Hurstville Property Market Update 2nd Half of 2020
In Q2 2020, Hurstville recorded a median house price of $1,638,000, and a median unit price of $760,000. This represents annual (Q2 2019 – Q2 2020) median price growth of 26.0% for houses and of 11.9% for units. Between Q2 2019 – Q2 2020 total sales slowed, by -37.0% for houses (to 17 sales) and by -30.6% for units (to 43 sales). High price growth shows market resilience and value amidst COVID-19. Currently there is limited competition in the market, thus now is an ideal time to transact in Hurstville.
Average vendor discounts between Q2 2019 and Q2 2020 have dramatically swung to a premium of 0.6% for houses and tightened to -3.7% for units. House market conditions in Hurstville now favour sellers, as buyers are willing to offer above the initial listing price. Now is the time to sell.
Over the past 12 months, house rental yields in Hurstville have marginally declined to sit at 2.3% in June 2020, on par with Sydney Metro’s average of 2.4%. An increased demand for rental properties in Hurstville was evident across the same time period (up by 19.1% in the 12 months to Q2 2020 to 81 house rentals), in good news for investors.
3 bedroom houses have provided investors with stable rental returns annually, achieving a median rent of $580 per week.
Hurstville recorded a vacancy rate of 2.5% in June 2020. This represents a sharp decline since the vacancy rate hit its peak in December 2019 (4.8%), bringing it back down even lower than pre-COVID-19 levels of June 2019 (2.9%). Further, vacancy rates in Hurstville is well below Sydney Metro’s 3.8% average. This confirms there is a healthy rental demand in Hurstville and an extremely conducive environment for investors.