some great auction results. A standout sale was 30 Hobart Street, Bulli, which sold for $1,150,000 after only 21 days on market.