Bexley North Property Market Update 1st Half of 2022
In Q1 2022, Bexley North recorded a median house price of $1,667,500, and a median unit price of $700,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 15.0% for houses and a price softening of -5.9% for units. Total sales increased for houses between Q1 2021 – Q1 2022, by 9.8% to 56 sales, however slowed by -39.7% for units to 35 sales. Current owner occupiers can benefit from real returns on capital investment, as median house price growth has been fuelled by high demand. The house market is undersupplied, whereas the unit market is stabilising in terms of price growth.
Average vendor discounts between Q1 2021 and Q1 2022 have rapidly shifted for both property types and continued to travel higher into the premiums stage of average vendor discount trends. Q1 2022 recorded a premium of 9.9% for houses and 2.5% for units. Current market conditions in Bexley North favour sellers, where buyers must pay a premium above the first list price
House rental yields in Bexley North were recorded at 2.0% as of March 2022. House rental yields may seem low, due to the annual (Q1 2021 – Q1 2022) median house sale price growth (15.0%) outpacing median house rent price growth (2.6%). That said median house rental price increased reached $595 per week in Q1 2022, while average days to let on the market declined by -61.1% (to 14 days). This confirms there is a resilient rental market in Bexley North.
4+ bedroom houses have provided investors with +16.7% rental growth annually, with a median rent of $700 per week.
Also in March 2022, Bexley North recorded a vacancy rate of 2.0%, slightly above Bayside LGA (1.7%) and Sydney Metro (1.6%). Vacancy rates in Bexley North is currently at the lowest point since 2017 and have remained well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% for the past 12 months. There is a healthy rental demand and investors can be confident of a conducive investment environment in Bexley North.