Beverly Hills Property Market Update 1st Half 2024
In Q1 2024, Beverly Hills recorded a median house price of $1,575,000, and a median unit price of $637,000. This represents annual (Q1 2023 – Q1 2024) median price growth of 23.3% for houses and softening of -7.7% for units. During this time total sales increased, by 14.3% (to 64 sales) for houses and by 48.6% for units (to 52 sales). Confidence has returned to Beverley Hills, with properties in high demand and creating a buffer against higher interest rates. For the house market, now is an ideal for owners to seek a return on investments. Comparatively, the unit market has become more affordable, thus an ideal time to enter the market.
Average vendor discounts between Q1 2023 and Q1 2024 have slightly tightened to a lower discount of -0.3% for houses and swung from a premium to a discount of -1.3% for units. The house market still favours buyers, as vendors are still willing to accept below the first list price. However, with a lower discount, buyers must act fast. Unit buyers now benefit from a discount, thus an ideal time to buy.
House rental yields in Beverly Hills was 2.8% in April 2024, on par with Sydney Metro (2.9%). This was paired with an 8.3% increase in median house rental price in the past 12 months to Q1 2024, at $780 per week. The number of houses rented declined by -28.6% to 50 rentals in this time, indicating an undersupplied house rental market, which is ideal for investors.
2-bedroom houses have provided investors with +30.0% rental growth annually, achieving a median rent of $650 per week.
Beverly Hills recorded a vacancy rate of 0.8% in April 2024, which is below Sydney Metro’s 1.2% average. Vacancy rates in Beverly Hills have held relatively steady over the past 12 months, with some fluctuations due to investors entering/exiting the market alongside cash rate changes. A 0.8% vacancy rate is significantly below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, indicating quicker occupancy of rental properties. This creates a conducive and sustainable environment for investors, despite the current increase in median house prices in the past 12 months to Q1 2024.
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