Framed by beautiful beaches, Wollongong has long been a favourite sea-change and holiday location. Now the third-largest city in NSW, it’s zoomed beyond coal mining and steel industries with a firm focus on technology, entertainment and a multi-cultural food scene. From the city’s thriving university to healthcare, infrastructure projects and affordable entry into the property market, Wollongong’s appeal is shining bright.
Properties in Wollongong are framed by pristine beaches and lush national parks.
Upcoming infrastructure projects in Wollongong will add to the city’s thriving economy, which produces $13 billion per annum.
Infrastructure on the rise
Upcoming infrastructure projects in Wollongong will add to the city’s thriving economy, which produces $13 billion per annum. Top among current world-class perks is the University of Wollongong, which was ranked the 26th best modern university by ‘Times Higher Education’. A $500 million investment into a new well-being precinct is underway.
An international trade gateway for bulk agricultural, mining and construction industries, the suburb of Port Kembla hosts the state’s biggest grain export terminal and second- largest coal export port. There’s significant State Government investment in The Port Kembla Revitalisation Plan.
In terms of transportation, Shellharbour Airport is just 20 minutes from the CBD and provides flights to regional destinations and capital cities. Extensive upgrades are planned for access to Illawarra via the Princes Motorway and the Princes Highway, with bypasses at Nowra and Albion Park to improve commute times to the south. The $600 million Albion Park bypass consists of 9.8km of new dual-lane motorway.
The Wollongong Local Council population is 222,000 and it’s predicted to rise by 14.5% over the next 15 years to reach 254,000. With a current labour force of more than 104,000 and approximately 14,000 local businesses, Wollongong offers excellent business opportunities.
A range of flourishing industries include tech, advanced manufacturing, education, healthcare and more. Employment opportunities are set to increase with the revitalisation of Port Kembla welcoming hundreds of jobs, along with infrastructure to support growth.
Strong investor returns
Including a $78 million development of 116 residential apartments in Shell Cove’s Harbour Boulevard, new dwellings will support population growth. At the centre of the West Dapto Urban Release, the suburb of Horsley features affordable entry into the market with a median house price of $691,500 compared with $1,209,000 for Sydney.
Over the last ten years, the total returns combining capital growth and rental yield for houses was 11.0%. Horsley is located between the Illawarra Escarpment and Lake Illawarra, just a short drive from the Wollongong CBD, Shellharbour Airport and Port Kembla. Furthermore, there are four schools, including primary and secondary options, within a five-minute drive.
An overhaul of a pivotal city block in Wollongong is in progress
Central Wollongong major upgrade in the works
The pivotal city block bound by Crown, Keira, Burelli and Atchison streets could be overhauled and developed into a mixed-use precinct. In 2020, BVN won a design competition for the project, and these designs are now public exhibition. The designs include a 39-storey apartment tower, an aquatic centre and a range of cultural and commercial facilities.
The ambitious proposal, under the name of Win Grand after its backer the Win Corporation, would combine 28 individual parcels of land. Proponents of the development say it would make a positive contribution to the city of Wollongong.
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Location and lifestyle perks
Under a 90-minute drive from Sydney, Wollongong is surrounded by nature with the Illawarra Mountain range, the Royal National Park and no less than 17 spectacular beaches. The buzzing CBD is a multicultural shopping and dining hub, and a trendy cafe culture surrounds the sparkling harbour.
From hiking to the top of Mount Kembla to surfing, kayaking and cycling along 42km of pathways, there’s plenty to do in the great outdoors. Stanwell Park is a renowned hang-gliding spot and wildlife-spotting is commonplace. Then, there are attractions like the Science Space museum and a year-round calendar of festivals, markets and shows.
Combined with significant infrastructure investment, sustained economic growth and affordable median house prices, Wollongong’s accelerated growth trajectory ensures a strong property market now and into the future.
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