Waverley LGA is located in Sydney’s eastern suburbs, close to the CBD, which offers many opportunities for employment and entertainment. The Waverley property market is affluent and highly sought-after.
Unlike many other markets across Sydney, the Waverley property market has remained quite resilient with 8 suburbs still showing growth over the last quarter and a total of 9 suburbs showing growth over the last 12 months.
Waverley LGA's median house price currently sits at $5.085mil compared to $5.056mil in March 2022, an increase of 0.8% in 12 months. Overall, the median house price has retracted only slightly from an all-time high of $5.093mil in August 2022.
The median unit price currently sits at $1.53mil which is the highest price ever recorded, which indicates strong demand for units in this market. This has increased from a median price of $1.49mil that we saw 12 months ago, an increase of 2.7%.
Top 5 best performing suburbs in the last 12 months (houses - median price):
Queens Park +4.20%
Waverley +3.90%
Bondi Beach +3.82%
Bondi +3.68%
North Bondi +2.52%
Top 5 best performing suburbs in the last 12 months (units - median price):
Bronte +5.86%
Waverley +5.49%
Tamarama +5.44%
Bondi Junction +3.83%
Queens Park +3.74%
Top 5 worst performing suburbs in the last 12 months (houses - median price):
Rose Bay -0.36%
Tamarama -0.09%
Bondi Junction +0.24%
Dover Heights +0.64%
Vaucluse +1.11%
Top 5 worst performing suburbs in the last 12 months (units - median price):
Vaucluse +2.33%
North Bondi +2.89%
Rose Bay +3.11%
Bondi +3.12%
Dover Heights +3.24%
For investors, the average rental yield for houses has increased by 4.05% over the last 12 months, however it's still sitting relatively low with a 1.48% average - well below Sydney's average of 2.9% for houses.
For units, the average rental yield has increased by 5.38% over the last 12 months, however once again, it's still sitting low with a 2.78% average, compared to Sydney's average of 4.4%.
When buying in blue-chip markets like the Eastern Suburbs, most investors are focused on capital growth anyways, rather than cash flow.
The vacancy rate currently sits at 1.06% (March 2023), indicating that there's little supply but plenty of demand from renters. As we begin to see international students return to Australia, along with migration and expats coming home, this is putting pressure on the availability of rental properties, so it's not such good news if you're looking to rent.
Sydney’s eastern suburbs are less than half an hour from the CBD, but feels like a world away. This is where you’ll find Australia’s most famous beach, wonderful coastal walks and hidden harbour beaches beloved by locals. It is also a dining hub, with lots of restaurants, cafes and bars to choose from. This market has always performed well as a result of this.
As always, whenever buying real estate, it's important to look at the long-term performance. Waverley LGA's median house price has grown by 60% and units by 86% over the last 10-years, confirming that holding long-term provides a solid return on your investment.
Disclosure: The information contained in this blog is our personal opinion only and is not to be taken as financial advice, as we do not know your financial situation. Please speak with your accountant or any other licensed professional for specific advice based on your own personal circumstances. We will not be held liable for any losses.
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