Bexley North

Bexley North, NSW, 2207

02 9502 2066

Kingsgrove

Shop 6/215-231 Kingsgrove Road Kingsgrove, NSW, 2208

02 9502 2111

Beverly Hills

526B King Georges Road Beverly Hills, NSW, 2209

02 9579 6355

Ramsgate Beach

207 Ramsgate Road | Corner of Alfred Street Ramsgate Beach, NSW, 2217

02 9529 4666

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.