PRD Bexley North Market Update 1st Half of 2020
In Q1 2020, Bexley North recorded a median house price of $1,228,000, and a median unit price of $645,000. This represents annual (Q1 2019 – Q1 2020) median price growth of 21.6% for houses and a minor price softening of -0.8% for units. Total sales increased between Q1 2019 – Q1 2020, by 46.4% to 41 sales for houses and by 80.0% for units to 45 sales. Confidence has returned to Bexley North, with properties in high demand. Houses suggest real returns on investment, making now a good time to enter the market.
Average vendor discounts between Q1 2019 and Q1 2020 have rapidly shifted for both property types, to premiums of 6.0% for houses and 5.3% for units. Market conditions in Bexley North have now shifted to favour vendors, as buyers are willing to offer above the initial listing price. Now is the time to sell.
Over the past 12 months, house rental yields in Bexley North softened to sit at 2.2% in December 2019. This was paired with a slight decrease in demand for rental properties across the same time period (down by -30.2% to 81 rentals in the 12 months to Q1 2020). This is an expected dynamic shift in the market, as there has been an increase in property sales.
4+ bedroom houses have provided investors with +9.6% rental growth annually, achieving a median rent of $800 per week.Bexley North recorded a vacancy rate of 3.4% in December 2019, which is slightly below Sydney Metro’s 3.6% average. Vacancy rates in Bexley North have held steady over the past 12 months, indicating stability in its rental demand. These key indicators create a conducive and sustainable environment for investors, despite the current increase in median sale prices of property across over the past 12 months.