Port Stephens Property Factsheet 1st Half of 2019
Port Stephens* recorded a median house price of $682,500 in Q1 2019, along with a median unit price of $442,000. This represents growth of 6.6% (house) and 0.5% (unit) over the previous 12 months (Q1 2018 – Q1 2019). When compared to the 2nd Half 2018 Port Stephens Research Factsheet, which reported annual (Q3 2017 – Q3 2018) growth of 10.0% and 14.1%, the Port Stephens* property market has continued to strengthen, though at a more subdued rate.
Port Stephens* recorded a median house price of $682,500 in Q1 2019, along with a median unit price of $442,000. This represents growth of 6.6% (house) and 0.5% (unit) over the previous 12 months (Q1 2018 – Q1 2019). When compared to the 2nd Half 2018 Port Stephens Research Factsheet, which reported annual (Q3 2017 – Q3 2018) growth of 10.0% and 14.1%, the Port Stephens* property market has continued to strengthen, though at a more subdued rate.
The wider Port Stephens Local Government Area (LGA), by comparison, achieved a median house price of $577,500 and a median unit price of $400,000 in Q1 2019. This represented annual (Q1 2018 – Q1 2019) price softening of -1.4% and -6.3% for houses and units respectively. Port Stephens* is thus seen as premium market, given its higher median prices. Its superior short-term capital growth performance also highlights the area’s resilience within the context of the broader LGA.
Port Stephens* saw a stable median house rental price of $450 per week across the 12 months to Q1 2019, while at the same time units recorded a slight softening of -5.3% to reach a median rental price of $360 per week. Strong surges in rental market activity were also recorded over this same period, increasing 44.9% (house) and 95.4% (unit). Yields of 3.4% (house) and 4.9% (unit) as of December 2018 sat well above Sydney Metro’s levels of 2.9% (house) and 3.8% (unit). Vacancies in Port Stephens* continued to tighten to a very low 1.0%, whilst they rose in Sydney Metro to 3.6%. This affirms the strength of both demand and returns within the local for investors in the Port Stephens* market as an alternative investment location.
Development within Port Stephens* in the 1st half of 2019 is set to see an estimated $58.3M of projects commence. Almost all of this is split between residential (52.2% or $30.4M) and commercial development (46.6% or $27.1M), with some spending on infrastructure ($310K or 0.65%) and mixed-use ($400K or 0.7%) projects also.
