Port Stephens Property Market Update 1st Half of 2022
In Q1 2022, Port Stephens recorded a median house price of $1,011,000, and a median unit price of $655,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 24.8% for houses and 31.0% for units. Total house sales increased between Q1 2021 – Q1 2022, by 2.3% (to 133 sales), and decreased by -30.2% (to 81 sales) for units. There is an undersupply in the Port Stephens unit market, as exponential price growth is coupled with a lower number of sales transactions. Now is an ideal time for homeowners to sell in Port Stephens, and benefit from a highly demanded market
Average vendor discounts between Q1 2021 and Q1 2022 have rapidly tightened for both property types, to less of a discount at -0.4% for houses and -0.9% for units. Market conditions in Port Stephens have now shifted to favour vendors, as buyers are willing to offer closer to the initial listing price. Now is the time to sell.
House rental yields in Port Stephens sat at 3.2% in March 2022, much higher than Sydney Metro (2.3%). This was paired with a 22.7% increase in median house rental price and a 40.0% (to 63 rentals) increase in demand for rental properties in the 12 months to Q1 2022. This confirms Port Stephens as a more affordable and attractive investment alternative when compared to Sydney Metro.
2 bedroom houses have provided investors with +25.7% rental growth annually, achieving a median rent of $440 per week.
Port Stephens recorded a vacancy rate of 0.5% in March 2022, well below Sydney Metro’s 1.6% average. Vacancy rates in Port Stephens held steady over the past 12 months and within the 1.0% range over the past 18 months. This indicates a stability in the area’s rental demand. These key indicators create a conducive and sustainable environment for investors, despite the increase in median sale prices of property over the past 12 months
