During 2019, we saw rate cuts, a Federal Election, the Royal Commission into banking, and APRA relaxing their lending rules. It’s certainly been a big year of ups and downs in the property market, but we’re closing it out on a positive note as all the markers point to a strong 2020.
The average sale price for houses in Wollongong is down 2.32% on this time last year, sitting at $843,000. Apartment average prices are also slightly lower, seeing a drop of 5% to $570,000. However a promising sign is that these prices have been slowly increasing over the last quarter of this year, an indicator of the market rebound we are experiencing. Here at Belle Property, we saw a slight increase in our average sale price from the 2018 calendar year vs 2019.
We have also seen a reduction in our average days on market compared to 2018, sitting at 25 days for our auction properties, and 52 days for private treaty listings. This is a promising indication looking forward to the new year.
It’s also being predicted that 2020 will start with a bang due to the anticipated increase of first time buyers hitting the market following the First Home Loan Deposit Scheme.
With 2019 nearly behind us, a lot of buyers and sellers are looking ahead to 2020, and there is definitely a revived feeling within the property market, and at Belle Property we have lots of new listings due to hit the market soon.
If you have any questions about the property market, contact us today on 4228 0888 to find out how we can help.