Tuggerah Property Market Update 2nd Half of 2019

In Q3 2019, Hamlyn Terrace recorded a median house price of $587,000, and a median unit price of $430,000. This represents annual (Q3 2018 – Q3 2019) median price softening of -3.1% for houses and -5.5% for units. At the same time total house sales slowed, by -2.8% for houses (to 451 sales), while units increased by 21.3% (to 97 sales). A more affordable and slower house market suggests now is a good time to transact, benefitting both buyers and sellers.

Average vendor discount between Q3 2018 and Q3 2019 slightly widened for houses, to -4.9%, while units tightened to -4.5%. Market conditions in Hamlyn Terrace continue to favour buyers, 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 Hamlyn Terrace have remained stable, sitting at 3.9% as of June 2019. There has also been a slight increase in demand for house rentals, up by 1.3% to 451 rentals in the 6 months to Q3 2019.

2 bedroom houses have provided investors with +2.9% rental growth annually, achieving a median rent of $360 per week.

Hamlyn Terrace recorded a vacancy rate of 2.1% in June 2019, which is lower than Central Coast LGA’s 2.5% average. Although there is a healthier rental demand compared to the LGA, an increasing vacancy rate over the past 12 months suggest landlords need to secure longer leases to mitigate vacancy risks.