Palm Beach Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Palm Beach* recorded a median house price of $1,762,500 and a median unit price of $945,000. This represents annual (Q2 2023 – Q2 2024) growth of 11.6% for houses and 6.5% for units. This price growth makes it an opportune time for property owners to capitalize on their investments. Comparing Q2 2023 and Q2 2024, total sales decreased by -9.1% (to 40 sales in Q2 2024) for houses and by -2.9% for units (to 99 sales in Q2 2024), indicating an undersupply for both property types. This creates a buffer against current cash rate hikes and resulted in price growth. That said, the current half-year dip in median unit price presents a favorable window for buyers to enter the market.
CHANGE FROM LAST
YEAR
Palm Beach* will see approximately $97.0M of new projects commencing in 2024. Mixed-Use
$1.8M
HALF YEAR
HOUSE SALES
Residential
$95.2M
HOUS E ME D IAN PRICE HOUS E RE NTAL PRICE
A key focus on residential projects is ideal, to address the current undersupply. This will assist in keeping the price growth at a more sustainable level, especially for units.
UNIT S AL E S UNIT ME D IAN PRICE UNIT RE NTAL PRICE
A total of approximately $95.0M of residential projects are planned, which will add 171 units/apartments.
$
A key project is Elevaire Palm Beach Apartment ($20.0M, 41 Apartments). Other residential projects include:
MARKET CONDITIONS MEDIAN PRICE Q2 2024
$1.7M
$0.9M
MEDIAN PRICE Q2 2024
$1,250
SALES
AVERAGE DAYS ON MARKET Q2 2024
52
44
HOUSE
U N I T
RENTALS
$800
AVERAGE DAYS ON MARKET Q2 2024
27
22
HOUSE
U N I T
•
Nexus Palm Beach Apartments Perspective Nexus ($19.0M, 35 Apartments)
•
Cote Apartments Palm Beach ($15.0M, 17 Apartments)
While several new residential projects are planned, it will only deliver units. This will only partially address the current shortage. There are no new ready-to-sell stand-alone houses and townhouses in the pipeline. This lack of new supply is expected to further escalate house prices.
171 Units/ Apartments