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Lake Illawarra suburb profile

Lake Illawarra is a picturesque suburb located on the South Coast of New South Wales, nestled between the lake of the same name and the Pacific Ocean. Known for its stunning natural beauty, the area offers a relaxed coastal lifestyle with ample opportunities for water-based activities such as fishing, boating, and kayaking. The suburb is family-friendly, featuring parks, walking trails, and local amenities that cater to residents' needs. With its scenic views and proximity to Wollongong, Lake Illawarra is an attractive destination for those seeking a tranquil yet connected community environment.

Lake Illawarra property market performance

Current median dwelling price$735,000Past 3 months

Property growth+13.5%Past 12 months

Lake Illawarra's property market has shown positive growth over the past 12 months. House values have increased by 7.2%, with the current median price at $925,000. However, the median unit price is not available. Despite this, units have seen a dramatic increase in value by 19.8% over the period.

In terms of sales activity, 22 houses and 6 units have been sold over the last 12 months. Houses remain in high demand, reflected in a median time on the market of just 23 days, while units are selling in approximately 25 days.

Rental prices have also seen an uptick, with house rents increasing by 4.6% to an average of $680 per week. Unit rents have risen by 4.0%, averaging $520 per week, indicating a robust rental market in the area.

HousesUnits
Median price
Past 3 months
$925KN/A
Change in value
Past 12 months
7.2%19.8%
Sold
Past 3 months
226
Median days on market
Past 12 months
2325
Average rent
Past 12 months
$680$520
Change in rent
Past 12 months
4.6%4.0%

5 year median price trend for houses and units

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Lake Illawarra demographics

Lake Illawarra, located in the Illawarra region of New South Wales, is a picturesque suburb known for its scenic lake views and relaxed coastal lifestyle. With a population of 3,288, it offers a tranquil environment that appeals to families, retirees, and those seeking a quieter pace of life. The median age of 43 suggests a mature community, with a mix of long-term residents and newcomers drawn to the area's natural beauty and community feel.

The suburb's housing landscape is diverse, with a significant portion of properties being rented, accounting for 50.3% of the housing market. This indicates a flexible living arrangement that caters to a variety of residents, including young families and individuals seeking temporary accommodation. Meanwhile, 27.8% of homes are owned outright, reflecting a stable base of long-term homeowners who appreciate the suburb's serene setting.

Family dynamics in Lake Illawarra are varied, with couple families without children making up 41.1% of the population, followed by couple families with children at 30.3%. One-parent families also form a notable segment, comprising 26.3% of the community. This diverse family structure contributes to a supportive and inclusive community atmosphere. The median total household income of $1,069 per week reflects the suburb's affordability, making it an attractive option for those looking to balance cost of living with quality of life.

Lake Illawarra infrastructure, key developments and investment opportunities

Lake Illawarra continues to benefit from its upgraded foreshore, with shared pathways, playgrounds, picnic areas and public art along Reddall Parade enhancing recreational appeal and supporting buyer interest in lifestyle-oriented homes.[1][5] The well-maintained lakeside public spaces, combined with easy access to water-based activities such as paddle boarding, fishing and boating, help underpin demand from families, retirees and holiday-home buyers seeking strong amenity and walkability.[1][5]

Proximity to broader Shellharbour employment nodes, retail centres and coastal attractions continues to support Lake Illawarra’s livability, although there are currently no widely publicised major new infrastructure or transport projects announced specific to the suburb that would significantly alter property dynamics in the near term.[3][6] Overall, incremental improvements to foreshore facilities and ongoing council focus on tourism and open space management are likely to sustain steady property demand rather than drive abrupt changes in values.[1][5]

Lake Illawarra rental market trends

The rental market in Lake Illawarra has experienced modest growth, with house rents increasing 4.6% over the past year to $680 per week, and unit rents rising 4.0% to $520 per week. With steady demand and appealing coastal lifestyle, Lake Illawarra remains an attractive choice for renters and investors seeking consistent returns.

Suburbs near Lake Illawarra

Some popular suburbs near Lake Illawarra include:

  • Warilla: Known for its beautiful beach and relaxed coastal lifestyle, Warilla is located directly north of Lake Illawarra.
  • Windang: Famous for its fishing spots and scenic views, Windang is situated to the south of Lake Illawarra.
  • Barrack Point: Offering stunning coastal views and a peaceful atmosphere, Barrack Point lies to the northeast of Lake Illawarra.
  • Mount Warrigal: Known for its elevated position and panoramic lake views, Mount Warrigal is located to the northwest of Lake Illawarra.
  • Barrack Heights: Featuring a mix of residential areas and recreational facilities, Barrack Heights is situated to the north of Lake Illawarra.

How does Lake Illawarra compare to nearby suburbs?

  • Median house prices: Lake Illawarra’s median house price is 5.2% higher than Warilla’s.
  • House price growth: Over the past 12 months, house prices in Lake Illawarra have grown 11.9% higher than in Warilla.
  • Unit price growth: Over the past 12 months, unit prices in Lake Illawarra have grown 4.6% higher than in Barrack Heights.
  • Selling speed for houses: Properties in Lake Illawarra are selling 46.5% faster than in Windang.
  • Selling speed for units: Properties in Lake Illawarra are selling 39.0% faster than in Warilla.

Common questions about Lake Illawarra

  • Is Lake Illawarra a nice place to live?

    Lake Illawarra is a charming suburb that offers a delightful blend of coastal tranquility and community warmth. Nestled between the serene lake and the expansive Pacific Ocean, it provides a picturesque setting that is perfect for those who appreciate natural beauty and a relaxed lifestyle. The suburb is known for its family-friendly atmosphere, with plenty of parks, walking trails, and local amenities that cater to the needs of its residents. Its proximity to Wollongong ensures that while residents enjoy a peaceful environment, they are never too far from the conveniences of a larger city.

    The vibe in Lake Illawarra is one of laid-back coastal living, where the community is tight-knit and welcoming. Families will find it particularly appealing, as the suburb offers a safe and nurturing environment for children to grow up in. The local amenities, including schools, shops, and cafes, are easily accessible, making daily life convenient and enjoyable. While the suburb may not boast the bustling nightlife of a city center, it more than compensates with its stunning natural surroundings and opportunities for outdoor activities like fishing, boating, and kayaking.

    However, living in Lake Illawarra does come with some trade-offs. The absence of major new infrastructure or transport projects means that while the suburb remains a serene haven, it may not experience rapid growth or development in the near future. This could be a consideration for those looking for a dynamic, fast-paced environment. Nonetheless, for families, retirees, and anyone seeking a peaceful lifestyle with a strong sense of community, Lake Illawarra is a wonderful place to call home.

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  • Is it expensive to live in Lake Illawarra?

    Living in Lake Illawarra can be seen as moderately expensive, especially when considering the median house price and rental costs. The current median house price in Lake Illawarra is about $925,000, which is a significant investment compared to other areas, particularly given that the suburb is not near the state capital. For those looking to rent, the average rent for houses is approximately $680 per week, while units are slightly more affordable at $520 per week.

    When comparing these housing costs to the NSW state average wage of around $95,000 per year, it's clear that a substantial portion of income would be needed to cover living expenses in Lake Illawarra. The median total household income in the suburb is $1,069 per week, which suggests that housing costs could take up a large part of a household's budget, making it a significant consideration for anyone thinking of living in Lake Illawarra.

    Overall, while Lake Illawarra offers a beautiful coastal lifestyle, the cost of living, particularly in terms of housing, requires careful financial planning. It's essential to weigh the lifestyle benefits against the financial commitments to ensure it aligns with your budget.

    Disclaimer: To assess whether a suburb is considered expensive, we’ve looked at mortgage and rental costs as a proportion of the average local salary. That said, everyone’s financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.
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  • Is Lake Illawarra a good place to invest?

    Lake Illawarra is showing promising signs as a good place to invest, especially if you're interested in the property market. Over the past year, the suburb has experienced a notable increase in property values, with median house values rising by 7.2% and unit values surging by an impressive 19.8%. This indicates a strong demand for both houses and units, which is a positive signal for potential investors.The rental market in Lake Illawarra is also on the rise, with house rents increasing by 4.6% and unit rents by 4.0% over the last 12 months. This steady growth in rental prices suggests that the suburb is attracting tenants, which is great news if you're considering investing in rental properties. The combination of rising property values and rental prices makes Lake Illawarra an attractive option for those looking to invest in real estate.Overall, Lake Illawarra's recent market performance, with significant growth in both property values and rental prices, positions it as a suburb with solid investment potential. Whether you're looking to buy a house or a unit, the suburb's upward trend in the property market could offer rewarding opportunities for investors.
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Choose the right real estate agents in Lake Illawarra

In Lake Illawarra ,39 agents are actively selling property, but a small number do the heavy lifting. Just 5 agents handled 46.7% of all sales in the past year, giving them a strong presence and deep experience in the local market.

Commission rates usually sit between 1.63% and 2.63%. Comparing agents and understanding what’s included in their fee structure can help you find the right mix of service, value, and motivation—without compromising on outcomes.

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