Bexley North Research Factsheet 2nd Half 2017
The Bexley North property market recorded a median house price of $1,385,000 and $666,000 for units in Q3 2017, representing an annual price change of 13.5% and 8.1% respectively. Over the same timeframe Bayside Council LGA recorded a median price of $1,460,500 for houses and $740,000 for units, representing 5.8% and 5.0% price growth respectively. Compared to the wider LGA Bexley North provides a unique combination of affordability and higher capital growth, highly attractive to home buyers.
The Bexley North property market recorded a median house price of $1,385,000 and $666,000 for units in Q3 2017, representing an annual price change of 13.5% and 8.1% respectively. Over the same timeframe Bayside Council LGA recorded a median price of $1,460,500 for houses and $740,000 for units, representing 5.8% and 5.0% price growth respectively. Compared to the wider LGA Bexley North provides a unique combination of affordability and higher capital growth, highly attractive to home buyers.
Median rents in Bexley North saw a 3.8% growth for houses, currently situated at $623 per week in Q3 2017. This is good news for investors. Vacancy rates continue to be a key drawcard for investors in Bexley North, currently at 1.0%. This sits lower than that of Sydney at vacancy rate of 2.0%, indicating strong rental demand within the areas. Investors are currently benefiting from rental yields of 2.3% for houses and 3.4% for units.
Bexley North is set to see approx. $69.5M of new projects commencing in the 2nd half 2017 to early 2018.
A key commercial project is the St Basils Bexley Residential Aged Care Facility, estimated at $37.1M. This will consist of 198 sole occupancy rooms as well as an onsite beauty salon, café, daycare centre, chapel, and allied health services. This will attract a unique demographic into the area and foster local job growth.
A key residential project is the Forest Road Residential Development, estimated at $6.9M. This will add 1 house and 6 townhouses into the market. In total during this period Bexley North plans to add 1 house, 15 townhouses, and 53 units into the market; spread over 3 mixed-use projects and 6 residential developments.
