Kogarah Property Market Update 2nd Half of 2019

In Q3 2019, Kogarah recorded a median house price of $1,128,000, and a median unit price of $629,950. This represents annual (Q3 2018 – Q3 2019) median price softening of -10.8% for houses and price stability for units. At the same time, total sales improved for Q3 2019, up by 22.4% for houses (to 71 sales) and by 38.1% for units (to 163 sales). A 6-month price growth is also evident for both property types, thus now an ideal time to transact in Kogarah.

Average vendor discount between Q3 2018 and Q3 2019 have tightened to -2.1% for units and swung to a premium of 3.2% for houses. Housing market conditions in Kogarah have shifted to favour sellers, as buyers must offer above the initial listing price. Unit buyers can still benefit from discounts to first listing price, however must act quickly.

Over the past 12 months, house rental yields in Kogarah have improved to reach 2.8% in June 2019. Demand for rental properties in Kogarah across the same time period have also increased, up by 16.4%.

4+ bedroom houses have provided investors with +6.3% rental growth annually, achieving a median rent of $850 per week.

Kogarah recorded a vacancy rate of 3.2% in June 2019, on-par with Georges River LGA and below Sydney Metro’s 3.5 average. There is a relatively healthy rental demand in Kogarah, however due to the increasing trend in vacancy rate over the past 24 months landlords are advised to seek long term tenants.