Laurieton Property Market Update 2nd Half 2024
Laurieton is a charming coastal town nestled on the mid-north coast of New South Wales about 300km north of Sydney. Known for its stunning beauty, Laurieton offers a tranquil escape with pristine beaches, forests and is home to the iconic North Brother Mountain with its panoramic views. Laurieton is a friendly community with a relaxed atmosphere making it an ideal family environment.
Property Trends
In Q3 2024, Laurieton recorded a median house price of $799,000 and a median unit price of $595,000. This is an annual (Q3 2023 – Q3 2024) slight softening of -2.3% for median house price and a growth of 19.0% for median unit price. Comparing Q3 2023 – Q3 2024, sales increased by 14.7% for houses (to 86 sales in Q3 2024) and by 40.0% for units (to 14 sales). This suggests high demand for both property types, thus now is an ideal time for home-owners to capitalise on their investments. A slightly softer median house price is due to higher interest rates, which creates a rare (and time-limited) opportunity for first home buyers.
Project Development
Laurieton will see approximately $245.7M of new projects commencing construction in 2024. The majority of these developments will be mixed-use projects, with the Lake Cathie Bonny Hills Village Rainbow Beach ($200.0M) dominating the region and adding 930 residential subdivisions to Laurieton. 9-15 Whitewater Terrace & Surfers Drive Apartments – The Pacific ($16.0M – 35 Apartments) and Hampton Shores ($6.0M – 31 Dwelling/31 Residential Subdivisions) as well as others will add much needed stock.
Rental Market & Growth
House rental yields in Laurieton were 3.6% in September 2024, slightly higher than Sydney Metro (2.8%). This was paired with a 6.9% increase in median house rent price in the past 12 months to Q3 2024, at $620 per week. The number of houses rented declined by -22.5% in the past 12 months, to 55 rentals in Q3 2024. Similarly, median unit rent price rose by 27.9% to $550, but the number of units rented fell by -44.2% to 24 units in Q3 2024. This confirms there is an undersupply of rental properties in Laurieton, which is beneficial to investors.
Vacancy Rates & Property Investment
Laurieton recorded a vacancy rate of 0.4% in September 2024, lower than Port Macquarie-Hastings LGA’s 0.9% and Sydney Metro’s 1.6% averages. Vacancy rates in Laurieton declined in the past 12 months, signalling an even tighter rental market. Further, a 0.4% vacancy rate is well below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, suggesting quick occupancy of rental homes. This is a highly conducive environment for investors.
