Ashmore Property Market Update 2nd Half 2024
Ashmore in Queensland offers a thriving property market with strong growth potential, making it an ideal location for homeowners and investors alike. The area also boasts a low vacancy rate and high rental demand, ensuring a stable and vibrant community.
Property Trends
In Q2 2024, Ashmore recorded a median house price of $1,092,500, and a median unit price of $575,500. This represents annual (Q2 2023 – Q2 2024) growth of 20.3% for houses but a slight decline of -1.4% for units. During this time house sales increased by 12.0%, to 56 sales in Q2 2024, indicating high demand and market resilience even amidst high cash rate hikes. This presents an ideal time for owners to capitalise on their investments. In contrast, unit sales decreased notably in the past 12 months, by -33.3% (to 38 sales in Q2 2024). Combined with lower unit price growth this indicates a less competitive market, which creates a window opportunity for first home buyers.
Project Development
Ashmore is set to see approximately $111.2M worth of new projects commencing in the 2nd half of 2024. These projects will supply units and townhouses only; thus, there is still no new stand-alone houses planned. This will put pressure on prices for all property types. Buyers must act fast as there will be more competition in the market and their opportunity (at the current price) will be limited.
Rental Market & Growth
House rental yields in Ashmore were 3.9% as of June 2024, higher than the Gold Coast Main (3.5%). This was paired with a 2.4% increase in median house rental price in the past 12 months to Q2 2024, at $850 per week, and a -32.2% decrease (to 101 houses) in the number of houses rented. Average day on the market has declined by -12.0% to a historical low level of 22 days in Q2 2024. This indicates an undersupplied rental market, which is good news for investors.
Vacancy Rates & Property Investment
Ashmore recorded a vacancy rate of 1.2% in June 2024, slightly higher than Brisbane Metro’s 1.1% but below the Gold Coast Main’s average 1.7%. Vacancy rates in Ashmore increased slightly in the past 12 months, due to investors re-entering the rental market. However, a 1.2% vacancy rate is still well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, indicating quicker occupancy of rental properties in Ashmore and high rental demand. This confirms there is a conducive and sustainable environment for investors in Ashmore.
