Land prices in the Illawarra, New South Wales, have quadrupled in the past five years, fuelled by a land shortage and an influx of Sydney buyers.
 Real Estate Institute of NSW chairman Leigh Stewart told the Illawarra Mercury "It [land] will always appreciate because we have a massive shortage and every time something is built, there is one less block."
"Land will continue to significantly appreciate in the Illawarra because we have a limited supply."
He continues "We haven't got a lot of available land and it is well known the Illawarra will be one of the first areas to run out of land because we are limited by the sea and escarpment.
"When you move down south, there is really only scattered land aside from Albion Park or Shell Cove."
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