Beverly Hills PRD Property Market Update 2nd Half of 2019
In Q2 2019, Beverly Hills recorded a median house price of $946,250, and a median unit price of $505,000. This represents annual (Q2 2018 – Q2 2019) median price softening of -14.0% for houses and -21.1% for units. However, in the past six months (Q4 2018 – Q2 2019) median house price growth rapidly improved, softening by just -0.5%. This suggests now is an ideal time to enter the Beverly Hills housing market, while prices remain affordable.
Average vendor discount between Q2 2018 and Q2 2019 has widened for both property types, to -6.6% for houses and -4.2% for units. Market conditions in Beverly Hills have shifted to further favour buyers, where sellers are willing to negotiate below their initial listing price. This creates a unique opportunity for first time home buyers to enter the market.
Over the past 12 months, house rental yields in Beverly Hills has increased steadily to sit at 3.1% in June 2019, on par with the wider Canterbury-Bankstown LGA. This suggests the house rental market is in a healthy position, particularly as there was increased demand for rental properties across the same period (up by 29.3% in the 12 months to Q2 2019).
4 bedroom+ houses have provided investors with +2.2% rental growth annually, achieving a median rent of $700 per week.Beverly Hills recorded a vacancy rate of 3.5% in June 2019, on-par with Sydney Metro. Historically vacancy rates in Beverly Hills has remained close to Canterbury-Bankstown LGA, and with the recent increase in renting activities it is expected to move to a slightly lower level in the near future.