Kogarah Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Kogarah* recorded a median house price of $1,901,000, and a median unit price of $745,500. This is an annual (Q3 2024 – Q3 2024) price growth of 17.3% for houses and 2.8% for units. Comparing Q3 2023 – Q3 2024, sales declined by -27.3% for houses (to 93 sales in Q3 2024) and by -25.5% for units (to 238 sales in Q3 2024). An undersupply in the market, for both houses and units, has created a buffer against higher interest rates; hence price growth. With prices continuing to rise, now is an ideal time for owners to capitalise on their investments. Most of the new incoming stock are units, which presents an opportunity for buyers.
CHANGE FROM LAST
YEAR
Kogarah is set to see approximately $132.7M of new projects commencing construction in 2024. Commercial
$7.4M
HALF YEAR
Infrastructure
$1.9M
Residential
HOUSE SALE S
$43.1M
HOUSE ME DIAN PRICE
Mixed-Use Projects
HOUSE RE NTAL PRICE
$80.2M
UNIT SALE S
These projects will stimulate economic growth and create new job opportunities in Kogarah. 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:
$
•
648-652 Princes Highway & 1-3 Ashton Street (61 Units)
MARKET CONDITIONS
•
13-21 Wyuna Street Units – Bayside (64 Units/Townhouses)
SALES
•
10 Victor Street & Gladstone Street Mixed Use Development (32 Units)
•
Princes Highway Apartments (58 Apartments)
•
Shaw Street Apartments & Commercial (11 Apartments)
MEDIAN PRICE Q3 2024
$1.9M
$745K
MEDIAN PRICE Q3 2024
$800
AVERAGE DAYS ON MARKET Q3 2024
39
50
HOUSE
U N I T
RENTALS
$680
AVERAGE DAYS ON MARKET Q3 2024
21
21
HOUSE
U N I T
Although new stock is planned, all are units. This will answer some demand, but it is not enough. The absence in new houses suggest an undersupply will remain, thus pushing up prices.
192 Units/ Apartments