Laurieton Property Market Update 2nd Half 2023
In Q3 2023, Laurieton recorded a median house price of $795,000, and a median unit price of $500,000. This represents annual (Q3 2022 – Q3 2023) softening of -0.6% for houses and -5.2% for units. Total sales decreased between Q3 2022 – Q3 2023, by -11.5% (to 77 sales) for houses and grew by 25.0% for units (to 10 sales). Successive interest rates hikes have translated into the market, as a price decline is evident regardless the number of sales. This creates opportunities for buyers who are looking for a more affordable market, however time is of the essence due to the lack of new stock.
Average vendor discounts between Q3 2022 and Q3 2023 have remained relatively stable for both property types, at discounts of -5.5% for houses and -3.4% for units. Market conditions in Laurieton continue to favour buyers, as vendors are willing to accept below the initial listing price. Now is the time to buy.
House rental yields in Laurieton were 2.6% in September 2023, on par with Sydney Metro (2.7%). This was paired with a slight 3.5% increase median house rental price in the past 12 months to Q3 2023, to $585 per week, and a 34.5% increase in the number of houses rented; to 70 houses, which is the highest recorded in the past 18 months. This suggests that the Laurieton rental market is starting to become saturated, although at present there is still capital returns for investors.
House have returned stable rental growth annually, with 4+ bedroom houses achieving a median rent of $650 per week.
Laurieton recorded a vacancy rate of 1.7% in September 2023, higher than Sydney Metro’s 1.3% average. Vacancy rates in Laurieton have increased slightly in the past 12 months, due to investors entering the market and capitalising on higher yields. That said, a 1.7% vacancy rate is still low, thus quicker rental occupancy. This suggests a conducive and sustainable environment for investors, especially with a more affordable house and unit sales price in the past 12 months to Q3 2023.
