Ramsgate Beach Research Factsheet 2nd Half 2017
The Ramsgate Beach property market recorded a house median price of $1,508,000 and $726,250 for units in Q3 2017, representing an annual price change of 1.9% and 12.6% respectively. Over the same period of time house prices in Bayside Council grew by 5.8% to $1,406,500 and unit prices grew by 5.0% to $740,000. Ramsgate Beach house market proves to be a premium market in comparison to the wider LGA.
The Ramsgate Beach property market recorded a house median price of $1,508,000 and $726,250 for units in Q3 2017, representing an annual price change of 1.9% and 12.6% respectively. Over the same period of time house prices in Bayside Council grew by 5.8% to $1,406,500 and unit prices grew by 5.0% to $740,000. Ramsgate Beach house market proves to be a premium market in comparison to the wider LGA. The unit market provides more affordability when compared to the LGA yet with a higher capital growth rate. This should a focus for those wanting to enter the market.
Median rents in Ramsgate Beach have experienced double digit growth over the past 12 months to Q3 2017, currently at $700p/w for houses (13.8% growth) and $520p/w for units (11.8% growth). Low vacancy rates of 1.2% continue to demonstrate the strong rental demand in the area, especially when compared to greater Sydney’s vacancy rates of 2.0%. Astute investors are enjoying rental yields of 2.2% for houses and 3.4% for units.
Ramsgate Beach is set to see approx. $114.9M of new projects commencing in the 2nd half of 2017. Mixed use account for the majority of development value (94.7%), totaling an estimated $108.9M of projects. This is followed by commercial (3.9%) and residential projects (1.3%). There is a focus in replenishing dwelling stock – to answer to growing demand – however balancing it out with increasing commercial activity to ensure local job creation and sustainable growth.
A key project is the Kogarah RSL Club Mixed Development – Veridian, which is anticipated to commence in July 2017. The project will see an estimated 220 units being added to the market as well as the addition of an RSL club and training facilities.
Another substantive project commencing over the 2nd half of 2017 is the Railways Parade Mixed Development, anticipated to commence in late 2017. The project will add 45 units as well as approximately 175sqm retail space to the local market.
