Derwent Valley Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Derwent Valley* recorded a median house price of $475,000, and a median unit price of $295,000. This represents an annual (Q2 2023 – Q2 2024) median price softening of -1.0% for houses and a price increase of 31.1% for land. During this time sales decreased, by -15.4% to 33 sales for houses and by -61.1% to 7 sales for land. This suggests an undersupply of land and a cautious house market. Now is an ideal time to enter the housing market in Derwent Valley*, as the median price is more affordable and there is less competition. That said, buyers must act fast, due to an absence of new ready-to-sell houses.
CHANGE FROM LAST
YEAR
Derwent Valley will see approximately $19.7M of new projects commencing construction in the 2nd half of 2024.
HALF YEAR
HOUSE SALE S
Residential
Commercial
$8.1M
$8.3M
HOUSE ME DIAN PRICE HOUSE RE NTAL PRICE Infrastructure
$3.3M
LAND SALE S
A focus on commercial projects will create local jobs in Derwent Valley*, which can have a spill-over to the real estate market, in the form of higher demand for housing. Infrastructure projects improve liveability for residents, which can draw more people to live in the area.
LAND ME DIAN PRICE
Key residential projects planned to commence include:
$
•
MARKET CONDITIONS
The Back River Road Residential Subdivision (60 lots)
•
SALES
30 McLeod Street Centacare Evolve Housing (52 lots)
•
5 Poulters Road (9 units)
MEDIAN PRICE Q2 2024
$475K
$295K
MEDIAN PRICE Q2 2024
$480
AVERAGE DAYS ON MARKET Q2 2024
104
132
HOUSE
U N I T
RENTALS
$438
AVERAGE DAYS ON MARKET Q2 2024
25
27
HOUSE
U N I T
Although there are some residential projects, they are delivering mostly land lots. With the lack of ready-tosell stand-alone houses planned, price pressures will continue, in all types of housing stock. Thus, current median house price softening seem to be temporary only, and now is an ideal time for buyers to act.
9 Units/ Apartments
141 Lots