Bexley North Property Market Update 1st Half of 2021
In Q1 2021, Bexley North recorded a median house price of
$1,467,500, and a median unit price of $744,250. This represents annual (Q1
2020 – Q1 2021) median price growth of 14.4% for houses and of 18.1% for units.
Between Q1 2020 – Q1 2021 total house sales were steady, with 48 sales, while
unit sales increased by 8.7% (to 50 sales). Median price growth occurring
despite either stable or increased sales activity suggests there is real
returns on capital investment in Bexley North. Now is the time to transact,
particularly sellers looking to benefit from the market.
Average vendor discounts between Q1 2020 and Q1 2021 have remained relatively stable for houses, at a premium of +3.1%. It has swung to a discount for units, to -0.6%. House market conditions in continue to favour vendors overall, as buyers are willing to offer above the initial listing price. The unit market now offers a discount, which is good news for first home buyers.
In March 2021, house rental yields in Bexley North were recorded at 2.1%. In the 12 months to Q1 2021, the median house rental price has increased by 5.1% to reach $620 per week, while average days on the market declined by -19.7% (to 25 days). Overall, houses in Bexley North have remained a strong rental market throughout COVID-19.
2 bedroom houses have provided investors with +8.9% rental growth annually, with a median rent of $523 per week.
Also, in March 2021, Bexley North recorded a vacancy rate of 4.5%, which is on par with Bayside LGA (4.5%) and above Sydney Metro (3.4%). Vacancy rates in Bexley North have seen a declining trend since February 2021, however, this is still above the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Rental demand is improving, however, investors in the area may wish to sign tenants to longer lease terms for cashflow security.