Ramsgate Beach Property Factsheet 1st Half of 2019
Ramsgate Beach* recorded median prices of $1,135,000 (house) and $630,000 (unit) in Q1 2019. This represented annual (Q1 2018 – Q1 2019) price softening of -23.3% and -12.0% for houses and units respectively. Compared to the Ramsgate Beach 2nd Half 2018 Research Factsheet, which reported annual (Q3 2017 – Q3 2018) price changes of -3.8% (house) and 2.0% (unit), both houses and units have become more affordable in Ramsgate Beach*.
Median prices for houses and units in the combined Bayside and Georges River Council Local Government Areas (LGAs) also saw median price softening in the 12 months to Q1 2019, with houses softening -11.4% to sit at $1,200,000, while units shifted -10.1% to $670,000. Ramsgate Beach* is now presented to buyers as a more affordable market within the wider LGAs. Buyers are therefore encouraged to seriously consider available options within this market while it is more affordable.
Despite a recently sluggish sales market, rentals in Ramsgate Beach* have performed particularly well over the past 12 months. A surge in demand is evident through increased rental activity, with house rentals up 59.6% and unit rentals up 70.9% from Q1 2018 to Q1 2019. The median house rental prices of $680 per week is up 4.6% from 12 months prior, whilst units saw a slight softening of just 2.4% to $488 per week. Both markets recorded an average of 25 days to let. And with yields of 2.6% (house) and 3.9% (unit) in December 2018, Ramsgate Beach* presents an attractive opportunity for prospective investors to consider.
The 1st half of 2019 is set to see projects worth approximately $152.8M commence in and around Ramsgate Beach. A large majority of these projects are residential in nature, at 64.6% (or $98.6M) of total development. An additional $22.2M (or 14.5%) in mixed-use projects and $18.0M of commercial projects are also vital. Infrastructure and industrial development also features for the 1st half of 2019.