Bexley North Property Market Update 1st Half 2024
In Q1 2024, Bexley North recorded a median house price of $1,615,000, and a median unit price of $660,000. This represents annual (Q1 2023 – Q1 2024) median price growth of 9.7% for houses and a minor price softening of -4.9% for units. Total sales increased between Q1 2023 – Q1 2024, by 28.0% (to 64 sales) for houses and by 33.3% (to 64 sales) for units. Confidence has returned to Bexley North, with higher demand for properties. Houses especially real returns on investments, in good news for owners. Conversely, the unit market is slightly more affordable in Q1 2024, suggesting now is a good time to enter the market.
Between Q1 2023 and Q1 2024 the average vendor house discount has remained at a premium, now higher at 7.0%. The average vendor discounts for units are also still at a premium, at a higher rate of 1.0%. Market conditions in Bexley North continue to favour sellers, where buyers must offer premiums above the initial listing price. That said, compared to Q4 2023 this signifies a stabilisation in the premium paid, which creates an opportunity for buyers.
House rental yields in Bexley North was 2.9% in April 2024, on par with Sydney Metro (also 2.9%). This was paired with a 7.6% increase in median house rental price in the past 12 months to Q1 2024, at $850 per week, and a -12.9% decrease (to 54 rentals) in the number of houses rented. The same pattern can be seen in the unit rental market, suggesting an overall undersupply. This is good news for investors.
2-bedroom houses have provided investors with +18.2% rental growth annually, achieving a median rent of $650 per week.
Bexley North recorded a vacancy rate of 0.9% in April 2024, slightly below Sydney Metro’s 1.1% average. Vacancy rates in Bexley North have fluctuated in the past 12 months due to investors entering/exiting the market alongside interest rate changes. That said, a 0.9% vacancy rate is still significantly below the Real Estate Institute of Australia’s ‘Healthy’ Benchmark of 3.0%, which suggests rental properties are occupied quicker in Bexley North. These key indicators indicate a conducive investment market.
