Dapto Property Market Update 1st Half 2024
In Q1 2024, Dapto recorded a median house price of $821,500, and a median unit price of $645,000. This represents annual (Q1 2023 – Q1 2024) median price growth of 2.7% for houses and 4.9% for units. During this time total sales increased, by 38.1% (to 145 sales) for houses and by (70.6%) for units to 29 sales. Confidence has returned to Dapto, with properties in high demand. This has created a buffer against higher interest rates, evident through continuous median price growth. This suggests now is an ideal time for owners to capitalise on investments. With little new stand-alone stock planned, buyers need to act fast.
Average vendor discounts between Q1 2023 and Q1 2024 have tightened, to lower discounts of -2.7% for houses and -2.6% for units. Buyers are still able to access discounts in Q1 2024, however this is the tightest recorded in the past 24 months. This indicate that the market is starting to shift towards a market recovery, thus buyers must act fast.
House rental yields in Dapto was 3.7% as of April 2024, higher than Wollongong LGA (3.2% and Sydney (2.9%). This was paired with a 14.5% increase in median house rental price in the past 12 months to Q1 2024, at $630 per week, and a 1.1% increase in the number of houses rented (to 94 rentals). Average days in the market decreased to a historical low level of 16 days. Combined, this suggests a highly demanded rental market, beneficial for investors.
3-bedroom houses have provided investors with +3.6% rental growth annually, achieving a median rent of $580 per week.
Dapto recorded a vacancy rate of 0.4% in April 2024, significantly below Sydney Metro’s 1.2% average. Vacancy rates in Dapto have decreased in the past 12 months, indicating tighter rental demand. Further, a 0.4% vacancy rate is significantly lower than the Real Estate Institute of Australia’s healthy benchmark of 3.0%, indicating quicker occupancy of rental homes. This confirms Dapto as a conducive investment market for investors, and one that is more affordable and attractive market compared to Sydney Metro.
