Rental Trends in Wollongong

It's only fair to share...

Rental trends in the Wollongong area

Looking for a new rental home? Our guide to the current market will help you put your best foot forward

Beaches, cafes, bars and shopping – heaven!

Locals know how beautiful, friendly and fabulous it is to live in and around Wollongong. With its spectacular beaches, cafes, cinemas and shopping, and the University, Wollongong is a hive of activity and has a great vibe. Just an hour and 15 minutes to the Sydney CBD by car and about an hour and a half by train from Wollongong station, many people commute from the Wollongong area to Sydney for work. It’s no wonder Wollongong is so popular a place to live.

The strong mix of professionals, tradies, students and academics in Wollongong combine with the laid back and summery vibe here to create high rental demand. Fortunately, the developers have been busy in Wollongong – you’ll find apartments of every shape and size, from beautiful art deco buildings to simpler brick blocks and modern glittering towers. For those after some outdoor space, you’ll also find villas and houses, which are often multi-storey, taking advantage of water views.

Tough competition for renters

But competition for rental properties can be tough. With the University of Wollongong creating a large student population, central Wollongong has particularly high levels of demand. You’ll therefore find some better value properties in the suburban outskirts.

Wollongong has a high demand rental market, with the average number of visits to online rental listings over 30% higher than for the NSW average. So it pays to do your homework and be ready to put your best foot forward when looking for a new home.

How much rent can you expect to pay?

Here’s a snapshot of current median rental prices in Wollongong, as at Oct 2015.

Average rentper week 1 bedroomaverage per week 2 bedroomaverage per week 3 bedroomaverage per week 4 bedroomaverage per week
Unit $363 $265  $360 $550
House $450 $393 $460 $600

 

After better value for your rental dollar?

For more bang for your rental buck, head a little further south. Rental demand in the Kiama area is much lower, with the average number of visits in line with the NSW average.

Here’s a snapshot of current median rental prices in Kiama, as at Oct 2015. While a lower supply of units in Kiama makes them slightly more expensive than in Wollongong, overall rents are cheaper in Kiama.

Average rentper week 1 bedroomaverage per week 2 bedroomaverage per week 3 bedroomaverage per week 4 bedroomaverage per week
Unit $400 $375 $460
House $430 $390 $445 $585

 

Looking for a new rental home? Check out some of the latest listings in Wollongong, Warrawong, Shellharbour, and Kiama.

Get your application organised so you’re ready to go

Don’t wait until you find the perfect home before getting everything ready for your rental  application – you could lose precious time and find someone has nabbed it before you! Prepare copies of your photo identification, any references you might have from past landlords, financial statements and recent payslips, and references for any pets you have. A big plus is a copy of the rental ledger from your current or previous home, as this clearly demonstrates your reliability as a paying tenant.

City Finance can help you with fast cash for your rental bond and moving expenses

Need help getting the cash together for your rental bond and moving expenses? Just pop in and visit our friendly staff at our Wollongong branch for a chat and some helpful advice.