I would stay clear of anything around Wollongong and head either north or south.
NORTH:
You will be fighting those that both live and work in the area as well as the migration from Sydney wanting a better property and commuting. But there are some fantastic suburbs.
Helensburg, Thirroul and Austinmer. Avoid Fairy Meadow to Corrimal.
SOUTH:
Personally I think that there is great money to be made on the eastern side of Windang (Ocean Street), eatern side Warilla (Stephanie, Osborne etc) and the large blocks on the foreshore lake in Oak Flats.
Shellharbour is growing in retail and health as well as a strong council wanting growth.
+1 most of that. bulli thirroul favs of mine from a childhood of surf trips, but they do feel really nice. Fairy down to n gong doesnt feel as nice but there are good streets if you look. Agree the pockets of value close to water on south side, but there are problem areas not far away so depends on if you value fixed assets like ocean proximity over current demographics or not.