Hurstville Property Market Update 2nd Half of 2022
In Q2 2022, Hurstville recorded a median house price of $2,055,000, and a median unit price of $662,500. This represents annual (Q2 2021 – Q2 2022) median price growth of 22.5% for houses and a 0.9% for units. Total sales decreased between Q2 2021 – Q2 2022, by -26.4% (to 39 sales) for houses and by -4.7% (to 101 sales) for units. Hurstville market is undersupplied, as a lower transaction volume is alongside higher sales prices. Houses suggest real returns on investment. An imbalance in supply and demand can provide a buffer against a rising cash rate environment.
Average vendor house discount between Q2 2021 and Q2 2022 remained at a premium level, however a lower rate of 1.6% for houses. There is a unique opportunity. House buyers can benefit from a lower premium, but owners can still achieve a final sale price above their first list. Average vendor unit discount has tightened, to -2.4%. Unit buyers need to offer closer to first list price.
Over the past 12 months, house rental yields in Hurstville softened to sit at 2.1% in June 2022. That said median house rental price increased by 14.5% in the 12 months to Q2 2022, and average days on the market declined by -33.3% (to 20 days). Overall, this indicates a resilient rental market.
4+ bedroom houses have provided investors with +20.3% rental growth annually, achieving a median rent of $830 per week.
Hurstville recorded a vacancy rate of 1.1% in June 2022, which is below Sydney Metro’s 1.6% average and on par with Georges River LGA. Vacancy rates in Hurstville have significantly decreased over the past 12 months, indicating an increase in its rental demand. Hurstville now has a vacancy rate under the Real Estate Institute of Australia’s healthy band of 3.0%, indicating an undersupplied market and quicker occupancy of rental properties. This suggests a conducive and sustainable environment for investors, despite the increase in median sale prices of property over the past 12 months.
