Laurieton Property Market Update 1st Half 2023
In Q1 2023, Camden Haven recorded a median house price of $795,000, and a median unit price of $527,000. This represents annual (Q1 2022 – Q1 2023) median price softening of -0.6% for houses and a median price growth of 10.4% for units. However, on a quarterly basis (Q4 2022 – Q1 2023) median house price grew by 5.3%. Thus, whilst cash rate hikes did translate into the market, consumer confidence has returned. House sales declined by -26.9% in the past 12 months, thus recent price growth is due to an undersupply. For those looking for a more affordable house market, time is of the essence.
Average vendor discounts between Q1 2022 and Q1 2023 have widened to a higher discount of -6.2% for houses and -2.2% for units. Market conditions in Camden Haven continue to favour buyers, as sellers are willing to accept below the first listing price. Average vendor discounts have stabilised in the past quarter; thus, time is of the essence for first home buyers.
House rental yields in Camden Haven (2443) was 3.0% in March 2023, slightly above Sydney Metro (2.9%). Furthermore, median house rental price increased by 7.3% (to $590 per week) in the past 12 months to Q1 2023, and the number of houses rented increased by 62.5% (to 65 rentals). Meanwhile median unit rental price held relatively stable whilst the number of units rented increased. Overall, this indicates strong rental demand, in good news for investors.
4+ bedroom houses have provided investors with +8.9% rental growth annually, achieving a median rent of $550 per week.
Camden Haven recorded a vacancy rate of 1.8% in March 2023, above Sydney Metro’s 1.3% average. Vacancy rates in Camden Haven have held relatively steady over the past 12 months, trending within the 1.0-2.0% band-rate. This suggests quicker occupancy of rental properties. These key indicators create a conducive and sustainable environment for investors, even if property sale prices have started to normalise in the last quarter (Q4 2022 – Q1 2023).
