Bexley North Property Factsheet 1st Half of 2019
Bexley North recorded a median house price of $1,150,850 and a median unit price of $706,250 in Q1 2019. This represents an annual (Q1 2018 – Q1 2019) change of -4.6% (house) and -3.5% (units). Compared to Bexley North Research Factsheet 2nd half 2018, which reported an annual (Q3 2017 – Q3 2018) median price change of -8.9% (house) and -0.8% (units), houses in Bexley North has strengthened in value whereas units have become more affordable. Overall there is a softening in property price within the market, which is beneficial for first home buyers.
Between Q1 2018 – Q1 2019 the Bayside Council Local Government Area (LGA) experienced a -12.8% softening in median house price, to $1,177,500; and a -10.2% softening in median unit price, to $670,000. Thus, compared to the LGA, even with a softening in its local market, Bexley North is in fact a premium market in the wider LGA - both in terms of market entry price and annual capital growth perspectives.
In contrast to the sales market, the Bexley North rental market has strengthened significantly, outstripping the sales market. Investors will be comforted with an 8.3% increase in median house rent and a 3.1% increase in median unit rent between Q1 2018-Q1 2019. Bexley North rental yield was recorded at 2.8% (house) and 3.7% (units) in December 2018, which was an increase from the 2.6% (house) and 3.2% (units) rental yield recorded in June 2018. This pattern is also seen in the greater Sydney Metro area, thus Bexley North is performing on par. With a softening sales market, now is an ideal time for first time investors to enter the market.