Illawarra – a year in review
2016 was a year of prosperity and growth in the Illawarra. The region has experienced exceptional growth in employment of 17% in the five years to Aug 2016, with a healthy 9% growth in the past year alone – outstripping the rate of job growth in Sydney. The property market has delivered strong returns with the best year-on-year performance of any regional location in the country with house values increasing by 15% annually. This has been fuelled by steady population growth, with high rates of inward migration from Sydney.
Investor confidence has hit its stride, with $1.3 billion worth of development over the past 4 years, with a strong pipeline valued at over $300 million. Wollongong will see a 1% increase in the city centre population over the next 2-3 years, drawn in by an increase in new apartment developments and an increased cultural vibrancy with over 60 new bars and café’s opening in the last three years.
Beyond the CBD, the presence of Port Kembla, proximity to Western Sydney and exponential growth in Sydney land values, has raised increased the attractiveness of Illawarra’s industrial land holdings. Bluescope Steel had a positive year following significant restructuring, and UOW continues as a strong economic driver with the opening of the unique incubation hub, the iAccelerate Centre which will house 280 entrepreneurs
The Illawarra Chapter of the Property Council also finishes a positive year in which it advocated for greater action on affordable housing and investment in infrastructure connectivity with Sydney. Another key focus was on facilitating greater collaboration with other representative bodies across the region through the Illawarra Peak Bodies Group, of which the Property Council has been a major driver.
The Illawarra Chapter has also helped to drive thought leadership through a range of events, such as futurist and economist Brian Haratsis, NSW Planning Minister Rob Stokes, and kick starting the Illawarra Women in Property series, which is helping to support greater gender diversity within the industry.
The Illawarra Chapter of the Property Council will start 2017 in strong form, with a new two-year term Committee of leading businesses from the property sector, who will continue to advocate for the interests and needs of the Illawarra. Key priorities will be to continue to drive strong regional collaboration, helping to articulate the vision for the region, and continuing to advocate for strong infrastructure connectivity to South West Sydney.