Ramsgate Beach Property Market Update 1st Half of 2022
In Q1 2022, Ramsgate Beach recorded a median house price of $2,220,000, and a median unit price of $709,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 20.7% for houses and a price softening of -6.3% for units. Between Q1 2021 – Q1 2022 total sales slowed, by -24.1% for houses (to 44 sales) and by -39.8% for units (to 133 sales). Median price growth coupled with decreased sales numbers suggests an undersupplied house market in Ramsgate Beach. Demand in the unit market has slowed, as has median price growth, creating an opportunity for first home buyers.
Average vendor discounts between Q1 2021 and Q1 2022 for houses have continue to record a premium, at 4.4%. However, this is a lower premium compared to 12 months prior (5.9%). Average vendor discount for units have swung to a discount of -1.7%. Market conditions in Ramsgate Beach have now shifted to favour buyers, as sellers are willing to offer closer or below the initial listing price. Thus, now is an ideal time to transact.
House rental yields in Ramsgate Beach (2217) was recorded at 3.4% in March 2022, higher than Bayside LGA (2.6%) and Sydney Metro (2.3%). There was an increase in demand for rental properties between Q1 2021 – Q1 2022, by 7.0% (to 76 houses rented). Median house rental price grew by 3.2% during this time and average days on market declined by -12.5%.
4+ bedroom houses have provided investors with +12.0% rental growth annually, achieving a median rent of $885 per week.
Ramsgate Beach recorded a vacancy rate of 1.7% in March 2022, which is above that of Sydney Metro (1.6%) and on par with Bayside LGA (1.7%). Vacancy rates in Ramsgate Beach currently represent a 3-year historical low, trending well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This is significant, as Ramsgate Beach vacancy rates have traditionally performed above the healthy benchmark. These key indicators confirm there is an increasingly healthier rental demand and investors can be confident of a conducive investment environment in Ramsgate Beach.