Port Stephens Research Factsheet 2nd Half of 2017
The Port Stephens property market recorded a median house price of $632,500 and $445,750 for units in Q3 2017, representing an annual price change of 12.5% and -4.1% respectively. Port Stephens prices are well above Port Stephens LGA, indicating it is a sought after market by buyers and investors.
The Port Stephens property market recorded a median house price of $632,500 and $445,750 for units in Q3 2017, representing an annual price change of 12.5% and -4.1% respectively. Port Stephens prices are well above Port Stephens LGA, indicating it is a sought after market by buyers and investors. Both Port Stephens and Port Stephen LGA have recorded a softening in unit prices, indicating now is the time for those wanting to enter the unit market to act and take advantage of increased affordability.
Median rents for houses in Port Stephens saw an increase of 2.3% over the past twelve months to Q3 2017, currently at $450 per week. Units have remained stable, currently at $350 per week. Declining vacancy rates, and at an all time low of 1.2% in September 2017, continue to demonstrate strong rental demand; especially when compared to Sydney Metro’s 2.0%. Astute investors enjoy an average of 3.5% (house) and 4.3% (units) in rental yield.
Ramsgate Beach is set to see approx. $114.9M of new projects commencing in the 2nd half of 2017. Mixed use account for the majority of development value (94.7%), totaling an estimated $108.9M of projects. This is followed by commercial (3.9%) and residential projects (1.3%). There is a focus in replenishing dwelling stock – to answer to growing demand – however balancing it out with increasing commercial activity to ensure local job creation and sustainable growth.
Port Stephens is set to see approximately $57.5M of new projects commencing in the 2nd half 2017. Commercial account for the majority of development value (52.9%), totaling approx. $30.4M. A focus on commercial development will further foster local job growth, balancing out new dwelling stock being proposed.
A key project in 2nd half 2017 is the Church Street Residential Development - Ascent, valued at an approx. $19.4M. This project will construct an 8 storey apartment building, consisting of 56 apartments and 4 separate townhouses. A key commercial project is the Birubi Beach Resort, which will construct a 198 unit holiday complex. The resort will also include a 1,661sqm pool and deck as a central feature, a restaurant and bar fronting Gan Gan road, tennis court, and playground.
