Bexley North Property Update 2nd Half of 2020
PRD Bexley North Property Market Update 2nd Half of 2020
In Q3 2020, Bexley North recorded a median house price of $1,240,000, and a median unit price of $682,000. This represents annual (Q3 2019 – Q3 2020) median price growth of 6.9% for houses and of 12.0% for units. Between Q3 2019 – Q3 3030 total house sales increased, by 45.7% to 51 sales, while units slowed by -24.4% to 31 sales. Growth in median house price and increasing sales suggest real capital growth in the area, in contrast to general COVID-19 predictions. There is potentially an undersupply of units in Bexley North. Now is a good opportunity to transact in the market.
Average vendor discounts between Q3 2019 and Q3 2020 have swung to a premium for both property types, of 5.3% for houses and 2.1% for units. The market conditions in Bexley North have now shifted to favour sellers, as buyers are willing to offer above the initial list price. Now is a strong opportunity to sell.
In September 2020, house rental yields in Bexley North were recorded at 2.7%. In the 12 months to Q3 2020, the median house rental price increased to $630 per week, while average days on the market declined by -30.3% (to 23 days). Overall, the area has proven to offer a highly resilient rental market through COVID-19.
2 bedroom houses have provided investors with +10.4% rental growth annually, with a median rent of $530 per week.
Also, in September 2020, Bexley North recorded a vacancy rate of 3.5%, well below that of Bayside LGA (5.0%) and on-par with Sydney Metro (also 3.5%). Vacancy rates in Bexley North sit slightly above the Real Estate Institute of Australia’s healthy benchmark of 3.0%, however remains near it and may return below given the slowdown in residential development amidst COVID-19 conditions. This confirms there is still a relatively healthy rental demand in Bexley North.