Ramsgate Beach Property Market Update 2nd Half 2023
In Q3 2023, Ramsgate Beach recorded a median house price of $1,817,000, and a median unit price of $765,000. This represents annual (Q3 2022 – Q3 2023) softening of -6.8% for houses and a growth of 12.5% for units. Sales increased between Q3 2022 – Q3 2023, by 21.7% (to 56 sales) for houses and by 22.1% (to 160 sales) for units. Current economic conditions and cash rates have translated into Ramsgate Beach, as higher transaction volume is seen with decreased median price. Houses in particular was impacted, now offering a more affordable market and new opportunities for first home buyers.
Average vendor discounts between Q3 2022 and Q3 2023 have shifted to a higher premium of 12.5% for houses and tightened to a smaller discount of -1.4% for units. Market conditions in Ramsgate Beach have now shifted to favour vendors, as buyers must either offer closer to or above the first list price. Buyers can still access a discount for units, however, must act fast.
House rental yields in Ramsgate Beach was 4.4% in September 2023, much higher than Sydney Metro (2.8%). This was paired with a 15.6% increase in median house rental price in the 12 months to Q3 2023, to $850 per week, and a -13.2% decline in the number of houses rented (to 66 houses). The same pattern can be seen in the unit market, which suggests a highly demanded and undersupplied rental market, in good news for investors.
2-bedroom houses have provided investors with +22.6% rental growth annually, achieving a median rent of $650 per week.
Ramsgate Beach recorded a vacancy rate of 1.2% in September 2023, on par to Sydney Metro’s 1.3% average. Vacancy rates in Ramsgate Beach held relatively steady in the past 12 months, with some fluctuations due to investors entering or exiting the market as a reaction to cash rate hikes. However, a 1.2% vacancy rate is still very low, suggesting quicker rental occupancy in Ramsgate Beach. These key indicators create a conducive and sustainable environment for investors.
