Ramsgate Beach Property Market Update 2nd Half 2024
Ramsgate Beach is a picturesque suburb locates 16 kilometres south of Sydney along the shores of Botany Bay. Ramsgate Beach is part of the Bayside City Council area and along with its sandy beaches and calm waters which are ideal for families.
Property Trends
In Q3 2024, Ramsgate Beach recorded a median house price of $2,400,000, and a median unit price of $750,000. This represents annual (Q3 2023 – Q3 2024) median price growth of 35.2% for houses and a minor price softening of -2.9% for units. Comparing Q3 2023 – Q3 2024, total sales declined by -2.9% (to 34 sales in Q3 2024) for houses and by -28.8% (to 126 sales in Q3 2024) for units. The Ramsgate Beach market is currently experiencing a significant undersupply, which has created a buffer against higher interest rates. This indicates that now is an ideal time for investors to capitalise on their investments and sell.
Project Development
Ramsgate Beach will see approximately $50.1M of projects commencing construction in 2024. Residential ($21.5M) and Mixed-use ($22.9M) dominate the developments commencing. Whilst this will help with the unit supply to Ramsgate Beach, with no new incoming ready-to-go houses planned, an undersupply of houses is expected.Ramsgate Beach will see approximately $50.1M of projects commencing construction in 2024. Residential ($21.5M) and Mixed-use ($22.9M) dominate the developments commencing. Whilst this will help with the unit supply to Ramsgate Beach, with no new incoming ready-to-go houses planned, an undersupply of houses is expected.
Rental Market & Growth
House rental yields in Ramsgate Beach was 3.2% in September 2024, slightly higher than Bayside LGA (2.9%) and Sydney Metro (2.8%). This was paired with a 9.0% increase in median house price in the past 12 months to Q3 2024, at $850 per week. The number of houses rented declined by -23.1% in the past 12 months, to 30 rentals in Q3 2024, suggesting an undersupply of house rentals. A similar pattern, of higher rent, can be seen in the unit rental market. However, the number of units rented increased in the past 12 months, which suggests strong demand. Combined, this is beneficial to investors.House rental yields in Ramsgate Beach was 3.2% in September 2024, slightly higher than Bayside LGA (2.9%) and Sydney Metro (2.8%). This was paired with a 9.0% increase in median house price in the past 12 months to Q3 2024, at $850 per week. The number of houses rented declined by -23.1% in the past 12 months, to 30 rentals in Q3 2024, suggesting an undersupply of house rentals. A similar pattern, of higher rent, can be seen in the unit rental market. However, the number of units rented increased in the past 12 months, which suggests strong demand. Combined, this is beneficial to investors.
Vacancy Rates & Property Investment
Ramsgate Beach recorded a vacancy rate of 1.7% in September 2024, on par with the Bayside LGA’s 1.7% average and Sydney Metro’s 1.6%. Vacancy rates in Ramsgate Beach increased in the past 12 months, due to investors returning to the market. This is not unexpected and is occurring in all parts of Greater Sydney. Further, a 1.7% vacancy rate is still below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, suggesting quicker occupancy of rental homes. Overall, there is a conducive environment for investors in Ramsgate Beach.Ramsgate Beach recorded a vacancy rate of 1.7% in September 2024, on par with the Bayside LGA’s 1.7% average and Sydney Metro’s 1.6%. Vacancy rates in Ramsgate Beach increased in the past 12 months, due to investors returning to the market. This is not unexpected and is occurring in all parts of Greater Sydney. Further, a 1.7% vacancy rate is still below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, suggesting quicker occupancy of rental homes. Overall, there is a conducive environment for investors in Ramsgate Beach.
