Hurstville Property Market Update 1st Half 2024
In Q4 2023, Hurstville recorded a median house price of $1,740,000, and a median unit price of $710,000. This represents an annual (Q4 2022 – Q4 2023) softening of -5.1% for houses and growth of 7.9% for units. Total sales increased during this time, by 38.7% (to 43 sales) for houses and by 42.7% (to 117 sales) for units. Confidence has returned to Hurstville, with properties in high demand - particularly for units. This suggests real returns on investment, making now a good time to transact units. There is now a more affordable house market, which is good news for buyers. However, time is limited, due to an absence of new houses being built.
Average house vendor discounts between Q4 2022 and Q4 2023 have remained at a premium, but at a lower rate of 1.7%. Average vendor discounts for units have tightened to -1.8%. This suggests unique opportunities. Sellers can benefit from a final price that is either close to or above the first list price. Buyers also benefit, either a discount or a lower premium than prior. Now is the time to transact.
House rental yields in Hurstville was 2.5% in December 2023, slightly lower than Sydney Metro (2.8%). However median house rent increased by 26.9% in the past 12 months to Q4 2023, to $850 per week, and the number of houses rented declined by -14.8% (46 rentals). There is an undersupplied rental house market, which is beneficial for investors. The unit rental market is highly demanded, with a 20.7% increase in median rents, to $700 per week.
4+ bedroom houses have provided investors with +22.2% rental growth annually, achieving a median rent of $1,100 per week.
Hurstville recorded a vacancy rate of 2.1% in December 2023, slightly above Sydney Metro’s 1.7% average. Vacancy rates in Hurstville have held relatively steady in the past 12 months, with slight fluctuations due to investor and cash rate movements. However, a 2.1% vacancy rate is still below the Real Estate Institute of Australia’s ‘Healthy’ Benchmark of 3.0%, thus a quicker occupancy of rental properties. This suggests a conducive investment condition for investors, especially with a more affordable house market in the past 12 months.
