Port Stephens Property Market Update 1st Half of 2021

In Q1 2021, Port Stephens recorded a median house price of $800,000, and a median unit price of $480,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 14.3% for houses and of 6.7% for units. Between Q1 2020 – Q1 2021 total sales increased, by 5.6% for houses (to 114 sales) and by 49.3% for units (to 100 sales). Median price growth alongside increased sales suggests real returns on capital investment in Port Stephens. Now is the time to transact, particularly for owner-occupiers looking to benefit from a highly demanded market.

Average vendor discounts between Q1 2020 and Q1 2021 have tightened for both property types, to -1.8% for houses and -1.4% for units. Market conditions in Port Stephens are shifting towards a sellers’ market, with sellers achieving final sale prices closer to their first list price. Buyers can still benefit from a discount however time is limited.

In March 2021, house rental yields in Postcode 2315 were recorded at 3.2%. In the 12 months to Q1 2021, the median house rental price has increased by 4.3% to reach $480 per week, while average days on the market declined by -53.1% (to just 14 days). Overall this suggests Port Stephens has proven to be a highly resilient rental market throughout COVID-19.

3 bedroom houses have provided investors with +4.0% rental growth annually, achieving a median rent of $450 per week.

Also in March 2021, Postcode 2315 recorded an extremely low vacancy rate of 0.3%, below that of Port Stephens LGA (0.6%) and far below Sydney Metro (3.4%). Vacancy rates in Postcode 2315 declined sharply since May 2020, and is amongst the lowest seen in the past three years. It has remained well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. There is a conducive investment environment in Port Stephens.