Liverpool Market Update 2 nd H a l f 2 0 2 4
OVERVIEW
In Q3 2024, Liverpool* recorded a median house price of $1,105,000, and a median unit price of $540,000. This represents annual (Q3 2023 – Q3 2024) median price growth of 13.0% for houses and a minor price softening of -4.4% for units. Comparing Q3 2023 – Q3 2024, total houses sales declined by -9.4% (to 615 sales in Q3 2024) but increased by 15.9% for units (to 387 sales in Q3 2024). The house market in Liverpool* is undersupplied, which created a buffer against higher interest rates – hence price growth. Now is an ideal time for house owners to capitalise on their investment. The higher house price has led to an increase in unit sales, however not enough to spur a price growth. This creates an opportunity for first home buyers.
CHANGE FROM LAST
YEAR
HALF YEAR
FUTURE DEVELOPMENTS Liverpool is set to see approximately $9.0B of new projects commencing in construction in 2024. Mixed-Use Projects
Residential
$329.2M
$254.7M
Infrastructure
$266.0M Industrial
$8.0M
HOUSE SALE S HOUSE ME DIAN PRICE HOUSE RE NTAL PRICE
Commercial
$8.2B
UNIT SALE S UNIT ME DIAN PRICE
These projects will stimulate economic growth and create new job opportunities in Liverpool. This will have a spill-over impact on the real estate market, in the form of higher demand for housing.
UNIT RE NTAL PRICE
A main commercial project in 2024 is Western Sydney Aerotropolis ($8.0B).
$ MARKET CONDITIONS MEDIAN PRICE Q3 2024
$1.1M
$540K
MEDIAN PRICE Q3 2024
$750
SALES
AVERAGE DAYS ON MARKET Q3 2024
44
56
HOUSE
U N I T
RENTALS
$570
The largest mixed-use development over 2024 is the Elizabeth Street Mixed Use Development ($125.9M). The development is set to add 193 apartments to the Liverpool* area. The incoming supply of ready-to-go residential developments in 2024 will assist in answering current demand. This can lead to a more sustainable price growth, especially for units.
AVERAGE DAYS ON MARKET Q3 2024
22
20
HOUSE
U N I T
404 Units/ Apartments
222 Townhouses
94 Dwellings
1,358 Lots