Background_E_Market_Assessment - Shoalhaven City Council ...

Nowra CBD Master Plan – Market AssessmentTable 22 - Median Residential Values (2009)Location Year to Dec 08 Year to Dec 09 Yearly Change (%)HousesShoalhaven LGA $305,000 $317,500 4.1%Kiama LGA $470,000 $490,000 4.3%Shellharbour LGA $335,000 $350,000 4.5%Wollongong LGA $377,000 $385,000 2.1%UnitsShoalhaven LGA $240,000 $220,000 -8.3%Kiama LGA $340,000 $350,000 2.9%Shellharbour LGA $273,000 $279,500 2.4%Wollongong LGA $300,000 $315,000 5.0%Source: Illawarra Regional Information Service (IRIS), Illawarra Real Estate Report, March 2010.From the table it can be seen that, as a whole, the region experienced growth in the median values of houses and unitsin the year to December 2009. Shoalhaven LGA experienced a 4.1% growth in house value and an 8.3% decrease inunit values.Median sales prices achieved in the LGA vary greatly between individual suburbs. Suburbs with high amenity, such ascoastal living, achieved greater sales values. This is apparent in Mollymook, Ulladulla, etc. The following table furtherillustrates the median sales prices achieved in Shoalhaven LGA suburbs.Table 23 - Median Residential Values by Suburb (2009)*Suburb Houses Units Sales - Houses/UnitsNowra $235,000 $197,000 195/32Bomaderry $235,000 $195,000 146/23Shoalhaven Heads $350,000 - 77/6Berry $487,000 - 60/2Gerringong $450,000 $379,000 61/14Vincentia $450,000 - 94/8Sussex Inlet $281,000 - 72/2Mollymook $402,000 - 24/2Mollymook Beach $370,000 $260,000 77/15Ulladulla $325,000 $259,000 124/13Milton $362,000 - 28/1Kiama $470,000 n/a 180/65Shellharbour $410,000 $350,000 51/16* Based on sales reported to Australian Property Monitors in the 12 months to January 2010.Source: Australian Property Monitors 2010In the year to January 2010, Nowra and Bomaderry had a median house price of $235,000 and a median unit price of$197,000 and $195,000 respectively – this is below the median sales prices achieved for other suburbs within the LGAand the suburbs of Kiama and Shellharbour.The results also indicate the volume and the proportion house versus unit sales in the year to January 2010. In Nowraand Bomaderry there was considerable market activity. A total of 227 properties were sold in Nowra and in Bomaderry atotal of 169 properties sold. Houses made up the majority of these sales, which suggests a healthy demand forproperties of this nature and a limited supply of unit developments.C09143 Page 47 Hill PDA