Agnes Water Property Market Update 1st Half of 2020
In Q1 2020, Agnes Water recorded a median house price of $371,000, and median unit price of $300,000. This represents annual (Q1 2019 – Q1 2020) median price softening of -5.1% for houses, whereas units remained stable. Between Q1 2019 – Q1 2020 total sales increased for houses, by 21.4% to 17 sales, however demand declined for units by -45.5% to 6 sales. The property market in Agnes Water is showing signs of resilience. For the unit market this is from a price perspective and for house market there is increased demand.
Average vendor discounting between Q1 2019 and Q1 2020 has tightened to -3.1% (houses) and 0.0% for units. Market conditions in Agnes Water have shifted to favouring vendors, where buyers need to offer closer to the listing price. This is clear evidence of a healthy market, due to an increase in demand.
House rental yields in Agnes Water were recorded at a high 5.2% in December 2019. This suggests that the house rental market is at a strong healthy position, particularly when combined with the increased rental median price to $360 per week an increase in rental demand across the same time period (up by 2.9% in the 12 months to Q1 2020).
4+ bedroom houses provided investors with +6.9% rental growth annually, achieving a median rent of $385 per week.Over the past 12 months to December 2019, Agnes Water recorded a vacancy rate of 6.9%, significantly dropping from 7.6% in December 2018. Vacancy rates in Agnes Water have continued to record a declining trend over past 12 months which indicates a healthier rental market. This is good news for investors as their properties are being occupied quicker.