Dapto Property Market Update 2nd Half of 2020

In Q3 2020, Dapto recorded a median house price of $587,500 and a median unit price of $491,000. This represents annual (Q3 2019 – Q3 2020) median price growth of 4.0% for houses and softening of -7.2% for units. Between Q3 2019 – Q3 2020 total sales in both markets slowed, by -5.3% for houses (to 124 sales) and by -47.6% for units (to 11 sales). This is potentially due to low stock in the market and/or COVID-19 restrictions. That said positive median house price growth during COVID-19 shows market resilience, whereas units have become more affordable for first home buyers.

Average vendor discounts between Q3 2019 and Q3 2020 have tightened for both property types, to -3.1% for houses and -4.1% for units. Dapto provide unique opportunities. Sellers can achieve a final sale price closer to their first list price, whilst buyers can still benefit from a discount. Now is the time to transact.

In September 2020, house rental yields in Dapto were recorded at 3.8%. In the 12 months to Q3 2020, the median house rental price has increased to $488 per week, while average days on the market declined by -26.1% (to 17 days). Overall this reveals Dapto have remained a resilient rental market throughout COVID-19.

3 bedroom houses have provided investors with +2.2% rental growth annually, with a median rent of $460 per week.

Also in September 2020, Dapto recorded an extremely low vacancy rate of just 0.4%; below that of an already very low rate of 0.8% in Wollongong LGA, and well below Sydney Metro (3.5%). Vacancy rates in Dapto is now at a historical low, well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, and continuing on a declining trend even amidst COVID-19 conditions. This confirms there is still a healthy rental demand in Dapto, benefitting investors.