Port Stephens Property Market Update 2nd Half of 2019
In Q3 2019, Port Stephens recorded a median house price of $620,000, and a median unit price of $415,000. This represents annual (Q3 2018 – Q3 2019) median price softening of -11.3% for houses and -11.6% for units. There has been a clear improvement over the past 6 months however, with median prices showing notably less severe softening, of -7.5% for houses and -1.6% for units. This suggests that confidence is returning, and the market is recovering.
Average vendor discount between Q3 2018 and Q3 2019 has widened for houses, to -5.9%; and tightened to -4.8% for units. Market conditions in Port Stephens continue to favour buyers, where sellers are willing to negotiate below their initial listing price. Now is the time to enter the market.
Over the past 12 months, house rental yields in Port Stephens increased to reach 3.5% in June 2019; well above Sydney Metro’s 2.9% average. This suggests the house rental market is in a healthy position, as does the increased demand for rental properties in Port Stephens across the same time period (up by 8.6% in the 12 months to Q3 2019).
4+ bedroom houses have provided investors with +3.0% rental growth annually, achieving a median rent of $520 per week.
Port Stephens recorded a vacancy rate of 3.2% in June 2019, which is still below Sydney Metro’s 3.5% average. This further confirms a steady rental demand exists for properties in Port Stephens.