Hurstville Property Market Update 1st Half 2023
In Q4 2022, Hurstville recorded a median house price of $1,848,000 and a median unit price of $660,000. This represents annual (Q4 2021 – Q4 2022) median price softening of -1.4% for houses and -3.6% for units. Total sales declined between Q4 2021 – Q4 2022, by -35.9% (to 25 sales) for houses, and by -17.0% for units (to 88 sales). These trends suggest cash rate hikes and consumer uncertainty have translated into the market, as median price downturn is evident even with an undersupplied market. New opportunities exist for buyers, as median prices become slightly more affordable.
Average vendor discounts between Q4 2021 and Q4 2022 have shifted to a smaller premium of 4.6% for houses and widened to a higher discount (-4.8%) for units. House sellers can still benefit from a final sale price above the first list price, however at a lower premium for buyers. Units continue to favour buyers, as vendors are willing to accept below the first listing price.
House rental yields in Hurstville were recorded at 2.5% in December 2022, slightly lower than Sydney Metro (2.7%). That said in the 12 months to Q4 2022 median house rental price increased by 11.9% to sit at $660 per week, alongside a -3.4% decline in the houses rented (to 57 rentals). Average days on the market have increased slightly but is still at a low 31 days. The same pattern can be seen in the unit rental market, which confirms Hurstville as an attractive investment option.
4+ bedroom houses have provided investors with +24.3% rental growth annually, achieving a median rent of $870 per week Hurstville¥ recorded a vacancy rate of 2.0% in December 2022, above Sydney Metro’s 1.8% average.
Vacancy rates in Hurstville remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% and remained steady in late 2022, indicating higher rental demand. These key indicators suggest a conducive and sustainable environment for investors, especially with a softer median sale price between Q4 2021 – Q4 2022. Now is the time to enter the market.
