Ramsgate Beach Property Market Update 2nd Half of 2019
In Q3 2019, Ramsgate Beach recorded a median house price of $1,250,000, and a median unit price of $666,500. This represents annual (Q3 2018 – Q3 2019) median price softening of -13.2% for houses and -4.7% for units. At the same time total house sales slowed, down by -2.4% (to 40 sales), while units sales remained steady (at 91 sales). The 6-months outlook is more positive for the Ramsgate Beach however, suggesting a return in market confidence.
Average vendor discount between Q3 2018 and Q3 2019 has widened to -3.7% for houses, which favours buyers. This is good news for those wanting to enter the market. At the same time the unit market has swung to a premium of 2.2%, where buyers now must offer above the initial list price.
Over the past 12 months, house rental yields in Ramsgate Beach increased steadily to reach 2.8% in June 2019, a level very close to Sydney Metro’s 2.9%. This suggests the house rental market is in a fairly healthy position, as does the decline in average days to let a house across the same time period (down by -24.4% to 22 days in the 12 months to Q3 2019).
3 bedroom houses have provided investors with the best rental growth annually, achieving a median rent of $650 per week.
Ramsgate Beach recorded a vacancy rate of 3.2% in June 2019, which is slightly below Sydney Metro’s 3.5% average. This represents an increasing trend, thus landlords need to aim for longer leases to mitigate vacancy risk.