Clarence Property Market Update 2nd Half of 2022
In Q2 2022, Rosny Park recorded a median house price of $837,500, and a median unit price of $627,250. This represents annual (Q2 2021 – Q2 2022) median price growth of 27.4% for houses and a 21.8% for units. Total sales increased between Q2 2021 – Q2 2022, by 12.7% to 195 sales for houses and decreased by -7.7% for units to 36 sales. Current house owner occupiers can benefit from real returns on capital investment, as median price growth is alongside higher sales numbers. Ready-to-sell units are in low supply, creating an opportunity for developers to enter the market.
Average vendor discounts between Q2 2021 and Q2 2022 have rapidly shifted for both property types, to smaller premiums of 7.7% for houses and 7.2% for units. Market conditions in Rosny Park 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 Rosny Park increased to sit at 3.7% in June 2022. This was paired with a slight increase in demand for rental properties across the same time (up by 9.4% to 187 rentals in the 12 months to Q2 2022). This is an expected dynamic shift in the market, as there has been an increase in property sales.
2 bedroom houses have provided investors with +14.0% rental growth annually, achieving a median rent of $490 per week.
Rosny Park recorded a vacancy rate of 0.3% in June 2022, which is slightly below Hobart Metro’s 0.6% average. Vacancy rates in Rosny Park have held steady over the past 12 months, indicating stability in its rental demand. These key indicators create a conducive and sustainable environment for investors, despite the current increase in median sale prices of property across over the past 12 months.
