Brighton Market Update 2nd Half of 2022
In Q2 2022, Brighton recorded a median house price of $504,000 and a median unit price of $505,750. This represents annual (Q2 2021 – Q2 2022) median price growth of 12.5% for houses and 23.4% for units. Total sales between Q2 2021 – Q2 2022 suggest different speeds, decreasing by -43.0% (to 45 sales) for houses and increasing by 12.5% (to 18 sales) for units. The Brighton market remain confident, with stock in high demand. Units suggest real returns on investment, with an increase in both median price and sales. The house market is undersupplied, benefitting owners looking to sell.
Average vendor discounts between Q2 2021 and Q2 2022 have rapidly shifted for both property types, to a lower premium of 4.5% for houses and 6.5% for units. Market conditions in Brighton still favour vendors, as buyers must offer above the initial listing price. However, this is at a lower percentage compared to the previous quarters, which is also advantageous to buyers.
Over the past 12 months, house rental yields in Brighton softened to sit at 5.3% in June 2022. This is due to median house rental price growing at 4.8% between Q2 2021-Q2 2022, lower than median house sale price growth (12.5%). However, there is high demand for rental properties, up by 27.1% to 61 rentals in the 12 months to Q2 2022), and average days on market have declined by -18.2%. Combined this counteracts a softer rental yield, which is good news for investors.
2-bedroom houses have provided investors with +20.1% rental growth annually, achieving a median rent of $430 per week.
Brighton (postcode 7030) recorded a vacancy rate of 0.2% in June 2022, which is below Hobart Metro’s 0.6% average. Vacancy rates in Brighton have held relatively steady over the past 12 months, trending below 0.5% still. This indicates stability in rental demand and thus rental income cash flow. These key rental indicators create a conducive and sustainable environment for investors, despite the increase in median sale prices of property over the past 12 months.
