Bexley North Property Market Update 2nd Half of 2019
In Q3 2019, Bexley North recorded a median house price of $1,142,500, and a median unit price of $629,000. This represents annual (Q3 2018 – Q3 2019) median price change of -1.9% for houses and price growth of 1.5% for units. At the same time, total sales in both markets lifted for Q3 2019, up by 21.4% for houses to 34 sales and by 40.6% for units to 45 sales. This suggests local confidence has returned, making now an ideal time to transact in the market.
Average vendor discount between Q3 2018 and Q3 2019 have tightened for both property types, to -2.1% for houses and -1.6% for units. Market conditions in Bexley North still favour buyers, as sellers are willing to negotiate below their initial listing price, however this is lessening. Now is the time to enter the market, while such discounts are possible.
Over the past 12 months house rental yields in Bexley North remained stable, at 2.7% as of June 2019. This suggests the house rental market is in a steady position, as does the slightly increased demand for rental properties in Bexley North across the same time period (up +8.8% in the 12 months to Q3 2019).
4+ bedroom houses have provided investors with +14.9% rental growth annually, achieving a median rent of $850 per week.Bexley North recorded a vacancy rate of 3.5% in June 2019, which on-par with Sydney Metro’s average. This is slightly above the REIA’s healthy benchmark of 3.0%, suggesting investors may wish to seek tenants on longer-term leases.