Ingleburn Property Market Update 1st Half of 2024
In Q4 2023, Ingleburn recorded a median house price of $865,000, and a median unit price of $557,000. This represents annual (Q4 2022 – Q4 2023) median price softening of -0.6% for houses and a price growth of 7.1% for units. During this time sales increased, by 73.7% (to 450 sales) for houses and by 56.4% (to 147 sales) for units. The market in Ingleburn is highly demanded, especially for units. Cash rate hikes and consumer cautiousness is evident in the house market, with a slight softening in median price growth. That said this creates a window of opportunity for buyers looking for a more affordable option. Now is the time to transact.
Average vendor discounts between Q1 2023 and Q4 2023 have tightened to sit at -3.5% for houses and widened to -4.7% for units. Market conditions in Ingleburn remained in favour of buyers, with sellers willing to accept below the initial listing price. That said Q4 2023 recorded the tightest house average vendor discount, which suggest a slight shift towards sellers. With very little new houses planned, now is the time to act – before discounts diminish.
House rental yields in Ingleburn was 3.1% in December 2023, slightly higher than Sydney Metro (2.8%). This was paired with a 12.1% increase in median house rental price in the past 12 months to Q4 2023, to $650 per week, and a -3.1% decline in the number of houses rented (to 537 houses). The unit rental market showed a 14.3% increase in price (to $480per week) and 4.8% increase in the number of unit rented (to 220 units). The Ingleburn¥ house rental market is undersupplied and unit rentals are highly demanded, in good news for investors.
3+ bedroom houses have provided investors with +12.2% rental growth annually, achieving a median rent of $550 per week.
Ingleburn recorded a vacancy rate of 1.1% in December 2023, below Campbelltown LGA (2.2%) and Sydney Metro’s (1.7%) average. Vacancy rates in Ingleburn has seen an overall decline in the past 12 months, indicating a tighter rental market. Furthermore, rates is below the Real Estate Institute of Australia’s ‘healthy’ benchmark of 3.0%, thus quicker occupancy of rental properties. This confirms a conducive and sustainable environment for investors.
