Glenmore Park Property Market Update 1st Half 2024
Glenmore Park in New South Wales offers a welcoming community atmosphere with excellent schools and expansive parks, ideal for families. Its proximity to Penrith provides easy access to shopping, dining, and entertainment options.
Property Trends
In Q1 2024, Glenmore Park recorded a median house price of $1,158,000, and a median unit price of $780,000. This represents annual (Q1 2023 – Q1 2024) median price growth of 15.8% for houses and of 8.3% for units. Total house sales increased between Q1 2023 – Q1 2024, by 5.7% to 92 sales, however declined by -16.7% for units, to 10 sales. With a stable cash rate, confidence has returned to Glenmore Park, with properties in high demand. Houses suggest real returns on investment, making now an ideal time for sellers to transact. There is an undersupply of units, thus now an ideal time for buyers to enter the market.
Average Vendor Discount
Average vendor discounts between Q1 2023 and Q4 2024 have slightly tightened to -2.3% for houses and widened to -2.4% for units.
Market Conditions
Overall, this suggests that the market conditions in Glenmore Park continue to favour buyers, with sellers accepting below the first listed price. That said, a tighter house average vendor discount suggests a price recovery is on the way, thus buyers must act fast.
Rental Market & Growth
House rental yields in Glenmore Park was 3.1% in April 2024, slightly higher than Penrith LGA and Sydney Metro (2.9%). This was paired with a 12.3% increase in median house rental price in the past 12 months to Q1 2024, at $730 per week, and a slight decrease in the number of houses rented, of -6.6% (to 113 rentals). This suggests there is an undersupply of houses for rent, which is good news for investors who are looking for an alternative area for investment. 2+ bedroom houses have provided investors with +12.5% rental growth annually, achieving a median rent of $450 per week.
Vacancy Rates & Property Investment
Glenmore Park recorded a vacancy rate of 1.3% in April 2024, which is on par with the Sydney Metro’s 1.2% average. Vacancy rates in Glenmore Park have held steady in the past 12 months, with fluctuations due to investors entering/exiting the market alongside cash rate movements. That said, a 1.3% vacancy rate is still well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, indicating there is quicker occupancy of rental properties in Glenmore Park. These key indicators create a conducive and sustainable environment for investors, even with a current increase in median sale prices of property in the past 12 months to Q1 2024.
