Thirroul Trend: Find out how much Thirroul is growing and who is buying
In the past few months since August, One Agency Downie & Denison-Pender has seen a good mix of property types selling around Thirroul, with prices reflecting the trends we’re seeing across the suburb over the past year.
At the higher end of the market, we received a great price of $1,870,000 in McCauley’s Estate, with a 5-bedroom oasis at 10 Hoffman St. In the mid-market, 3-bedroom properties at 8 Jennifer Cres and 49 George St sold for $1,200,000 and $1,235,000 respectively.
These compare well to the average prices for Thirroul over the year. In June we saw the average house price in Thirroul at $1,200,000. That’s an increase of $100,000 compared to the same time last year.
The lion’s share of homes (or two out of three) now sell between $1M and $2M in Thirroul. Only one in four sell under $1M, with the bulk of those between $800K-$1M. Thirroul is falling slightly behind Wollongong’s price growth, though prices have still gone up 6.29% in the last year.
For those wanting to buy land, it’s a rare commodity. Just four lots of land were sold this past year, compared to 102 houses. Land prices primarily fall between $400K – $1M.
Who is buying?
For an area almost half the size of Bulli, it’s more densely populated, with almost an equal number of residents. Just more than 6,000 people live in Thirroul, and that is growing by 7.7%, which is similar to the rate of surrounding suburbs.
Most households are made up of professional couples with kids, but they’re not all young couples, given the predominant age group is 50-59 years old.
Being home to mostly professional families, it stands to reason the borrowing capacity of many homeowners is significantly higher than in surrounding suburbs, with mortgages averaging between $3,000-$4,000 per month.
More and more are also living in the homes they buy, with three in four homes lived in by the owners.
Where to from here?
With such a vibrant suburb of cafes and specialty shops, so close to the wonderful beach, it’s easy to see why Thirroul is growing. As the summer approaches we are reminded that all the hard work so many have put in to live here is worth it.