Oatley Property Factsheet 1st Half of 2019
In Q1 2019, Oatley* recorded a median house price of $1,150,000 and a median unit price of $649,999. This resulted in annual (Q1 2018 – Q1 2019) price changes of -16.2% for houses and -0.1% for units. By comparison, the 2nd Half 2018 Oatley Research Factsheet reported annual (Q3 2017 – Q3 2018) growth of 4.2% (house) and 1.6% (unit), meaning that property in Oatley* has become more affordable.
In Q1 2019, Oatley* recorded a median house price of $1,150,000 and a median unit price of $649,999. This resulted in annual (Q1 2018 – Q1 2019) price changes of -16.2% for houses and -0.1% for units. By comparison, the 2nd Half 2018 Oatley Research Factsheet reported annual (Q3 2017 – Q3 2018) growth of 4.2% (house) and 1.6% (unit), meaning that property in Oatley* has become more affordable.
The Georges River Local Government Area (LGA) saw a median house price of $1,230,000 and a median unit price of $658,000 in Q1 2019. This represented annual (Q1 2018 – Q1 2019) price softening of -11.8% and -6.0% for houses and units respectively. Oatley* is thus viewed as a more affordable market within the wider Georges River LGA, which also features a particularly resilient unit market.
Rental values in Oatley* have performed relatively well over the past 12 months, with the median house rental price recorded at $640 per week for Q1 2019 and at $440 per week for units in this same period. This represented annual (Q1 2018 – Q1 2019) price growth of 3.2% for houses, whilst unit values remained stable. Over this same period, there was a particularly large uptake in rental activity, with the number of house rentals up 65.6% and units also up by 100.0%. Further evidence of healthy rental demand is seen in the average days to let in Q1 2019, at 24 days for houses and 28 days for units. A vacancy rate of 2.9%, while increased, still remains below the Sydney Metro level of 3.6%. Investors can thus take confidence from the current performance of Oatley’s* rental market.
Oatley* is set to benefit from $340.0M of project development which is scheduled to commence across the Georges River LGA in the 1st half of 2019. Projects vary across a range of commercial ($133.7M, 39.3%), residential ($119.7M, 35.2%) and mixed-use ($86.6M, 25.5%) types. Such a balanced ratio of spending is ideal as it will provide economic stimulus to Oatley* through employment growth, as well as the creation of new dwellings to support a growing population.
