Oatley Property Market Update 1st Half of 2020
In Q1 2020, Oatley recorded a median house price of $1,315,000, and a median unit price of $655,100. This represents annual (Q1 2019 – Q1 2020) median price growth of 8.5% for houses and of 7.4% for units. Between Q1 2019 – Q1 2020 total house sales marginally slowed, by -1.6% to 63 sales, whilst units increased by 4.1% to 51 sales. With sales remaining fairly steady in the house market and increasing demand for units, yet property prices showing positive growth, now is the time to transact in the Oatley market.
Average vendor discounts between Q1 2019 and Q1 2020 have swung to a premium for both property types, of 2.8% for houses and 1.2% for units. The market conditions in Oatley have now shifted to favour vendors, as buyers are willing to submit offers above the initial list price. Now is the time to sell.
Over the past 12 months, house rental yields in Oatley slightly to reach 2.6% in December 2019. This suggests the house rental market is in a relatively healthy position, despite a -30.3% softening in house rentals (to 85 house rentals) in the 12 months to Q1 2020.
2 bedroom houses have provided investors with stable rental returns annually, achieving a median rent of $480 per week.
Oatley recorded a vacancy rate of 3.3% in December 2019. Despite representing an increasing trend over the past 12 months, Oatley’s vacancy rate still sits below Sydney Metro’s vacancy rate 3.6% for the same time period. This confirms there is a fairly healthy rental demand for properties in Oatley, however investors who are able to secure longer leases may wish to do so, to ensure a security of cashflow.