Laurieton Property Market Update 1st Half of 2020
In Q1 2020, Camden Haven recorded a median house price of $550,000, and a median unit price of $400,000. This represents annual (Q1 2019 – Q1 2020) median price growth of 0.1% for houses and a price softening of -10.7% for units. Between Q1 2019 – Q1 2020 total house sales increased by 36.1% (to 49 sales), while unit sales slowed by -50.0% to 5 sales. Limited unit sales volumes make this data volatile, so caution should be taken when analysing change over the period. Overall the market remains an affordable to buy in.
Average vendor discounts between Q1 2019 and Q1 2020 have tightened for both property types, to -2.5% for houses and -1.2% for units. Market conditions in Camden Haven overall continue to favour buyers however, with sellers willing to negotiate below their initial listing price. Now is the time to enter the market.
Over the past 12 months, house rental yields in Camden Haven increased to reach 3.2% in December 2019, above that of Sydney Metro’s (2.7%). This suggests the house rental market is in a healthy position, as does the increased demand for rental properties in the area across the same time period (up by 65.7% in the 12 months to Q1 2020).
3 bedroom houses have provided investors with +4.6% rental growth annually, achieving a median rent of $400 per week.
Camden Haven recorded a vacancy rate of 5.3% in December 2019, which is unusually high for the area given its past historical vacancy rates. Camden Haven’s vacancy rate spike in late 2019 should see correction throughout 2020, as the market absorbs existing rentals. Traditionally Camden Haven vacancy rates have remained below Sydney Metro’s, thus suggesting that it is an ideal more affordable alternative for investment.