Blue Mountains Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Blue Mountains* recorded a median house price of $907,500, and a median unit price of $715,000. This represents annual (Q2 2023 – Q2 2024) median price growth of 7.8% for houses and 10.8% for units. In this timeframe houses sales declined, by -2.5% (to 355 sales), whilst unit sales increased, by 14.3% (to 24 sales). Confidence has returned to Blue Mountains*, with a highly demanded unit market and an undersupplied house market. This has created a buffer against higher interest rates, thus a price growth for both property types. This also suggests that now is an ideal time for owners to capitalise on their investments.
CHANGE FROM LAST
YEAR
Blue Mountains will see approximately $18.9M of new projects commencing construction in the 2nd half of 2024. Residential
$2.4M
HALF YEAR
Commercial
HOUSE SALE S
Infrastructure
$6.4M
$4.0M
HOUS E ME D IAN PRICE HOUS E RE NTAL PRICE
Industrial
$6.2M
UNIT S AL E S The combination of these projects will stimulate economic growth and improve liveability in the Blue Mountains, as well as create local jobs. This should have an impact on the real estate market, in the form of higher demand for housing stock.
UNIT ME D IAN PRICE UNIT RE NTAL PRICE
$
Key infrastructure projects initiated by the Local Government include:
MARKET CONDITIONS MEDIAN PRICE Q2 2024
$907K
$715K
MEDIAN PRICE Q2 2024
$610
SALES
AVERAGE DAYS ON MARKET Q2 2024
56
50
HOUSE
U N I T
R E N T A L S AVERAGE DAYS ON MARKET Q2 2024
$510
19
18
HOUSE
U N I T
•
Linden to Faulconbridge shared path
•
Wentworth Falls Lake Dam Spillway and boat ramp
All of which will improve liveability for current residents. There is only one residential project planned in the 2nd half of 2024, the Stuarts Road Subdivision ($2.4M), due to add 48 lots to the market. With no new incoming ready-to-go supply planned, an undersupply is expected. This will continue to push up house and unit prices higher.
48 Lots