Beverly Hills Market Update 1st Half of 2020
In Q4 2019, Beverly Hills recorded a median house price of $1,150,000, and a median unit price of $545,000. This represents annual (Q4 2018 – Q4 2019) median price growth of 20.9% for houses and a price softening of -6.8% for units. At the same time, total sales in both markets improved for Q4 2019, up by 39.1% for houses (to 64 sales) and by 73.7% for units (to 33 sales). Strong capital growth and an increase in market activity suggests now is the time to buy and sell in Beverly Hills.
2019 have continued to favour vendors, with a swing towards a premium of +1.3% for houses and tightening to -2.7% for units. House buyers now typically need to offer above the listing price to secure property. This creates an ideal market to sell in.
Over the past 12 months, house rental yields in Beverly Hills has remained steady at 3.1% in December 2019, which is above the wider Canterbury-Bankstown LGA (2.9%). This yield remained stable, despite a slight softening in demand for house rentals in the same period (-4.3%). Overall this suggests the house rental market is in a healthy position.
4+ bedroom houses have provided investors with stable returns annually, achieving a median rent of $700 per week.
Beverly Hills recorded a vacancy rate of 3.9% in December 2019, which has moved above Sydney Metro (3.6%). This is slightly above what is considered a healthy vacancy level by the Real Estate Institute of Australia (3.0%), suggesting investors may wish to sign tenants on longer terms for security of income.