Oatley Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Oatley* recorded a median house price of $1,857,500, and a median unit price of $730,000. This represents annual (Q3 2023 – Q3 2024) price growth of 12.6% for houses and 9.7% for units. Comparing Q3 2023 – Q3 2024, house sales declined by -13.6%, to 89 sales in Q3 2024, whilst unit sales increased by 8.4%, to 103 sales in Q3 2024. This suggests houses are highly demanded, creating a buffer against higher interest rates. With less house stock available this has diverted many buyers to units. This caused an undersupply of units, prompting price growth. Now is in ideal time for owners to capitalise on their investments and sell.
CHANGE FROM LAST
YEAR
Oatley is set to see approximately $43.6M of new projects commencing construction in 2024. Commercial $5.7M Industrial $2.2M
Residential $8.9M
HALF YEAR
HOUSE SALE S HOUSE ME DIAN PRICE
Mixed-Use Projects $26.8M
HOUSE RE NTAL PRICE
UNIT SALE S
These projects will stimulate economic growth and create new job opportunities in Oatley. This should have a spill-over impact on the real estate market, in the form of higher demand for housing.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
Most of the projects planned for 2024 – 2025 are of commercial or mixeduse nature. There is some incoming supply of ready-to-go residential projects, which include:
$ MARKET CONDITIONS MEDIAN PRICE Q3 2024
$1.86M
$730K
MEDIAN PRICE Q3 2024
$812
SALES
AVERAGE DAYS ON MARKET Q3 2024
41
34
HOUSE
U N I T
RENTALS
$600
•
Railway Parade Units & Commercial Tenancies (28 Units)
•
Rosa Street (5 Townhouses)
•
26 Martin Place Units (5 units)
Although there is incoming supply in Oatley*, this is not enough to answer current demand. An undersupply will remain for stand-alone houses, thus further price growth is expected.
AVERAGE DAYS ON MARKET Q3 2024
22
20
HOUSE
U N I T
10 Townhouses
33 Units/ Apartments
2 Dwellings