Ashmore Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Ashmore* recorded a median house price of $1,092,500, and a median unit price of $575,500. This represents annual (Q2 2023 – Q2 2024) growth of 20.3% for houses but a slight decline of -1.4% for units. During this time house sales increased by 12.0% to 56 sales, indicating high demand and market resilience even amidst high cash rate hikes. This presents an ideal time for owners to capitalise on their investments. In contrast, unit sales decreased notably, by -33.3% (to 38 sales), which combined with lower price growth indicates a less competitive market. This creates a window opportunity for first home buyers.
CHANGE FROM LAST
YEAR
Ashmore£ is set to see approximately $111.2M worth of new projects commencing in the 2nd half of 2024. Commercial Residential
$3.4M
$11.9M
Industrial
$5.0M Infrastructure
HALF YEAR
$10.9M
HOUSE SALE S HOUS E ME D IAN PRICE
Mixed-Use
HOUS E RE NTAL PRICE
$80.0M
UNIT S AL E S These projects will stimulate economic growth and create local job opportunities in Ashmore. This will have a spill-over impact on the real estate market, in the form of more demand for housing.
UNIT ME D IAN PRICE UNIT RE NTAL PRICE
A main mixed-use project is Marine Quarter Stage 2 - Scenic Tower ($50.0M), which will construct a 30storey residential building with 158 units and cafes.
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$1.0M
$575K
MEDIAN PRICE Q2 2024
$850K
SALES
AVERAGE DAYS ON MARKET Q2 2024
33
46
HOUSE
U N I T
RENTALS
$650K
Key residential projects include:
AVERAGE DAYS ON MARKET Q2 2024
22
16
HOUSE
U N I T
•
Brighton On The Park Apartments Southport (12 Apartments)
•
42 Allan Street Villas (13 Villas)
These projects will supply units and townhouses only; thus, there is still no new stand-alone houses planned. This will put pressure on prices for all property types. Buyers must act fast as there will be more competition in the market and their opportuinity (at the current price) will be limited.
170 Units/ Apartments
13 Townhouses