Hurstville Property Market Update 2nd Half 2023
In Q2 2023, Hurstville recorded a median house price of $2,102,000 and a median unit price of $685,000. This represents annual (Q2 2022 – Q2 2023) median price growth of 15.8% for houses and 4.1% for units. Hurstville saw a continuous price growth over the quarter (Q1 2023 – Q2 2023), after seeing a slight dip in late 2022/early 2023. This suggests a market recovery even with cash rate hikes. In the past 12 months to Q2 2023 house sales have declined by -38.1% (to 26 sales), which suggests a market undersupply underpins price growth. Confidence has returned to Hurstville, with properties in high demand.
House rental yields in Hurstville at 2.6% in June 2023, slightly lower than Sydney Metro (2.8%). That said in the 12 months to Q2 2023 median house rental price increased by 23.1% to sit at $800 per week, alongside a -2.4% decline in the houses rented (to 41 rentals). Average days on the market have increased slightly but is still at a low 27 days. The same pattern can be seen in the unit market, thus confirming a resilient and continuously undersupplied rental market in Hurstville.
2-bedroom houses have provided investors with +40.0% rental growth annually, achieving a median rent of $630 per week.
Hurstville recorded a vacancy rate of 1.3% in June 2023, which is below Sydney Metro’s 1.7% average. Vacancy rates in Hurstville have significantly decreased over the past 12 months, indicating an increase in rental demand. Hurstville now has a vacancy rate under the Real Estate Institute of Australia’s healthy benchmark (of 3.0%), indicating an undersupplied market and quicker occupancy of rental properties. This suggests a conducive and sustainable environment for investors.
