Adamstown Property Market Update 1st Half 2024
In Q4 2023, Adamstown recorded a median house price of $1,222,500, and a median unit price of $700,000. This represents annual (Q4 2022 – Q4 2023) growth of 11.6% for houses and a minor softening of -1.9% for units. On a quarterly basis (Q3 2023 – Q4 2023), median price increased by 16.2% for houses and 1.4% for units. Sales increased by 5.4% (to 98 sales) for houses and by 43.9% (to 82 sales) for units in the past 12 months to Q4 2023. Thus despite higher interest rates confidence has returned to Adamstown, with properties in high demand. Now is the time for owners to act and capitalise on their investments.
In the past 12 months to Q4 2023 average vendor discounts for houses have tightened to -0.3%, but widened to -2.7% for units. Market conditions in Adamstown continue to favour buyers, however the peak of a discount period for both property types was in Q2 2023. Thus, buyers looking for a discount must act fast, especially in the housing market.
House rental yields in Adamstown was 3.0% as of December 2023, lower than the Newcastle LGA (3.5%) but higher than Sydney Metro (2.8%). This was paired with a 3.1% increase in median house rental price in the past 12 month to Q4 2023, at $670 per week, and a 0.7% increase in the number of houses rented (to 151 houses). Average days on the market declined by -5.6% to a historical low of 17 days. This suggests a highly demanded rental market.
4+ bedroom houses recorded a +5.9% rental growth annually, at median rent of $900 per week.
Adamstown recorded a vacancy rate of 1.5% in December 2023, on par with Newscastle LGA’s 1.5% and below Sydney Metro’s 1.7% average. Vacancy rates in Adamstown have fluctuated but on overall remained stable in the past 12 months, due to investors entering/exiting the market along with cash rate patterns. A 1.5% vacancy rate is below the Real Estate Institute of Australia’s healthy benchmark, thus there is a quicker occupancy rate of rental properties in Adamstown. These key indicators create a conducive and sustainable environment for investors, despite the current increase in median sale prices of property across in the past 12 months to Q4 2023.
