Ramsgate Beach Property Market Update 1st Half of 2021
In Q1 2021, Ramsgate Beach recorded a median house price of $1,800,500, and a median unit price of $764,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 19.2% for houses and 14.9% for units. Between Q1 2020 – Q1 2021 total sales increased, by 78.6% for houses (to 50 sales) and by 37.8% for units (to 135 sales). With median prices rising even amidst increasing sales activity, there is real returns in capital growth in Ramsgate Beach. Now is an ideal time to transact in Ramsgate Beach, particularly those looking to sell their home.
Average vendor discounts between Q1 2020 and Q1 2021 have widened further swung to a premium of 5.9% for houses, while units reduced slightly to 0.2%. Market conditions in Ramsgate Beach continue to favour vendors overall, as buyers are willing to offer above the initial listing price, particularly for houses.
In March 2021, house rental yields in Ramsgate Beach were recorded at 3.2%. In the 12 months to Q1 2021, the median house rental price has softened by -7.7% to sit at $600 per week, however average days on the market declined by -12.0% (to 21 days). Overall, this represents a resilient rental market throughout COVID-19.
4+ bedroom houses have provided investors with +6.3% rental growth annually, achieving a median rent of $850 per week.
Also in March 2021, Ramsgate Beach recorded a vacancy rate of 5.1%, above that of Bayside LGA (4.5%) and Sydney Metro (3.4%). Vacancy rates in Ramsgate Beach have declined since December 2020, however, remain well above the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Rental demand is improving; however investors may wish to sign tenants to longer leases for increased cashflow security.