Bexley North Property Market Update 2nd Half 2024
Bexley North is located approximately 13 kilometres southwest of the Sydney CBD and is part of the St George area and Bayside Council district. The suburb is home to a variety of shopping centres, schools and libraries and is well connected to public transport. This makes it an ideal family environment.
Property Trends
In Q3 2024, Bexley North recorded a median house price of $1,897,000, and a median unit price of $980,000. This represents annual (Q3 2023 – Q3 2024) median price growth of 14.3% for houses and 33.3% for units. Comparing Q3 2023 – Q3 2024, sales declined by -26.3% (to 56 sales in Q3 2024) for houses and by -32.1% (to 53 sales in Q3 2024) for units. Price growth alongside a lower number of sales suggests the property market in Bexley North is experiencing an undersupply. This creates a buffer against higher interest rates and has driven price growth. Thus, now is an ideal time for property owners to capitalise on their investments and sell.
Project Development
Bexley North will see approximately $89.2M of new projects commencing construction between 2023 and 2025. There are three residential projects planned between 2023 and 2025, including 1-3 Abercorn Street Units ($8.9M), which will add 25 units to Bexley North. There are also two mixed-use developments commencing in this time frame, such as 7-11 Kingsland Road & Commercial Units ($15.6M).
Rental Market & Growth
House rental yields in Bexley North were 2.8% in September 2024, on par with the Bayside LGA (2.9%) and Sydney Metro (2.8%). This was paired with a 7.6% increase in median house rental price in the past 12 months to Q3 2024, at $850 per week. The number of houses rented declined by -30.0% in the past 12 months, to 56 rentals in Q3 2024, suggesting an undersupply, which is ideal for investors. Conversely, the unit rental market has seen an increase in the number of units rented but the median rent has remained consistent, indicating the market has reached an equilibrium.
Vacancy Rates & Property Investment
Bexley North recorded a vacancy rate of 1.5% in September 2024, on par with the Bayside LGA’s 1.7% and Sydney Metro’s 1.6%. Vacancy rates in Bexley North have fluctuated in the past 12 months, with an increasing trend in the past 6 months. This is not abnormal, considering investors are returning to the market due to stable cash rates. Further, a 0.8% vacancy rate is significantly below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, suggesting quicker occupancy of rental homes in Bexley North. This creates a conducive environment for investors.
