Beverly Hills Property Market Update 2nd Half of 2021

In Q3 2021, Beverly Hills* recorded a median house price of $1,300,000, and a median unit price of $673,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 22.1% for houses and 18.5% for units. Between Q3 2020 – Q3 2021 total sales in both markets slowed, by -1.8% for houses (to 54 sales) and by -13.8% for units (to 25 sales). Median price growth coupled with increased sales numbers suggests real returns on capital investment in Beverly Hills*. Now is the time to transact, particularly for owner-occupiers looking to benefit from a highly demanded market.

Average vendor discounts between Q3 2020 and Q3 2021 have tightened for units to 0.0% and returned to a discount of -3.6% for houses. There has been an adjustment in supply and demand of houses, which is good news for buyers. Beverly Hills* is beginning to settle to a more evenly balanced market.

In September 2021, house rental yields in Beverly Hills¥ were recorded at 2.2%. In the 12 months to Q3 2021, the median house rental price slightly decreased by -2.0% to reach $588 per week, while average days on the market declined by -14.3% (to 24 days). Subdued growth in rental prices was potentially due to extended lockdown conditions, however a decline in average days on market suggests the Beverly Hills* market has remained resilient throughout COVID-19.

2 bedroom houses have provided investors with +6.2% rental growth annually€, with a median rent of $478 per week.

Also in September 2021, Beverly Hills¥ recorded a vacancy rate of 2.3%, slightly below that of Canterbury-Bankstown LGA (2.5%) and Sydney Metro (2.7%). Vacancy rates in Beverly Hills¥ have continued to trend downwards since April 2021 and have remained below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This confirms there is healthy rental demand and investors can be confident of a conducive investment environment in Beverly Hills¥.