Beverly Hills Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Beverly Hills* recorded a median house price of $1,576,000, and a median unit price of $641,595. This represents annual (Q3 2023 – Q3 2024) median price growth of 12.6% for houses and 28.3% for units. Comparing Q3 2023 – Q3 2024, house sales declined by -7.9% (to 58 sales in Q3 2024) and unit sales increased by 34.3% (to 47 sales in Q3 2024). This suggests that the house market is undersupplied, whilst the unit market is in high demand. Trends in the market indicate now is an ideal time to sell and capitalise on investments, particularly for houses. Buyers must act fast, especially those looking for a unit.
CHANGE FROM LAST
YEAR
Beverly Hills will see approximately $169.6M of new projects commence construction between 2023-2025. Residential
$19.1M Commercial
HALF YEAR
Mixed-Use Projects
HOUSE SALE S
$66.9M
$50.9M
HOUSE ME DIAN PRICE HOUSE RE NTAL PRICE
Industrial
Infrastructure
$5.5M
$27.3M
UNIT SALE S
These projects will stimulate economic growth and create new job opportunities in Beverly Hills. This will have a spill-over impact on the real estate market, in the form of more demand for housing.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
The main commercial development in the 2nd half of 2024 is the Residential Care Facility – 3 Storey ($57.6M) in the Beverly Hills area*.
$
New residential supply in the area will be delivered through a mix of pure residential and mixed use including:
MARKET CONDITIONS MEDIAN PRICE Q3 2024
$1.576M
$642K
MEDIAN PRICE Q3 2024
$800
SALES
AVERAGE DAYS ON MARKET Q3 2024
35
50
HOUSE
U N I T
RENTALS
$630
•
Stoney Creek Road Mixed Development ($22.4M & 44 Units)
•
Karne Street South & Graham Road Dwellings ($5.9M & 46 Dwellings)
The incoming supply of ready-to-go housing stock will address some of the demand, which can lead to a more sustainable level of price growth.
AVERAGE DAYS ON MARKET Q3 2024
21
21
HOUSE
U N I T
21 Townhouses
139 Units/ Apartments
56 Dwellings