Brighton Property Market Update 1st Half of 2022

In Q4 2021, Brighton recorded a median house price of $505,000, and a median unit price of $395,000. This represents annual (Q4 2020 – Q4 2021) median price growth of 26.3% for houses and of 12.9% for units. Between Q4 2020 – Q4 2021 total sales slowed by -21.7% for houses (to 54 sales) and increased by 4.8% for units (to 22 sales). Undersupply is evident in the house market, which creates an opportunity for developers. The unit market continue to deliver real returns in capital investment, as unit median price growth is alongside higher sales numbers. Now is an ideal time to transact in Brighton.

Average vendor discounts between Q4 2020 and Q4 2021 have further travelled towards a higher premium for both property types, to 12.0% for houses and 7.2% for units. Market conditions in Brighton have now shifted to favour sellers, where buyers must offer above the initial listing price. Now is the time for owners to capitalise on their investment.

In December 2021, house rental yields in Brighton were recorded at 4.2%. In the 12 months to Q4 2021, the median house rental price increased by 8.4% to reach $40 per week, while average days on the market declined by -30.4% (to 16 days). With a rental yield above that of Hobart Metro (3.6%), Brighton represents a resilient rental market throughout COVID-19.

2+ bedroom houses have provided investors with +18.5% rental growth annually, with a median rent of $385 per week.

Also in December 2021, Brighton recorded a vacancy rate of 0.3%, on par with Brighton LGA and Hobart Metro (2.4%). Vacancy rates in Brighton have historically trended below 0.5% in the past 3 years and remained well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. This confirms there is still a healthy rental demand and investors can be confident of a conducive investment environment in Brighton.