Kogarah Property Factsheet 2nd Half of 2018
Kogarah recorded a median house price of $1,323,000 and $635,000 for units in Q3 2018, representing an annual (Q3 2017-Q3 2018) price change of -3.5% and -5.9% respectively. Compared to Kogarah 1st half 2018 Research Factsheet, which reported an annual (Q1 2017 – Q1 2018) price change of -11.2% (house) and -0.7% (units), houses in Kogarah have strengthened in value whereas units have become more affordable.
Kogarah recorded a median house price of $1,323,000 and $635,000 for units in Q3 2018, representing an annual (Q3 2017-Q3 2018) price change of -3.5% and -5.9% respectively. Compared to Kogarah 1st half 2018 Research Factsheet, which reported an annual (Q1 2017 – Q1 2018) price change of -11.2% (house) and -0.7% (units), houses in Kogarah have strengthened in value whereas units have become more affordable.
Annual (Q3 2017-Q3 2018) median prices also softened in the Georges River Local Government Area (LGA) by -9.4% to $1,250,000 for houses and by -1.8% to $723,000 for units. Kogarah house market attracts a higher price compared to the LGA, however its unit market is more affordable.
Median rental prices softened over the past 12 months to Q3 2018 in Kogarah, by -3.3% to $595 per week for houses and by -2.0% to $485 per week for units. However vacancy rates, at 1.8% in June 2018, is below that of Sydney Metro (2.7%), indicating a higher occupancy level in Kogarah. Further, investors are benefiting from rental yields of 2.5% (house) and 3.8% (units), similar to that of Sydney Metro. This further confirms Kogarah as an ideal alternate location to invest outside the Sydney Metro area.
Kogarah and its surrounding areas will see approximately $239.5M of project development in 2nd half 2018, with 71.4% allocated to mixed-use projects. This is a mutually beneficial strategy for adding property stock whilst attracting increased levels of commercial activity in the area.
