Brighton Market Update 2 nd H a l f 2 0 2 4
OVERVIEW
In Q2 2024, Brighton* recorded a median house price of $552,500, and a median unit price of $527,500. This represents annual (Q2 2023 – Q2 2024) median price softening of -7.9% for houses and a price increase of 4.5% for units. During this time house sales increased, by 16.1% (to 65 sales), and decreased for units by -27.3% (to 8 sales). This suggests that there is an undersupply in the unit market, as price growth is alongside lower number of sales. Thus, now is an ideal time for homeowners to capitalise on their investment. Houses are currently more affordable, which creates an opportunity for first home buyers to enter the market.
CHANGE FROM LAST
YEAR
HALF YEAR
FUTURE DEVELOPMENTS Brighton is set to see approximately $52.5M worth of new projects commencing in the 2nd half of 2024.
Residential
$11.2M
HOUSE SALE S
Mixed-Use
HOUS E ME D IAN PRICE
$10.4M
Projects
Industrial
$10.8M
Infrastructure
$20.1M
HOUS E RE NTAL PRICE The combination of these projects will stimulate economic growth and improve liveability in Brighton, 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 S AL E S UNIT ME D IAN PRICE UNIT RE NTAL PRICE
The main residential project in the 2nd half of 2024 is the Herdsmans Cove Centacare Evolve Housing Units ($10.0M). The project is set to add 40 units to the Brighton* area. The other residential project set to commence is the 39 & 41 Fouche Avenue Units ($1.2M), adding 4 units.
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$552K
$527K
MEDIAN PRICE Q2 2024
$465
SALES
AVERAGE DAYS ON MARKET Q2 2024
79
126
HOUSE
U N I T
RENTALS
$430
AVERAGE DAYS ON MARKET Q2 2024
25
22
HOUSE
U N I T
There are two social and affordable housing projects planned, by Local and State Governments. Although there is new ready-to-sell stock planned, it is all units; there is still an absence of new stand-alone houses. With houses in high demand, this will continue to push up house prices. This indicates a potential price recovery sooner than later.
44 Units/ Apartments
121 Lots