Ashmore Property Market Update 1st Half of 2021
In Q4 2020, Ashmore recorded a median house price of $652,000, and a median unit price of $405,000. This represents annual (Q4 2019 – Q4 2020) median price growth of 2.9% for houses and 15.7% for units. Between Q4 2019 – Q4 2020 sales increased by 23.0% for houses (to 75 sales), however units declined by -9.1% (to 50 sales). There is a potential undersupply in the unit market, as indicated by price growth yet lower stock. Current conditions in Ashmore indicate an ideal time to sell, as vendors are achieving final sale prices closer to their expectations and average days on the market declined.
Average vendor discounts between Q4 2019 and Q4 2020 have tightened for both property types, to -3.6% for houses and -2.0% for units. Market conditions in Ashmore are shifting to favour sellers, however buyers still have some room to negotiate.
In December 2020, house rental yields in Ashmore were recorded at a healthy 4.6%. In the 12 months to Q4 2020, median house rental price grew by 3.0%, to $592 per week. In conjunction with average days on the market declining by -43.3% (to 17 days), this establishes the Ashmore rental market as resilient post COVID-19, and now a highly demanded area.
3 bedroom houses have provided investors with +4.2% rental growth annually, with a median rent of $500 per week.
Also, in December 2020, Ashmore recorded a significantly low vacancy rate of 0.7%, on par with Gold Coast Main and well below that of Brisbane Metro (1.8%). Vacancy rates in Ashmore remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, making it an attractive rental market to invest in. Current vacancy rates are at record lows, confirming there is a healthy rental demand and investors can be confident of a conducive investment environment.