Bexley North Property Factsheet 2nd Half of 2018
Leading into Q3 2018, the Bexley North property market recorded a median house price of $1,230,000 and $645,000 for units, which represents an annual price softening of -8.9% and -0.8%, respectively. Compared to Bexley North 1st half 2018 Research Factsheet, which reported an annual (Q1 2017 – Q1 2018) median price change of -9.8% (house) and 16.4% (units), houses in Bexley North have relatively held their value whereas units have become more affordable. This indicates that now is the time for buyers to enter the market.
Bexley North’s rental market have remained stable for houses, recording a median price of $620 per week, as at Q3 2018. Meanwhile, units experienced a partial softening of -2.1% to $470 per week. Over the same time (Q3 2017-Q3 2018) there has been a growing interest in rental properties, where the number of rentals increased by 14.5% (houses) and 11.2% (units). However, investors are benefiting from an attractive level of tenant security in Bexley North, with a low vacancy rate of 2.2% in June 2018, much lower than Sydney Metro (2.7%).
Bexley North will invest approximately $14.7M of future developments in 2018, 72.9% of which is dedicated to residential projects. According to ABS Census 2016 there has been a 3.7% increase in private dwellings over the past 5 years, which when compared to population growth of 2.5% (over the same period) points to a slight stock oversupply. Thus, a focus on increasing residential stock may result in higher affordability in the near future, good news for first home buyers.