HOUSING COSTS THROUGH THE ROOF IN THE ILLAWARRA

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

 

 

 

 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

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.