Ramsgate Beach Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Ramsgate Beach* recorded a median house price of $2,400,000, and a median unit price of $750,000. This represents annual (Q3 2023 – Q3 2024) median price growth of 35.2% for houses and a minor price softening of -2.9% for units. Comparing Q3 2023 – Q3 2024 total sales declined, by -2.9% (to 34 sales in Q3 2024) for houses and by -28.8% (to 126 sales in Q3 2024) for units. The Ramsgate Beach* market is currently experiencing a significant undersupply, which has created a buffer against higher interest rates. This indicates that now is an ideal time for investors to capitalise on their investments and sell.
CHANGE FROM LAST
YEAR
Ramsgate Beach is set to see approximately $50.1M worth of new projects commencing in 2024. Commercial $4.2M
Industrial $750.0K Infrastructure $750.0K
HALF YEAR
HOUSE SALE S
Residential $21.5M
HOUSE ME DIAN PRICE HOUSE RE NTAL PRICE
Mixed-Use Projects $22.9M
UNIT SALE S These projects will stimulate economic growth and create new local jobs in the Ramsgate Beach area. This can have a spill-over impact on the real estate market, in the form of more demand for housing.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
The only residential development in 2024 is the Victoria Street Apartments, which plans to add 50 Apartments to the area. Other new housing stock will be delivered through two mixed use developments:
$ MARKET CONDITIONS MEDIAN PRICE Q3 2024
$2.4M
$750K
MEDIAN PRICE Q3 2024
$850
SALES
AVERAGE DAYS ON MARKET Q3 2024
48
46
HOUSE
U N I T
RENTALS
$700
AVERAGE DAYS ON MARKET Q3 2024
17
22
HOUSE
U N I T
•
The Rise Kogarah Mixed Use Development (47 Apartments)
•
Princes Highway Apartments & Commercial (12 Apartments)
With the incoming supply of ready-togo units some of the current demand will be satisfied, which may result in a slight stabilisation in unit price growth. That said, there are no new standalone houses planned for 2024, which means the undersupply will continue; pushing up house prices further.
109 Units/ Apartments