Dapto Research Factsheet 2nd Half 2017
The Dapto property market recorded a median house price of $610,000 and $559,000 for units in Q3 2017, representing solid annual growth of 17.9% and 10.7% respectively. Over the same time period houses in Wollongong City Council grew by 9.6% to $745,000 whilst units grew by 16.8% to $590,000. Dapto’s house market prove to not only be more affordable than the Wollongong City Council but also returning higher capital growth. This is a unique combination that first home buyers should take advantage of.
Median rental price have recorded positive growth over the 12 months to Q3 2017 for both house and units, by 3.2% (to $485 per week) and 9.0% (to $458 per week) respectively. A stable and low vacancy rates of 0.9% (in September 2017) reflect a strong rental demand, especially when compared to Sydney’s 2.1%. Solid rental yields of 3.7% (houses) and 4.2% (units), suggest conducive indicators for long term investment.
Dapto is set to see approx. $527.7M of new projects commencing in 2016 -2017. Infrastructure account for the majority of estimated value, at $270.8M (51.3%); followed by residential ($158.1M or 30.0%) and commercial ($98.9M or 18.7%).
A key commercial project is the Illawara International Health Precinct, estimate at approx. $70.0M and due to commence construction in mid-2017. This will attract a new demographic into the Dapto area, as well as fostering local job growth, which may potentially increase property demand.
A key residential project is the local council initiative, the West Horsley West Dapto Road Precinct project, creating 17,000 lots for development. Dapto plans to add 17,237 lots, 71 townhouses, 3 units, and 23 dwellings over 11 residential projects; all due to commence construction in 2016-2017 with completion in 2017 – 2020.