Gentrified but cool — the Port Kembla property market is experiencing unprecedented demand. Photo: Dimosons.
The Illawarra’s portside suburb has been revealed as NSW’s most sought-after regional coastal area, with unprecedented buyer interest in a property market that has undergone an evolution over the past decade.
New PropTrack data has revealed Port Kembla as the most in-demand regional coastal suburb in NSW, outpacing even well-known hotspots such as Tweed Heads, Byron Bay and Wollongong in a key metric indicating desirability.
The outcome was based on an analysis of “enquiries per listing” across regional coastal areas in NSW over the past 12 months. Port Kembla topped the list with 78 enquiries per listing — the highest of any beachside suburb in the state, demonstrating exceptionally strong demand from home buyers and investors alike.
Port Kembla resident and real estate agent Mitch Walkerden of Dimosons Real Estate wasn’t surprised.
Mitch, a platinum member of the Port Kembla Chamber of Commerce (PKCC), said a range of factors made Port Kembla highly desirable for people relocating from the Illawarra’s northern suburbs and Sydney’s inner west.
“Ten years ago, Port Kembla was seen only as an industrial pocket. The stack was visible from a large percentage of the Illawarra, and was associated with pollution. It wasn’t seen as a desirable place to live,” he said.
“I think a shift started when that stack came down just over a decade ago. More noticeable was a shift about five years ago, during COVID, which gathered momentum until about three years ago, when interest in the area really started to snowball.
“It’s that natural progression of suburbs at the intersection of coastal lifestyle, affordability and proximity to Wollongong and Sydney. If you historically track the suburbs as you move out of big cities, Port Kembla was the next on the list.”
Last year’s Port Kembla Lantern Parade at The Servo. Photo: Our Community Project.
But Mitch said there was more to Port Kembla’s meteoric rise than the classic combination of cost, coast and closeness.
Having moved from Sydney’s inner west himself and sold to buyers relocating from the area, he said Port Kembla today had captured the gritty, eclectic, village-style energy of an inner-city alternative — something few coastal areas achieved.
Mitch said the evolution was organic, and thanks in part to, rather than in spite of, its industrial roots. Combined with the major rejuvenation plan that officially became active last year, Port Kembla is emerging as one of the South Coast’s most compelling lifestyle destinations.
At the heart of that is a thriving community.
“We’ve seen several people who have been the driving factors to a transformation of Wentworth Street from a transient space to a place you want to meet and linger for the art and music scene, the coffee and restaurant culture, or the wellness,” he said.
“At the north end you have The Servo with regular food trucks and events and as you move south, you have places like The Vault with all kinds of live entertainment, and top-tier bars and restaurants like The Iron Yampi, which has food and cocktails to rival any spot in Sydney.
“There’s also a string of events and activations throughout the year, from the Port Kembla Festival to Fearfest and more. All in all, Port Kembla has become a hub where something’s always happening.
“That’s saying nothing of the beaches. I’ve surfed on beaches around the entire coast and I’ll pick Port Kembla every time. From Fisherman’s to MM Beach, it’s spectacular here.”
With median house values at $1,018,000 for a house (slightly lower than the Illawarra’s overall median of $1,140,162), Port Kembla is also a desirable location for first-home buyers.
In NSW, the First Home Buyers Assistance Scheme scraps transfer (stamp) duty for eligible buyers purchasing new or existing homes valued up to $800,000 and imposes a reduced concessional rate of stamp duty for properties priced between $800,000 and $1 million.
In addition, the Federal Government’s First Home Guarantee allows a 5 per cent deposit for eligible applicants to purchase homes with a maximum price cap of $1.5 million.
Mitch predicts these buyers will contribute to Port Kembla becoming a tightly held market.
“We’re always looking to sell and list, but if you doorknock, the general consensus is ‘When I leave here it’ll be in a box,'” he said.
“When we first moved here I said to my wife, ‘I don’t see myself living anywhere else’.
“I’m having difficulty getting properties online. I walk into a listing presentation, look around the house and always know who’s going to buy it because I have people who’ve been looking for 12 months-plus.
“I’ll tell the vendor, ‘Give me a week and we’ll have offers for you.'”
