Oatley Property Market Update 1st Half 2024
Oatley offers a peaceful suburban lifestyle with beautiful parks, excellent schools, and a strong sense of community. Its convenient access to Sydney's CBD makes it ideal for those seeking a balance between tranquility and urban amenities.
Property Trends
In Q1 2024, Oatley recorded a median house price of $1,951,000 and a median unit price of $681,000. This is an annual (Q1 2023 – Q1 2024) price growth of 8.1% for houses and 16.4% for units. During this time, sales grew by 31.2% (to 101 sales) for houses and by 8.9% (to 86 sales) for units. The market has regained confidence, and high demand for both property types has provided a buffer against higher interest rates. Now is the ideal time for owners to capitalise on their investments. That said, on a quarterly basis (Q4 2023 – Q1 2024) median house price saw a slight decline of -1.0%. This has created a small window for first home buyers, however with very little new supply planned buyers must act fast.
Average Vendor Discount
Average vendor discounts between Q1 2023 and Q1 2024 have increased to a higher premium of 5.7% for houses and swung to a break-even point of 0.0% for units.
Market Conditions
Market conditions in Oatley have shifted to favour sellers, as buyers must offer above or on par to the first listing price. Buyers must act fast before there is further price growth.
Rental Market & Growth
House rental yields in Oatley was 1.9% as of April 2024, lower than George River LGA (2.7%) and Sydney Metro (2.9%). That said, median house rental price increased by 6.0% in the past 12 months to Q1 2024, at $922 per week; alongside a 10.0% growth in the number of houses rented (to 11 rentals).
The average days on the market decreased to its historical low level of 12 days. The units market saw the same pattern. Combined, these indicators confirm there is a highly demanded and competitive rental market, which is still attractive for investors. 4+ bedroom houses have provided investors with +36.8% rental growth annually, achieving a median rent of $1,300 per week.
Vacancy Rates & Property Investment
Oatley recorded a vacancy rate of 0.8% in April 2024, below Oatley City LGA and Sydney Metro’s 1.2%. Vacancy rates in Oatley saw a slight spike in the last 12 months, due to investors returning to the market. Further, a 0.8% vacancy rate is significantly below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, suggesting rental properties are occupied quicker in Oatley. This confirms there is a conducive and sustainable environment for investors.
