Ashmore Property Market Update - 2nd Half of 2019
In Q2 2019, Ashmore recorded a median house price of $578,000 (42 sales), and a median unit price of $330,000 (28 sales). This represents annual (Q2 2018 – Q2 2019) median price softening of -4.5% for houses and -3.8% for units. During this time house sales slowed by -22.2%, however unit sales strengthened by 12.0%. The Ashmore property market has become more affordable, and now is an ideal time for first home buyers to enter the market.
Average vendor discounts between Q2 2018 and Q2 2019 have widened for houses, to -5.6%, and tightened for units, to -1.9%. The housing market conditions in Ashmore have now shifted to favour buyers, where sellers are willing to negotiate below their initial listing price. On the other hand, unit sellers are experiencing great results, closer to their initial asking price.
Over the 12 months to Q2 2019 rental demand increased by 3.7% for houses and 86.1% for units. The median house rental price strengthened by 5.5% to $580 per week, however the unit median price slightly softened by -2.4% to $415 per week. There is an increased preference for renting, with the housing market providing investors with strong returns.
4 bedroom+ houses provided investors with the highest rental growth annually. As of June 2019, Ashmore’s rental yields were recorded at 4.8% (houses) and 6.3% (units). This outperforms both Gold Coast Main and Brisbane Metro.
Ashmore recorded a vacancy rate of 1.9% in June 2019, which is a very healthy position, sitting well below Gold Coast Main (2.7%) and Brisbane Metro (2.5%). This confirms a healthy rental demand exists for properties in Ashmore.