Laurieton Property Market Update 1st Half of 2022
In Q1 2022, Camden Haven recorded a median house price of $810,000, and a median unit price of $489,500. This represents annual (Q1 2021 – Q1 2022) median price growth of 29.0% for houses and a minor price softening of -7.6% for units. Total sales slowed between Q1 2021 – Q1 2022, by -13.2% to 99 sales for houses and by -25.8% for units to 23 sales. Confidence has returned to Camden Haven, with properties in high demand. Houses is undersupplied, creating an ideal time for homeowners to capitalise on their investment. Unit market movements provide hope to first home buyers.
Average vendor discounts between Q1 2021 and Q1 2022 have fluctuated for both property types, currently at -2.4% for houses and -0.2% for units. This represents a discount for buyers, after a period of tightening in the 2nd half of 2021 – even a swing towards premium (above the first list price) for units. That said with low stock available there is limited time.
House rental yields in Camden Haven sat at an attractive rate of 4.2% in March 2022, significantly above Sydney Metro (2.3%). With a lower entry price compared to Sydney Metro this is great news for investors, particularly as house rental demand have increased, with average days on market declining by -10.0% to 18 days in the past 12 months to Q1 2022.
2+ bedroom houses have provided investors with +23.5% rental growth annually, achieving a median rent of $420 per week
Camden Haven recorded a vacancy rate of 1.3% in March 2022, which is slightly below Sydney Metro’s 1.6% average. Vacancy rates in Camden Haven have held steady over the past 15 months, even throughout COVID-19 conditions, and remaining below the Real Estate Institute of Australia’s benchmark of 3.0%. These key indicators create a conducive and sustainable environment for investors, despite the current increase in median sale prices of property in the past 12 months.
