Hunter Valley Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW In Q2 2024, Hunter Valley* recorded a median house price of $760,000, and a median unit price of $547,500. This represents annual (Q2 2023 – Q2 2024) median price growth of 3.4% for houses 3.3% for units. On a quarterly basis (Q1 – Q2 2024), median price grew by 1.3% for houses and 8.4% for units. Over the past 12 month to Q2 2024, total house sales grew by 10.5% for house (to 158 sales), indicating strong demand in the housing market. Conversely, unit sales decreased by -21.2% for units (to 26 sales), highlighting a potential undersupply. Now is an opportune time for property owners to capitalise on their investments.
CHANGE FROM LAST
YEAR
HALF YEAR
Hunter Valley is set to see approximately $581.8M worth of new projects commencing in the 2nd half of 2024. Residential
Mixed-Use
$38.3M
$34.1M Infrastructure
$51.3M
HOUSE SALE S HOUSE ME DIAN PRICE
Industrial
HOUSE RE NTAL PRICE
$160.0M
Commercial
$298.1M
UNIT SALE S A key residential development in the 2nd half of 2024 is the Raymond Terrace Road & Settlers Boulevard Residential Subdivision Stages 1-6 ($17.2M). This is the reconfiguration of 193 Torrens Title lots.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
Other developments include:
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$760K
$547K
MEDIAN PRICE Q2 2024
$612
SALES
AVERAGE DAYS ON MARKET Q2 2024
54
71
HOUSE
U N I T
RENTALS
$485
•
Beresfield Battery Energy Storage System ($203.3M, Commercial)
•
1134 John Renshaw Drive Industrial Subdivision ($76.9M, Industrial)
•
37 & 39 Laverick Avenue & Tomago Road Industrial Units ($32.0M, Mixeduse)
•
Richmond Vale Rail Trail ($23.1M, Infrastructure)
New land developments require time to complete, and with only a limited number of ready-stock developments available in the 2nd half of 2024, the supply remains constrained. Thus it is expected to further drive up median prices.
AVERAGE DAYS ON MARKET Q2 2024
20
18
HOUSE
U N I T
3 Units/ Apartments
15 Dwellings
477 Lots