Laurieton Property Market Update 2nd Half of 2020
In Q3 2020, Camden Haven recorded a median house price of $590,000, and a median unit price of $427,000. This represents annual (Q3 2019 – Q3 2020) median price growth of 1.7% for houses and 17.8% for units. Between Q3 2019 – Q3 2020 total house sales increased by 13.1% to 95 sales, while units increased by 160.0% to 26 sales. Median price growth and increased sales activity suggest real capital growth in the area, in contrast to general COVID-19 predictions. This indicates high market resilience in Camden Haven, thus creating an ideal market for real estate transactions.
Average vendor discounts between Q3 2019 and Q3 2020 have stabilised at -4.7% for houses and tightened to -1.7% for units. Camden Haven provide unique opportunities. Sellers can achieve a final sale price closer to their first list price, whilst buyers can still benefit from a discount. Now is the time to transact.
In September 2020, house rental yields in Camden Haven were recorded at 5.5%. In the 12 months to Q3 2020, the median house rental price slightly softened to sit at $445 per week, however average days on the market declined by -30.8% (to just 18 days). Overall, this suggests Camden Haven¥ remained a relatively resilient rental market throughout COVID-19.
4+ bedroom houses have provided investors with +4.2% rental growth annually, with a median rent of $500 per week.
Also, in September 2020, Camden Haven recorded a vacancy rate of 2.1%, well below Sydney Metro (3.5%). Vacancy rates in Camden Haven are now well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% and have travelled on a declining trend even amidst COVID-19 conditions. This confirms there is still a healthy rental demand and investors can be confident of a conducive investment environment in Camden Haven.