Ashmore Property Market Update 2nd Half of 2020
Ashmore recorded a median house price of $580,000 and a median unit price of $353,000 in Q2 2020. Annual (Q2 2019 – Q2 2020) median price for houses was stable, however units grew by 8.3%. Between Q2 2019 - Q2 2020 sales declined, by -48.3% for house (to 30 sales) and by -53.7% for units (to 25 sales). Current market conditions shows clear signs of resilience throughout COVID-19, as price growth remained stable despite a decline in demand. This is a great opportunity for those looking to enter the Ashmore market.
In the 12 months to Q2 2020, average vendor discount has tightened to -2.8% for houses and -1.4% for units. Current market conditions in Ashmore provide unique opportunities where 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 Ashmore.
In June 2020, house rental yields in Ashmore were at a high 4.9%, outperforming Gold Coast Main (4.1%) and Brisbane Metro (3.7%). Furthermore, in the 12 months to Q2 2020 house average days on the market declined by -5.6% to 28 days. This represents a resilient rental market throughout COVID-19, instilling investor confidence.
4+ bedroom houses were the least impacted in regard to median rent, by -0.8% rental growth annually, resulting in a median rent of $630 per week.
Over the June 2020 quarter, Ashmore recorded a low vacancy rate of 1.6%. This is lower than Gold Coast Main (4.0%) and Brisbane Metro (2.4%). Vacancy rates in Ashmore have declined over the past 12 months, amidst COVID-19 conditions. There is a healthy rental demand in Ashmore and a conducive investment environment even throughout a recession.