Oatley Market Update 1 st H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q1 2024, Oatley* recorded a median house price of $1,951,000 and a median unit price of $681,000. This is an annual (Q1 2023 – Q1 2024) price growth of 8.1% for houses and 16.4% for units. During this time, sales grew by 31.2% (to 101 sales) for houses and by 8.9% (to 86 sales) for units. The market has regained confidence, and high demand for both property types has provided a buffer against higher interest rates. Now is the ideal time for owners to capitalise on their investments. That said, on a quarterly basis (Q4 2023 – Q1 2024) median house price saw a slight decline of -1.0%. This has created a small window for first home buyers, however with very little new supply planned buyers must act fast.
CHANGE FROM LAST
YEAR
Oatley* is set to see approximately $24.0M worth of new projects commencing in 2024. Residential
$2.5M
Commercial
$1.4M
HALF YEAR
HOUSE SALE S Mixed-Use
HOUS E ME D IAN PRICE
$20.1M
HOUS E RE NTAL PRICE UNIT S AL E S
A main mixed-use project in 2024 is 62 Blackshaw Avenue Warehouse & Self Storage Units ($12.3M). This project will construct 22 x 2 storey warehouse units with ancillary office areas and 54 self-storage units including 7 work/store units.
UNIT ME D IAN PRICE UNIT RE NTAL PRICE
$
Key residential projects planned for construction are:
MARKET CONDITIONS MEDIAN PRICE Q1 2024
$1.95M
$681K
MEDIAN PRICE Q1 2024
$922
SALES
AVERAGE DAYS ON MARKET Q1 2024
44
44
HOUSE
U N I T
RENTALS
$635
AVERAGE DAYS ON MARKET Q1 2024
12
16
HOUSE
U N I T
•
10-12 Connelly Street Apartments (9 apartments)
•
5A The Strand Mixed-Use project (25 apartments)
•
18A Letitia Street (2 dwellings)
Although some residential projects are planned, there is very little readyto-sell stand-alone properties such as houses and townhouses in the pipeline. Now is an ideal time for house buyers to act, before there are even higher property sale prices; due to low stock and future undersupply.
2 34 Units/ Apartments
Dwellings