Shared Ownership on the Rise in Wollongong
Across the Illawarra and Shoalhaven, more families, friends, and even retirees are teaming up to make home ownership possible. With property prices continuing to climb, shared ownership is giving people a realistic path into the market and a way to live with more support, flexibility, and connection.
A recent ABC News article highlighted this shift, featuring Wollongong locals who’ve purchased homes together under co-living or shared ownership models. It’s a practical response to modern challenges, and we’re seeing the same trend unfold right across the region.
With Wollongong’s median house price now above $1.3 million, a 50% increase in just five years more locals are turning to shared ownership to make homeownership achievable. This model allows friends or family members to co-purchase property, splitting both costs and responsibilities. It’s a flexible way to overcome rising prices, share living expenses, and create a supportive household whether for young families or retirees.
Shared ownership can also offer lifestyle benefits, such as shared childcare, reduced loneliness, and a stronger sense of community. While still uncommon in Australia, the trend is growing as affordability pressures rise. Some lenders now offer multi-party loans, making it easier for buyers to co-own property while maintaining individual financial independence.
A CHANGING DREAM
Mitchell James, Head of Sales at One Agency Elite Property Group, says:
"The great Australian dream has become a shared Australian dream. Dual living scenarios I have seen over my time, however, since Covid multiple families looking to live jointly on larger blocks in bigger homes is certainly the way forward."
WHERE THIS TREND IS HEADED: THE HEARTWOOD
Projects like Heartwood represent where the future of housing is headed: modern, community-focused, and adaptable to changing lifestyles.
The land release is located in one of the best spots locally. The buyer pool is very diverse and a reflection of the central location and the modern times. Loads of entry level buyers that are joining loans with family members and entering the market together. The Homeworld component will showcase local and national builders and all the modern features available in the housing market today. The next 18 months are truly exciting for the local landscape and this project in particular.
If you’d like to know more about shared ownership opportunities or the next stage of Heartwood, feel free to get in touch we’d be happy to chat about how these changes could help you make your next move.
Call One Agency Elite Property Group today to speak with one of our offices across the Nowra - (02) 4423 6000 or Albion Park & Illawarra - (02) 4257 4515.