PRD Ramsgate Beach Market Update 1st Half of 2020
In Q1 2020, Ramsgate Beach (and its surrounding suburbs) recorded a median house price of $1,450,000, and a median unit price of $675,000. This represents annual (Q1 2019 – Q1 2020) median price growth of 19.8% for houses and 7.1% for units. Between Q1 2019 – Q1 2020 total house sales slowed by -39.5% to 26 sales, while units saw a stable sales count of 78. A rapid increase in median house price growth paired with limited sales suggest a potential undersupply, thus now is an ideal time to sell in Ramsgate Beach.
Average vendor discounts have swung to a premium for both property types, of 3.4% for houses and 1.5% for units. Market conditions in Ramsgate Beach have now shifted to favour vendors, as buyers are offering above listed prices. Now is the time to sell.
Over the past 12 months, house rental yields in Ramsgate Beach increased to reach 3.2% in December 2019. This suggests the house rental market is in a healthy position, despite a slight -4.5% softening in demand for rental properties in the 12 months to Q1 2020 (to 84 house rentals).
4+ bedroom houses have provided investors with stable rental returns annually, achieving a median rent of $850 per week.Ramsgate Beach recorded a vacancy rate of 3.7% in December 2019. This is reflective of an increasing trend over the past 24 months, with Ramsgate Beach’s vacancy rate now marginally above Sydney Metro’s 3.6% average. Landlords may wish to pursue tenants with longer lease periods to ensure greater cashflow security.