The city of Wollongong is facing a positive future outlook, and has seen more than $430 million invested in construction works for developing the CBD over the last 12 months.
With all of this new development, Wollongong City Council is aiming to attract more businesses and investment growth to the area.
Some of the larger current developments include the GPT Crown Central expansion, ATO Office construction on Kembla Street, and the development of the former Dairy Farmers site on Gladstone Avenue.
Wollongong City Council also has a large number of commercial sites ready to be occupied. The four largest office developments would add a further 53,000 square metres combined of office space to the city – hopefully bringing in more businesses and permanent residents to the area.
The Crown Street Mall refurbishment, a $200 million GPT group Crown Central expansion, will be providing free city centre wi-fi after the rollout of the National Broadband Network.
This refurbishment aims to revitalise and modernise the city centre, and make the shopping area a safer and more pleasant environment.
These developments will help to increase the city's potential, and therefore will create unique opportunities for those looking at purchasing real estate in Wollongong for investment purposes.
MMJ Real Estate director Michael Croghan has predicted many changes for the Wollongong area – in both residential and commercial senses.
As the CBD has seen millions of dollars worth of upgrades and developments, Mr Croghan is expecting Wollongong to be presented as an excellent option for business and government agencies to shift their offices to the area.
Mr Croghan has also stated that median house, unit and land prices are decreasing in the Illawarra, however the significant quality of living offered in the area will balance out the market.
The area is also to see an influx of ex-mining workers looking for Wollongong house rentals. This creates positive investment opportunities for those looking at purchasing houses, as demand for accommodation will increase.