Laurieton Property Market Update 2nd Half of 2022
In Q3 2022, Camden Haven recorded a median house price of $800,000. This represents annual (Q3 2021 – Q3 2022) 26.0% median price growth. That said on a quarter-by-quarter basis (Q2 2022 – Q3 2022) median house price softened by -1.2%. This reflects interest rates hikes starting to translate into the market. Total house sales decreased annually and quarterly, with Q3 2022 recording the lowest number (79 sales). Units recorded a 9.8% median price growth annually and softened -10.6% quarterly, thus cash rate movements are impacting all property types. New opportunities exist buyers in both markets.
Average vendor discounts between Q3 2021 and Q3 2022 have widened to a higher discount of -4.4% for both houses and units at -4.4%. Market conditions in Camden Haven continue to favour buyers, as sellers are willing to accept below the first listing price. Q3 2022 records the largest discount in the past 12 months.
In September 2022 house rental yields in Camden Haven were recorded at 3.3%, above Sydney Metro (2.5%). Median house rental price increased by 22.2% in the 12 months to Q3 2022, to $550 per week. An undersupply is evident, as the double-digit median house rental price growth is alongside a -57.1% decline in the number of houses rented. This suggests a resilient rental market in Camden Haven, which has a more affordable investment entry price compared to Sydney Metro.
4+ bedroom houses have provided investors with +9.6% rental growth annually, achieving a median rent of $800 per week.
Camden Haven recorded a vacancy rate of 1.1% in September 2022, which is slightly below 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% band-rate. These key indicators create a conducive and sustainable environment for investors, particularly with a more affordable entry price in Q3 2022, due to a lower median house price growth rate in the past quarter (between Q2 – Q3 2022).
