Bexley North Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Bexley North* recorded a median house price of $1,897,000, and a median unit price of $980,000. This represents annual (Q3 2023 – Q3 2024) median price growth of 14.3% for houses and 33.3% for units. Comparing Q3 2023 – Q3 2024 sales declined, by -26.3% (to 56 sales in Q3 2024) for houses and by -32.1% (to 53 sales in Q3 2024) for units. Price growth is alongside lower amount of sales suggests the property market in Bexley North* is experiencing an undersupply, which creates a buffer against higher interest rates. This suggests that now is an ideal time for property owners to capitalise on their investments and sell.
CHANGE FROM LAST
YEAR
Bexley North will see approximately $89.2M of new projects commencing construction between 2023 and 2025.
Residential $14.0M
HALF YEAR
Mixed-Use Projects Commercial $22.4M $52.3M
HOUSE SALE S HOUSE ME DIAN PRICE HOUSE RE NTAL PRICE
Infrastructure $427.7K
UNIT SALE S
These projects will stimulate economic growth and more local job opportunities in Bexley North, which will have a spill-over impact on the real estate market, in the form of higher demand for housing.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
From 2023-2025 the Bexley North* area is set to experience housing supply injections through both mixed-use developments and solely residential developments. These include:
$
•
Kingsland Road (26 Units)
MARKET CONDITIONS
•
Abercorn Street (25 Units)
SALES
•
Shaw Street (11 Apartments)
•
120 Kingsland Road North Residential Subdivision (40 Lots)
MEDIAN PRICE Q3 2024
$1.89M
$980K
MEDIAN PRICE Q3 2024
$850
AVERAGE DAYS ON MARKET Q3 2024
52
34
HOUSE
U N I T
RENTALS
$650
AVERAGE DAYS ON MARKET Q3 2023
22
24
HOUSE
U N I T
The incoming supply of ready-to-go housing stock will address some of the demand. This is especially true for units, which can lead to a more sustainable level of price growth in the near future. That said there are no new stand-alone houses planned, and land lots take time to develop. Thus house prices will likely continue to increase, due to low stock.
65 Units/ Apartments
40 Lots