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Upper Hunter Property Market Update 2nd Half of 2021

In Q2 2021, Upper Hunter recorded a median house price of $360,000, and a median unit price of $275,000. This represents annual (Q2 2020 – Q2 2021) median price growth of 5.9% for houses and 8.9% for units. Between Q2 2020 – Q2 2021 total sales in both markets increased, by 73.6% for houses (to 243 sales and by 410.0% for units (to 51 sales). Median price growth alongside increased market activity suggests real returns on capital investment, making it an ideal time for owner-occupiers to benefit. This is particularly true for homeowners, as there is an absence in ready-to-sell houses in the project pipeline.

In Q2 2021, Upper Hunter recorded a median house price of $360,000, and a median unit price of $275,000. This represents annual (Q2 2020 – Q2 2021) median price growth of 5.9% for houses and 8.9% for units. Between Q2 2020 – Q2 2021 total sales in both markets increased, by 73.6% for houses (to 243 sales and by 410.0% for units (to 51 sales). Median price growth alongside increased market activity suggests real returns on capital investment, making it an ideal time for owner-occupiers to benefit. This is particularly true for homeowners, as there is an absence in ready-to-sell houses in the project pipeline.

Average vendor discounts between Q2 2020 and Q2 2021 have tightened for both property types, to -1.9% for houses and -2.5% for units. Market conditions in Upper Hunter offer unique opportunities, wherein sellers can now achieve a final sale price closer to their first list price, yet buyers can still benefit from a discount.

In June 2021 house rental yields in Upper Hunter were recorded at 5.4%. In the 12 months to Q2 2021, the median house rental price increased by 10.5% to reach $420 per week, while average days on the market declined by -22.2% (to 21 days). Overall, this represents an extremely resilient rental market throughout COVID-19, in positive news for investors.

2-bedroom houses have provided investors with +12.5% rental growth annually, with a median rent of $298 per week.

Also, in June 2021, Upper Hunter recorded a vacancy rate of 0.7%, on par with the Hunter Region (0.7%) and well below Sydney Metro (2.8%). Vacancy rates in Upper Hunter have recorded historical lows in the past 6 months and remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% amidst COVID-19 conditions. There is a healthy ongoing level of rental demand, thus investors can be confident of a conducive investment environment in Upper Hunter.

PRD Upper Hunter Market Update 2nd Half 2021

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