Roseville-Lindfield Property Market Update 2nd Half of 2020
In Q2 2020, Roseville-Lindfield recorded a median house price of $1,900,000, and a median unit price of $1,050,000. This represents annual (Q2 2019 – Q2 2020) median price softening of -6.9% for houses and price growth of 34.6% for units. Between Q2 2019 – Q2 2020 total sales slowed, by -17.9% for houses (to 78 sales) and by -65.9% for units (to 44 sales). Slower demand is expected due to COVID-19, however a relatively resilient median house price and growth in median unit price builds confidence in the market.
Average vendor discounts between Q2 2019 and Q2 2020 have swung to a premium of 1.3% for houses, while it widened to -7.5% for units. House market conditions in Roseville-Lindfield have shifted to favour vendors, as buyers are willing to offer above the initial listing price. Unit buyers are benefitting from larger discounts, thus now is the time to enter the market.
Over the past 12 months, house rental yields in Roseville-Lindfield softened slightly, to sit at 2.8% in June 2020. However, a -29.6% decrease in the average days to let a house rental in Roseville-Lindfield, to 26 days in the 12 months to Q2 2020, suggests there is a relatively healthy ongoing demand for rental properties in the area.
2 bedroom houses have provided investors with +0.5% rental growth annually, achieving a median rent of $540 per week.
Roseville-Lindfield recorded a vacancy rate of 5.9% in June 2020, which is just below the Ku-ring-gai Local Government Area’s vacancy rate of 6.0%. Vacancy rates in Roseville-Lindfield have remained relatively stable since December 2019, amidst COVID-19 conditions. That said vacancy rates in Roseville-Lindfield in June 2020 is above the Sydney Metro’s average of 3.8%, thus landlords should seek to sign tenants on longer-term leases to increase their cashflow security.