Beverly Hills Market Update 1 st H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q1 2024, Beverly Hills* recorded a median house price of $1,575,000, and a median unit price of $637,000. This represents annual (Q1 2023 – Q1 2024) median price growth of 23.3% for houses and softening of -7.7% for units. During this time total sales increased, by 14.3% (to 64 sales) for houses and by 48.6% for units (to 52 sales). Confidence has returned to Beverley Hills*, with properties in high demand and creating a buffer against higher interest rates. For the house market, now is an ideal for owners to seek a return on investments. Comparatively, the unit market have become more affordable, thus an ideal time to enter the market.
CHANGE FROM LAST
YEAR
Beverly Hills* will see approximately $106.8M worth of new projects due to commence construction in 2024. Residential
$9.9M
HALF YEAR
Mixed-Use Projects
HOUSE SALE S
$25.5M
Commercial
HOUS E ME D IAN PRICE
$67.6M
HOUS E RE NTAL PRICE
Industrial
$3.8M
UNIT S AL E S
A focus on commercial projects stimulate economic growth and create new jobs in the Beverly Hills area. This can have a spillover impact on the real estate market, in the form of higher demand for housing.
UNIT ME D IAN PRICE UNIT RE NTAL PRICE
New residential supply in the area will be delivered through a mix of pure residential and mixed-use, such as:
$ MARKET CONDITIONS MEDIAN PRICE Q1 2024
$1.57M
$637K
MEDIAN PRICE Q1 2024
$780
SALES
AVERAGE DAYS ON MARKET Q1 2024
51
84
HOUSE
U N I T
RENTALS
$570
•
892-906 Canterbury Rd (50 units)
•
35-37 Karne St South & 71-83 Graham Rd (45 dwellings)
•
47-51 Chapel St (10 townhouses)
With more ready-to-go units planned in 2024, a further median unit price softening is possible, which is good news for buyers. New townhouses and houses will answer some of the current demand, keeping prices at a more sustainable level.
AVERAGE DAYS ON MARKET Q1 2024
21
17
HOUSE
U N I T
83 Units/ Apartments
10 Townhouses
45 Dwellings