Hurstville Property Market Update 1st Half of 2020
In Q4 2019, Hurstville recorded a median house price of $1,435,000 and a median unit price of $680,000. This represents annual (Q4 2018 – Q4 2019) median price growth of 26.4% for houses and a softening of -14.5% for units. Between Q4 2018 – Q4 2019 house sales increased by 45.0% (29 sales) and unit sales increased by 15.3% (68 sales), indicating an increase in demand and market recovery in Hurstville. That said units in Hurstville have become more affordable, making now a good opportunity to enter the market.
Average vendor discount between Q4 2018 and Q4 2019 have swung to a premium of +3.4% for houses and tightened to -2.8% for units. Market conditions in Hurstville continue to favour sellers, particularly now for houses. Buyers must be willing to negotiate above the initial listing price, making now an ideal time to sell.
The median house rental price in Hurstville held stable at $600 per week over the 12 months to Q4 2019, however units slightly softened by -3.6% to $530 per week. Over this same period, rental activity in Hurstville softened slightly by -8.2% for houses and -6.6% for units. Despite less demand rental prices were relatively stable overall, good news for investors.
Houses in Hurstville recorded an average rental yield of 3.0% in December 2019, above both Georges River LGA and Sydney Metro. Meanwhile, units recorded an average yield of 3.8%, again above both the LGA and Sydney Metro.
Hurstville recorded a vacancy rate of 4.8% in December 2019, which is a sharp increase that moves it above the Georges River LGA and Sydney Metro. This may be due to recent project completions which brings new stock online, thus landlords may wish to sign tenants on longer leases for income security.