Brighton Property Market Update 1st Half 2023
In Q4 2022, Brighton recorded a median house price of $542,500. This is an annual (Q4 2021 – Q4 2022) median price softening of -0.9%. On a quarter-by-quarter basis (Q3 2022 – Q4 2022), median price softened by -8.4%. This is a reflection of interest rate hikes, consumer uncertainty, and current economic conditions. House sales decreased by -23.9% (to 51 sales) between Q4 2021 – Q4 2022, confirming a change in market dynamics. Units recorded a 9.2% median price growth annually and -1.1% quarterly, thus an impact regardless of property type. New opportunities exist for buyers ready to enter the market.
Average vendor discounts between Q4 2021 and Q4 2022 have trended to a lower premium of 2.5% for houses and 0.1% for units. Sellers can still benefit from a final sale price above the first list price, however at a lower premium for buyers. This creates a new dynamic in the Brighton market, as Q4 2022 recorded the lowest premium over the past 24months.
In December 2022, house rental yields in Brighton were recorded at 4.5%, on par with Hobart Metro (4.5%). In the 12 months to Q4 2022, median house rental price increased 4.4% to reach $470 per week, despite a 63.2% increase (to 62 rentals) in the number of houses rented. Average days on market remain at a low 23 days. Overall, this represents a resilient rental market in Brighton.
4+ bedroom houses have provided investors with +11.2% rental growth annually, achieving a median rent of $578 per week.
Brighton (Postcode 7030) recorded a vacancy rate of 0.6% in December 2022, on par with Hobart Metro’s 0.6% average. Vacancy rates in Brighton have slightly increased over the past 12 months, indicating slightly higher availability of rentals, in good news for renters. However, vacancy rates have remained low, within the 0.5% rate, thus a conducive and sustainable environment for investors. Combined with softer median property sale prices, now is an opportune time to enter the market.
