Brighton Property Market Update 2nd Half of 2021

In Q2 2021, Brighton recorded a median house price of $495,000, and a median unit price of $420,000. This represents annual (Q2 2020 – Q2 2021) median price growth of 23.8% for houses and 31.3% for units. Between Q2 2020 – Q2 2021 total sales in both markets slowed, down by -1.6% for houses (to 61 sales) and by -74.3% for units (to 9 sales). Median price growth and less sales suggest an undersupplied market, where demand exceeds supply, particularly in the unit market. Now is an opportune time for owner-occupiers, especially unit owners, to benefit and transact in the market.

Average vendor discounts between Q2 2020 and Q2 2021 have swung to an even higher premium, to 8.9% for houses and 7.7% for units. Market conditions in Brighton now further favour vendors, as buyers are increasingly willing to offer above the initial listing price. Now is the time to sell your home in Brighton.

In June 2021, house rental yields in Postcode 7030 were recorded at 5.4%. In the 12 months to Q2 2021, the median house rental price increased by 1.3% to reach $400 per week, whilst average days on the market increased by 31.3% (to 21 days). Overall, this shows that the Brighton rental market is remaining resilient, with higher rent prices offsetting longer lease time.

4+ bedroom houses have provided investors with +9.9% rental growth annually, with a median rent of $500 per week.

Also in June 2021, Postcode 7030 recorded an extremely low vacancy rate of 0.1%, similar to that of the Brighton LGA (0.2%) and below Hobart Metro (0.4%). Vacancy rates in Postcode 7030 remained within its low reading pattern since June 2018, well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. This confirms there is a strong ongoing rental demand. Investors can be confident of a conducive investment environment.