Properties that sold before auction and why vendors accepted

Last week, 15 properties in the Wollongong area were sold before auction, highlighting a growing trend among vendors to secure sales before the auction day.

This trend is particularly relevant now as the NSW median house price hovers around $860,000, and the Wollongong market navigates the impact of Sydney overflow and coastal premium pricing in areas like Fairy Meadow and Thirroul. The Wollongong CBD renewal is also expected to influence local property prices, making vendors cautious about their sales strategies.

In suburbs like Figtree and West Wollongong, properties are being snapped up by buyers before auction, often with the help of local real estate agencies like MMJ Real Estate and Raine & Horne. The Wollongong City Council's urban renewal initiatives, such as the revitalisation of the Wollongong Mall and the development of the Port Kembla harbour, are also attracting buyers to the area.

Local market data

According to data from the Australian Bureau of Statistics (ABS), the number of dwellings approved for construction in the Wollongong area has increased by 15% in the past year, reaching 1,044 dwellings in the March 2026 quarter. This growth in construction approvals suggests a strong demand for housing in the area, which may be contributing to the trend of pre-auction sales. In terms of pricing, the ABS reports that the median house price in the Wollongong area was $743,000 in the March 2026 quarter, up from $683,000 in the same period last year.

In practical terms, this means that vendors who are considering auctioning their properties should be prepared to negotiate and potentially accept pre-auction offers. Buyers, on the other hand, should be prepared to act quickly if they find a property that meets their needs, as the market is competitive and properties are selling quickly. The Illawarra Regional Information Service reports that the average days on market for properties in the Wollongong area is currently around 30 days, down from 40 days in the same period last year.

As the Wollongong property market continues to evolve, it will be interesting to see how the trend of pre-auction sales develops. Vendors and buyers alike should stay informed about local market conditions and be prepared to adapt their strategies accordingly. The University of Wollongong's Centre for Smart Infrastructure has noted that the local property market is experiencing a shift towards more sustainable and technologically advanced housing, which may also impact the way properties are bought and sold in the area.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.