Camden Haven Property Market Update 2nd Half of 2019

In Q3 2019 Camden Haven recorded a median house price of $538,500, and a median unit price of $355,000, an annual (Q3 2018 – Q3 2019) median price growth of 8.8% for houses and a softening of -7.2% for units. Total annual sales improved for Q3 2019, up by 31.0% for houses (to 55 sales) and by 100.0% for units (to 10 sales). Low unit sales make this data volatile, but there is a real increase in capital growth for houses as price growth is not due to undersupply.

Average vendor discount between Q3 2018 and Q3 2019 has tightened for both property types, to -3.3% for houses and -5.0% for units. Market conditions in Camden Haven still favour buyers, where sellers are willing to negotiate below their initial listing price. However, there is now less discounts, thus buyers need to act quickly to secure them.

Over the past 12 months, house rental yields in Camden Haven steadily increased to reach 3.1% in June 2019, above Sydney Metro’s 2.9%. This suggests the house rental market is in a healthy position, as does the increased demand for rental properties in Camden Haven across the same time period (up by 25.5% in the 12 months to Q3 2019).

2 bedroom houses have provided investors with +3.0% rental growth annually, achieving a median rent of $340 per week. This said, 2 bedroom houses make up a small volume of all rental stock, with 3 and 4 bedroom being the dominant types.

Camden Haven recorded a vacancy rate of 2.6% in June 2019, representing a significant decline over the past 6 months and is below Sydney Metro’s 3.5%. This confirms there is a healthier rental demand in Camden Haven.