Bexley North Property Market Update 2nd Half 2023
In Q3 2023, Bexley North recorded a median house price of $1,700,000, and a median unit price of $680,000. This represents annual (Q2 2022 – Q2 2023) median price growth of 16.0% for houses and a minor price softening of -0.4% for units. Total sales increased between Q2 2022 – Q2 2023, by 1.7% to 60 sales for houses and by 32.6% for units to 61 sales. Despite cash rate hikes confidence has returned to Bexley North, with properties in high demand. This suggests a resilient and strong market. Houses suggest real returns on investment, making now a good time to transact in Bexley North.
Average vendor discounts between Q3 2022 and Q3 2023 have rapidly shifted for both property types, from a discount to premiums of 6.8% for houses and 2.5% for units. House sellers can now achieve a final price above the first list price, like pre-consecutive cash rate hikes times. The house market has seen a premium for the past 3 quarters, thus now is an ideal time to sell.
House rental yields in Bexley North was 2.8% in September 2023, slightly lower than Bayside LGA but higher than Sydney Metro (2.7%). This was paired with a 5.3% increase in median house rental price (to $790 per week) in the past 12 months to Q3 2023, and a 17.1% (to 82 rentals) in the number of houses rented. Average days on market remained low at 24 days. The same pattern can be seen in the unit rental market, thus confirming a resilient rental market in Bexley North.
2-bedroom houses provided investors with +23.8% rental growth annually, achieving a median rent of $1,000 per week.
Bexley North recorded a vacancy rate of 1.4% in September 2023, on par with Sydney Metro (1.3%). Vacancy rates in Bexley North have declined in the past 24 months, indicating a high rental demand. Although there is a slight uptick in the 3 months due to more investors coming back to the market, a 1.4% vacancy rate is still below the healthy Real Estate Institute of Australia’s benchmark of 3.0%. These key indicators create a conducive and sustainable environment for investors.
