Ramsgate Beach Property Market Update 1st Half 2024
In Q1 2024, Ramsgate Beach recorded a median house price of $2,100,000, and a median unit price of $725,000. This represents annual (Q1 2023 – Q1 2024) growth of 25.0% for houses and stability for units. Total sales declined between Q1 2023 – Q1 2024, by -30.8% (to 18 sales) for houses and increased by 5.3% (to 138 sales) for units. Houses in the area is significantly undersupplied, suggesting now is a good time to sell and capitalize on investments. The unit market is holding steady, even with a higher demand. With more units planned for construction in 2024, this creates a more affordable option for first home buyers.
Average vendor discounts between Q1 2023 and Q1 2024 have swung from a premium to a discount of -0.6% for houses, for the first time in the past 24 months. Average vendor discount for units have remained at a discount, in of -2.0% in Q1 2024, representing a stable discount level for the past 24 months. Both markets are currently providing buyers with discounts, which creates a rare opportunity in a usually premium market.
House rental yields in Ramsgate Beach was 2.7% in April 2024, slightly lower than Sydney Metro (2.9%). That said median house rental price increased by 17.2% in the past 12 months to Q1 2024, at $850 per week. Meanwhile the number of houses rented declined, by -5.4%, which indicate an undersupplied market. Median unit rental price increased by 14.0%, to $650 a week, and the number of units rented remained stable, indicating high demand.
3-bedroom houses have provided investors with +21.4% rental growth annually, achieving a median rent of $850 per week.
Ramsgate Beach recorded a vacancy rate of 1.0% in April 2024, on par to Sydney Metro’s 1.1% average. Vacancy rates in Ramsgate Beach have held steady over the past 12 months, indicating stability in rental demand. A 1.0% vacancy rate is also lower than the Real Estate Institute of Australia’s healthy benchmark of 3.0%, thus there is quicker occupancy of rental properties in Ramsgate Beach. These indicators create a conducive environment for investors, especially with a lower median unit sales price in the past 12 months to Q1 2024.
