Beverly Hills Property Market Update 2nd Half 2024
Beverly Hills is a suburb located 15 kilometres southwest of Sydney CBD. It is part of the St George area and is in the Georges River and City of Canterbury-Bankstown councils. Beverly Hills is home to a variety of cafes, restaurants and shops and is well connected to public transport, this makes it ideal for families.
Property Trends
In Q3 2024, Beverly Hills recorded a median house price of $1,576,000, and a median unit price of $641,595. This represents annual (Q3 2023 – Q3 2024) median price growth of 12.6% for houses and 28.3% for units. Comparing Q3 2023 – Q3 2024, house sales declined by -7.9% (to 58 sales in Q3 2024) and unit sales increased by 34.3% (to 47 sales in Q3 2024). This suggests that the house market is undersupplied, whilst the unit market is in high demand. Trends in the market indicate now is an ideal time to sell and capitalise on investments, particularly for houses. Buyers must act fast, especially those looking for a unit.
Project Development
Beverly Hills will see approximately $169.6M of new projects commencing construction between 2023 and 2025, with a major focus on commercial ($66.9M) and mixed-use ($50.9M) developments. It will see the supply of 139 units, 21 townhouses, and 56 dwellings. Whilst this will help, with no new incoming ready-to-go houses planned, a house undersupply is expected, likely to continue pushing property prices higher.
Rental Market & Growth
House rental yields in Beverly Hills were 2.7% in September 2024, on par with Sydney Metro (2.8%). This was paired with a 1.9% increase in median rent price in the past 12 months to Q3 2024, at $800 per week. The number of houses rented increased by 13.2% in the past 12 months, to 77 rentals in Q3 2024. These trends are also reflected in the unit's market, which confirms there is strong demand for rental properties in Beverly Hills. This is conducive for investors, even with a higher entry/sales price.
Vacancy Rates & Property Investment
Beverly Hills recorded a vacancy rate of 0.6% in September 2024, well below Sydney Metro’s 1.6% average. Vacancy rates in Beverly Hills have fluctuated in the past 12 months, with an overall downwards trend, suggesting an even tighter rental market, which is beneficial for investors. Further, a 0.6% vacancy rate is well below the Real Estate Institute of Australia’s ‘Healthy’ Benchmark of 3.0%, indicating quicker occupancy of rental homes in Beverly Hills, creating more return-on-investment security for investors.
