Oatley Property Watch Q1 2014
In the house sales cycle chart, it becomes evident that the house median price rose sharply in the beginning of November 2012 and attained a peak six months later before again declining to close November 2013. In this five year period to November 2013, the Oatley house market has recorded a 3.8 per cent annual median price growth rate as well as annual sales increase of 9.8 per cent to register a five year average of 59 transactions.
Over the previous five year period, the Oatley unit market has witnessed sound growth reporting an annual increase of 6.3 per cent in median price growth to close the November 2013 period at $642,500. Observing the unit price point chart, it becomes evident why this recent increase has taken place. In the five years since November 2009, the Oatley unit market has recorded a 23 per cent increase in sales over $800,000 paired with contractions in the sub-$500,000 market registering a dramatic 60 per cent decline to deem the sub-$500,000 unit market almost nonexistent.
As well as the increasing median price across house and unit markets, the Oatley rental market has similarly registered sound increase in asking rents. Investment return for landlords has remained very strong with weekly rental prices recording $600/wk for a 3-bed house and $400/wk for a 2-bed unit entering 2014 up on neighboring localities.
The Oatley residential market has made some consistent progress in both house and unit markets over the past ten years and with no dramatic changes forecast for region and the Sydney market performing as is, we can anticipate continued returns for the savvy investor.