Housing costs in the Illawarra have skyrocketed in the last 12 months.
House prices in the region have jumped by 27.6 per cent[1], much more than the national average of 21.9 per cent.
The cost of rent has also skyrocketed. Rent in Sydney has increased 5.5 per cent in the last 12 months. In some parts of the Illawarra, it has jumped by two or three times that.
HOUSE PRICES | ||
SUBURB | MEDIAN PRICE | ANNUAL INCREASE |
Kembla Grange | $617,000 | 57.2% YOY |
Bulli | $1.445 million | 44.5% YOY |
Lake Illawarra | $645,250 | 29.1% YOY |
West Wollongong | $850,000 | 25.3% YOY |
Figtree | $923,000 | 26.4% YOY |
Fairy Meadow | $960,250 | 24.7% YOY |
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Source: Domain House Price Report, September 2021
COST OF RENT | ||
SUBURB | MEDIAN PRICE | ANNUAL INCREASE |
Shellharbour | $550 | 14.0% YOY |
Mittagong | $560 | 16.7% YOY |
Figtree | $560 | 12% YOY |
Berkeley Vale | $495 | 12.5% YOY |
Kiama | $600 | 11.1% YOY |
West Wollongong | $550 | 10% YOY |
Bulli | $650 | 10.2% YOY |
Source: Domain Rental Report, September 2021
This makes it harder and harder for young people to buy a home in the Illawarra.
It’s no wonder the number of first home buyers signing up for loans has dropped by 20 per cent since the beginning of the year.
Twenty years ago, the average home cost four times the average salary. Now, it’s almost twice that.
It’s harder to buy than ever before, it’s harder to rent than ever before and there are more homeless Aussies than ever before.
After almost a decade in Government, housing affordability has only got worse under the Liberal-National Government.
TUESDAY, 16 NOVEMBER 201
MEDIA CONTACT:
ARLEY BLACK (CLARE) 02 9790 2466
