Agnes Water Property Market Update 2nd Half of 2020
In Q3 2020, Agnes Water recorded a median house price of $390,000, and a median unit price of $250,000. This represents annual (Q3 2019 – Q3 2020) median price softening of -6.0% for both property types (house and units). House sales between Q3 2019 – Q3 2020 increased exponentially, by 175.0% (to 33 sales). However, unit sales during this time declined by -27.8% (to 13 sales). Overall, the property market in Agnes Water remained resilient amidst COVID-19, with high demand for houses. The current median price softening indicates an affordable opportunity for first home buyers to enter the market.
In the 12 months to Q3 2020, average vendor discount has slightly widened for houses to -5.3% but tightened to -3.6% for units. This indicates that current market conditions in Agnes Water provide unique opportunities for both buyers and sellers. Unit sellers can achieve a final sale price slightly closer to their first list price, whilst house buyers can benefit from a discount.
In September 2020, house rental yields in Agnes Water were recorded at a healthy 6.8%. In the 12 months to Q3 2020, median house rental price grew by 9.3% to $410 per week. This is also in conjunction with average days on the market declining by -45.1% (to 28 days). Overall, this represents an extremely resilient rental market amidst COVID-19 conditions.
2 bedroom houses have provided investors with +26.9% rental growth annually, with a median rent of $330 per week.
Also, in September 2020, Agnes Water recorded a vacancy rate of 3.4%. Vacancy rates in Agnes Water have significantly improved over the past 3 years and is currently more on par with the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. This confirms there is an increasingly healthier rental demand and investors can be confident of a conducive investment environment in the area.