Wollongong has recorded the highest jump in home prices across Australia for the past 12 months, knocking off Sydney for the fastest growing house price title for the first time, according to new data released by CoreLogic.
Cashed up Sydney buyers, benefiting from the past four years of strong growth in their local market, are heading south into the Illawarra region and pushing up Wollongong prices and outbidding locals to create the third most expensive metropolitan area behind Sydney and Melbourne.
The median house price for Wollongong has risen to $720,000, with the median unit price around $520,000. The Sydney median house price remains at around $1.08 million, followed by Melbourne $810,000, Wollongong now sits in third with Brisbane Perth and Adelaide still under $550,000.
Wollongong house prices surged 16 per cent for the past 12 months with unit prices up 14 per cent. The influx of buyers into the region is a mix of equity rich cashed up retirees, families looking for greater value and those lucky enough to be able to work from home – who are looking for a more relaxed South Coast lifestyle.
Melbourne Named The Most Liveable City In The World – A Seven-Peat Title Win!
In case you missed it, Melbourne was named the most liveable city in the world for the seventh year in a row by The Economist. Scoring a possible 97.5 out of 100. Melbourne received perfect scores in the areas of healthcare, infrastructure and education. There was no change in the top three spots with Vienna in second place; Vancouver came in third and Toronto in fourth place.
Adelaide came in fifth place tied with Calgary, Perth was named in seventh place and Sydney dropped out of the top ten to be ranked 11th.
For those of you who live in Sydney with friends in Melbourne, you may have learned about Melbourne’s win and Sydney’s drop via social media, as many Melbournians took it upon themselves to inform everyone they knew on social media about their ‘seven-peat’ title win!