Clarence Market Update 1st H a l f 2 0 2 5
FUTURE DEVELOPMENTS
OVERVIEW
In Q4 2024, Clarence* recorded a median house price of $718,000, and a median unit price of $596,750. This is an annual (Q4 2023 – Q4 2024) softening of -6.4% for houses and a growth of 0.3% increase for units. Comparing Q4 2023 – Q4 2024, sales increased by 28.6% for houses (to 216 sales in Q4 2024) but declined by -30.0% for units (to 42 sales in Q4 2024). The current softening in house prices reflects higher interest rates. That said, in the past 6 months to Q4 2024 median house price grew by 0.8%, which suggests a possible recovery in 2025. Thus, buyers must act fast to benefit from the current more affordable market.
CHANGE FROM LAST
YEAR
Clarence is set to see approximately $1.2B of new projects commencing construction in 2025. Commercial $13.7M
Industrial $25.4M Infrastructure
Residential
$171.2M
$56.6M
HALF YEAR
HOUSE SALE S HOUSE ME DIAN PRICE
Mixed-Use Projects $955.9M
HOUSE RE NTAL PRICE
UNIT SALE S
These projects will stimulate economic growth and create new job opportunities in Clarence. This will have a positive spillover impact on the real estate market, in the form of higher demand for housing.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
There are multiple residential and mixed-use projects planned for 2024 that will help boost supply, including:
$ MARKET CONDITIONS MEDIAN PRICE Q4 2024
$718K
$596K
MEDIAN PRICE Q4 2024
$570
SALES
AVERAGE DAYS ON MARKET Q4 2024
54
65
HOUSE
U N I T
RENTALS
$498
•
Skylands Masterplan (Residential & Commercial)
•
2A Ringwood Road & South Arm Lauderdale Mixed Use Development (4 Duplexes & 5 Apartments)
•
6 Aralia Street Units (44 Units)
•
8 & 10 Petchey Street Townhouses (17 Townhouses)
These projects will assist in answering the current demand, ensuring prices grow at a sustainable level.
AVERAGE DAYS ON MARKET Q4 2024
18
13
HOUSE
U N I T
126 Units/ Apartments
40 Townhouses
104 Dwellings
235 Lots