Port Stephens Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Port Stephens* recorded a median house price of $1,050,000, and a median unit price of $787,500. This is an annual (Q3 2024 – Q3 2024) price growth of 1.0% for houses and 26.0% for units. Comparing Q3 2023 – Q3 2024 total sales increased, by 6.8% for houses (to 110 sales in Q3 2024) and by 19.6% for units (to 67 sales in Q3 2024). This suggests a highly demanded market, which has created a buffer against higher interest rates. With the continued price growth in the market, now is an ideal time for owners to capitalise on their investments. Most of the new planned stock are units, thus house buyers need to act fast.
CHANGE FROM LAST
YEAR
Port Stephens will see approximately $163.1M of new projects commencing construction between 2024 and 2025.
Residential Commercial $57.1M $59.6M
HALF YEAR
HOUSE SALE S Mixed-Use
HOUSE ME DIAN PRICE
Projects $38.1M
HOUSE RE NTAL PRICE
Infrastructure $8.4M
These projects will stimulate economic growth and create new job opportunities in Port Stephens. This will have a spill-over impact on the real estate market, in the form of higher demand for housing.
UNIT SALE S UNIT ME DIAN PRICE UNIT RE NTAL PRICE
There are multiple residential and mixed-use projects planned for 2024 that will help boost supply in the Port Stephens area*, including:
$
•
Church Street Mixed Use Development (81 Units)
MARKET CONDITIONS
•
121-123 Old Main Road Duplex (4 Dwellings)
SALES
•
Kurrawa Close (17 Apartments)
•
Donald Street (27 Units)
•
Yacaaba Street (23 Apartments)
•
5 Donald Street (5 Apartments)
MEDIAN PRICE Q3 2024
$1.05M
$788K
MEDIAN PRICE Q3 2024
$620
AVERAGE DAYS ON MARKET Q3 2024
79
83
HOUSE
U N I T
RENTALS
$520
AVERAGE DAYS ON MARKET Q3 2024
21
23
HOUSE
U N I T
Although there are new ready-to-sell units planned, based no Q3 2024 sales figures this will not satisfy demand – especially for a whole year. Combined with almost no new stand-alone houses planned, prices are likely to increase.
4 189 Units/ Apartments
Dwellings