The Real Estate Institute of New South Wales (REINSW) released its property profile report for December 2012 this week (March 8), which showed that the median price of houses in Wollongong has increased by 2.3 per cent.
REINSW chief executive officer Tim McKibbin stated: "With confidence returning and stimulus in the form of interest rate reductions, I believe that the green shoots of improvement are evident and a platform for a far brighter future in 2013 has been constructed."
For the three months leading to December 2012, the median house price for real estate in Wollongong increased to $450,000.
Other local government areas in regional Sydney also saw house price increases, such as Albury, Coffs Harbour and Newcastle.
"Property prices are now returning to more traditional levels and we will start to see vendors coming into the market more strongly over the next 12 months. We should also see transaction levels increase, particularly in the more affordable areas of the market," said Mr McKibbin.
The rise in median property prices in Wollongong means good news for investors, as it contributes to an increase in the value of properties in the area.
Those looking to purchase houses or apartments in Wollongong may want to keep an eye on future trends, as the area is hoping to bring in more residents after the completion of the redevelopment in the city centre – creating good opportunities for keen property investors.
Wollongong is also hopeful to attract decentralised government departments to the area, which will also bring in a number of resident workers to the city.
Earlier in the year (February 13), Wollongong City Council's economic development manager Mark Grimson that: "The campaign to attract businesses and government agencies to the city has been productive with a high volume of investment in commercial and residential development in its CBD."