Newspaper article The Northern Star (Lismore, Australia)

Ripple Effect Sends Sydneysiders South

Newspaper article The Northern Star (Lismore, Australia)

Ripple Effect Sends Sydneysiders South

Article excerpt

THE latest Regional Market Update from CoreLogic RP Data, released in August, shows Wollongong and Shellharbour have recorded impressive price growth of late, largely driven by Sydneysiders relocating to the south coast as the post-boom ripple effect gets underway.

It is very common in the immediate period after a capital city's boom to see buyers flocking to nearby regional centres within commuting distance back to the city. In the case of Sydney, it is typically the Blue Mountains, Wollongong, the Central Coast and Newcastle that benefit most from the ripple effect. This week, let's drill down on the south coast.

Sydney buyers are looking south for affordability, lifestyle and investment opportunities. Among the owner-occupier buyers, some are commuting back to Sydney for work while others are seeking a permanent seachange with the hope of local employment to escape the city hustle and bustle altogether.

We're also seeing more Sydney retirees heading to both Wollongong and Shellharbour. Now that Sydney's four-year boom is over, they are selling their family homes for impressive prices and finding great value and lifestyle on the south coast, while still being close enough to drive back to Sydney regularly to see the grandkids.

Let's look at the stats.

In the Wollongong council area, which includes Port Kembla, Bulli, Thirroul and Helensburgh at the very southern tip of Sydney, median house prices grew by 15.1% to $630,386 and apartment prices grew by 14.4% to $471,037 over the 12 months ending June 2016.

In the Shellharbour council area, which includes Shell Cove, Warilla, Oak Flats, Flinders, Blackbutt and Albion Park, median house prices grew by 13.1% to $532,463 and apartment prices grew up 12.7% to $411,958, according to CoreLogic RP Data.

I had a chat this week with one of McGrath's principals, Jordan Andonovski, who co-owns three of our south coast offices at Wollongong, Thirroul and a brand new one in Shellharbour. …

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