In Q3 2023, Dapto recorded a median house price of $770,000, and a median unit price of $629,000. This represents annual (Q3 2022 – Q3 2023) softening of -4.3% for houses and -7.9% for units. Total sales decreased between Q3 2022 – Q3 2023, by -8.1% (to 137 sales) for houses and increased by 15.0% for units (to 45 sales). Successive interest rates hikes have translated into the market, as price decreases are evident despite a lower number of sales – in particular for the house market. This creates new opportunities for buyers that are looking for a more affordable market, however time is of the essence.
In Q3 2023, Dapto recorded a median house price of $770,000, and a median unit price of $629,000. This represents annual (Q3 2022 – Q3 2023) median price softening of -4.3% for houses and -7.9% for units.
Total sales decreased between Q3 2022 – Q3 2023, by -8.1% (to 137 sales) for houses and by -3.3% for units (to 59 sales). Successive interest rates hikes have translated into the market, as price decreases are evident despite a lower number of sales – in particular for the house market. This creates new opportunities for buyers that are looking for a more affordable market, however time is of the essence.
A total of $26.3M in project development is scheduled for the 2nd half of 2023, with a large focus on residential projects. 92 units are planned for construction, which will assist with some of the housing demand. That said there is still an absence of ready-to-sell stand-alone houses, which puts pressure on prices.
House rental yield in Dapto was 4.1% as of September 2023, above Sydney Metro (2.7%). This was paired with a 2.5% increase in median house rental price in the past 12 months to Q3 2023, to $615 per week, with a -3.2% decline in the number of houses rented (to 92 houses). This suggests there is a highly demanded and undersupplied rental market, which is good news for investors.
Dapto recorded a vacancy rate of 0.6% in September 2023, which is well below Sydney Metro’s 1.3% average. Vacancy rates in Dapto have increased slightly in the past 12 months, due to investors entering the market and capitalising on higher yields. However, 1.3% still sit well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This suggests a conducive and sustainable environment for investors, especially with a more affordable house and unit sales price in the past 12 months to Q3 2023.
