South Nowra vs Warrawong

The median house price is $900K in South Nowra and $905K in Warrawong, so South Nowra is the cheaper entry point, with Warrawong houses about 1% dearer.

For units, South Nowra sits at a median of $700K against $490K in Warrawong, which makes Warrawong the more affordable unit market and South Nowra the pricier one.

Gross rental yield on houses is effectively level, at 3.70% in South Nowra and 3.74% in Warrawong, so neither suburb has a cash flow edge on houses.

Over the past year house prices moved +10.8% in South Nowra and +8.3% in Warrawong (an estimate), so recent momentum favours South Nowra, although both suburbs recorded growth.

Rental vacancy is 0.5% in Warrawong and 1.2% in South Nowra, so landlords in Warrawong face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.

Warrawong is the bigger suburb, with a population of 4,659 against 3,165, larger than South Nowra; a larger suburb usually means a deeper pool of buyers and tenants.

In short: South Nowra for a lower purchase price, South Nowra for recent price momentum, Warrawong for the tighter rental market. Which matters more depends on whether the investor is buying for cash flow, capital growth or affordability.