Ramsgate Beach Property Factsheet 2nd Half of 2018
Ramsgate Beach recorded a median house price of $1,600,000 and $750,000 for units in Q3 2018, representing an annual (Q3 2017-Q3 2018) price change of -3.8% and 2.0% respectively. Compared to the Ramsgate Beach 1st half 2018 Research Factsheet, which reported an annual (Q1 2017 – Q1 2018) price change of 0.7% (house) and 4.2% (units), properties in Ramsgate Beach have become more affordable for buyers wanting to enter the market.
Annual (Q3 2017-Q3 2018) median prices also softened in the combined Bayside and Georges River Local Government Area (LGA), by -10.8% to $1,271,500 for houses and by -3.8% to $700,000 for units. Compared to the LGA, Ramsgate Beach is still a more premium market – regarding both the market entry price and median price growth resilience.
Median rental price has fluctuated over the past 12 months to Q3 2018, decreasing by -2.9% to $680 per week for houses and by -1.0% to $495 per week for units. However, given the increase in rental supply – by 12.0% for houses and 36.1% for units – there is a stable rental market overall. Further, the wider LGA recorded a rental yield of 2.8% (house) and 3.7% (units), comparable to that of Sydney Metro (2.7% and 3.7% respectively), confirming the area as an ideal alternative investment location outside of Sydney Metro.
Ramsgate Beach is set to invest approx. $217.3M of future developments in 2018, 91.5% of which is dedicated to mixed-use projects. This is a mutually beneficial strategy for Ramsgate Beach to add its property stock whilst attracting increased levels of commercial activity in the area.