Residential Developer Market Intelligence
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Residential Developer
Market Intelligence
MAJOR RESEARCH PARTNER
Q2 –2019
Welcome to the Q2-2019 edition of the UDIA NSW Residential Developer Market Intelligence (RDMI)
report. The quarterly RDMI aims to provide a targeted residential market performance update across
the Greater Sydney, Lower Hunter, Central Coast, Illawarra and ACT housing markets.
This publication is prepared with the understanding that residential property market dynamics are
complex and nuanced, and thus quality, timely market intelligence is essential for market participants
supplying new products.
The publication draws upon a range of information sources including exclusive and bespoke data
provided by CoreLogic - our key research partner. A key feature of the RDMI report is the inclusion of
‘bottom-up’ insights provided by our leading developer members on the state-of-play in their regional
market of operational focus.
The RDMI reporting output and content inclusions continues to evolve, and in this edition we include
residential construction sector revenues and employment metrics (from Ibis World), in addition to
new greenfield lots sales and completions intelligence. These two new data points provide another
lens on the continuation of the challenging market conditions facing the development sector, as the
property downturn continues to unfold across the State.
UDIA NSW expects the subdued demand profile for new residential products to persist for at least
the next six months and most likely into the 2021 financial year. Underpinned by a ‘credit crunch’ for
both retail consumers and developers in the wake of the Banking Royal Commission, we expect the
soft market conditions to continue to put downward pressure on pricing and sales volumes over the
coming period.
I trust the data and insights in this RDMI are of value for you and your organisation, and would
welcome any feedback or thoughts about the publication emailed to tadams@udiansw.com.au
Toby Adams
General Manager – Strategy & Research
UDIA NSW
Cover Image: Oblique Aerial over Parramatta
Research Partners Gold Sponsors Silver Sponsors
Market Performance Headline Metrics
Median House Volume of House Median Unit Sale Volume of Unit Change in Approvals
Sale Price (settled) Sales (settled) Price (settled) Sales (settled) (12 months to May 2018
(3-month change (3-month change (3-month change (3-month change vs 12 months May 2019)
to April 2019) to April 2019) to April 2019) to April 2019)
Greater
Sydney -3.2% -5.8% -1.4% -7.2% -26%
(12 months to June 2018 vs 12
months to June 2019)
Central
-1.7% -7.9% -1.0% -6.6% 21%
Coast
Lower
-0.4% -5.9% -0.6% -9.1% 14%
Hunter
Illawarra -2.8% -5.2% -1.1% -2.8% 4%
ACT 3.2% -3.4% -1.4% -4.2% 35%
Economic Cash Rate and Average Lending Rates
Snapshot
• The latest ABS statistics to December 2018 show a
16% drop in the natural population increase from the
previous quarter. The strong population growth overall
in NSW remains bolstered primarily by net overseas
migration. In Q4-2018, NSW experienced a net increase of
22,440 people which was 28% of the total net Australian
population increase for the quarter.
• In May 2019, NSW’s unemployment rate was 4.4% which
while growing marginally since the start of the year is still
significantly lower than the twenty year average (5.3%) and
the current national average (5.2%).
• The official cash rate now remains at 1.0% following
recent moves by the RBA to attempt to revive home
buyer activity. This has flowed to a slight improvement in
consumer sentiment with both major indices recording
modest indexation increases. Source: RBA
Consumer Price Index (CPI)
Population Growth (NSW)
Source: ABS
Source: ABS
NSW Employment/Unemployment Consumer Sentiment
(Seasonally Adjusted)
Source: ABS
Source: Roy Morgan
National Construction Industry Revenue and Employment
Housing Snapshot
(National)
• The total volume of residential dwelling approvals continues
to decline in most capital cities. In the year to June 2019, the
Sydney and Melbourne approval pipelines both contracted by
25% and Brisbane’s by 27%.
• First home buyers accounted for 19% of national house sales
in May 2019, which is a seven year high and considerably
higher than the 13% share in Feb 2017.
• The national residential construction sector has experienced
a marked contraction of revenues and employment over the
past two financial years. Multi-unit construction employment
is forecast to have contracted by circa 10% for FY19, while
house construction employment by 2%.
• The median sale price for new houses in Sydney in March
2019 was $910k, which was 10% higher than Melbourne
($826k) and 66% higher than Brisbane ($547k).
02
04
06
08
10
12
14
16
18
20
20
20
20
20
20
20
20
20
• The median sale price for new units in Sydney was $725k
which was 27% higher than Melbourne ($570k) and 67%
higher than Brisbane ($432k).
First Home Buyers Australia, Proportion Source: IBISWorld
Total Approvals 12 Months to Jun 2018
vs 12 Months to Jun 2019
70,000
Detached
60,000 Multi-unit
50,000
40,000
Dwellings
30,000
20,000
10,000
0
Jun-18
Jun-19
Jun-18
Jun-19
Jun-18
Jun-19
Jun-18
Jun-19
Jun-18
Jun-19
Jun-18
Jun-19
Sydney MelbourneBrisbane Adelaide Perth ACT
Source: ABS
Source: ABS
Median Unit Price (New): Capital Cities
Median House Price (New): Capital Cities
$800,000
$1,000,000 Greater Sydney
Greater Melbourne
Greater Sydney $700,000 Greater Brisbane
$900,000
Greater Melbourne Greater Adelaide
Greater Brisbane Greater Perth
$800,000 $600,000
Greater Adelaide ACT
Greater Perth
$700,000 ACT $500,000
$600,000
$400,000
$500,000
$300,000
$400,000
$200,000
$300,000
Jul-10
Jul-15
Nov-08
Nov-13
Nov-18
Mar-12
Mar-17
Jan-08
Sep-09
Jan-13
Sep-14
Jan-18
May-11
May-16
Jul-10
Jul-15
Nov-08
Nov-13
Nov-18
Mar-12
Mar-17
Jan-08
Sep-09
Jan-13
Sep-14
Jan-18
May-11
May-16
Source: CoreLogic
Source: CoreLogic
Greater Residential Vacancy Rate (Sydney, Monthly)
Sydney
• Greater Sydney is continuing to feel the effects of the
current property downturn, with ongoing residential
pricing declines, soft land and apartment pre-sales and
a continued retraction in dwelling approvals. This all
points to a marked reduction in future pipeline delivery
potential.
• The median sales pricing for new detached housing
across Greater Sydney fell 7% over the 12 months to
April 2019 to $910k, and fell 5% in last three months
alone.
• The median sales pricing for new units has thus far
remained more robust than detached housing falling
only 1% (based on settled sales transactions) to finish Source: REINSW
at $725k as at April 2019. The whole of market median
pricing for units was $710k supporting a on-going Total Approvals (Sydney, Monthly)
trend for new product to command a slight pricing
premium on second stock. 8000
Detached Dwellings Excluding Houses
• Lot sales have taken a serious hit over the last two 7000
years with a 77% reduction from the Dec 16 net lot
sales per quarter to the March 19 quarter – where just 6000
537 sales were recorded across both the North West
5000
and South West Growth Areas.
4000
Change in New House and New Unit Price 3000
(Rolling 3 month Average) (Sydney) 2000
1000
0
Jul-2015
Jul-2016
Jul-2017
Jul-2018
Jan-2016
Jan-2017
Jan-2018
Jan-2019
Oct-2015
Oct-2016
Oct-2017
Oct-2018
Apr-2016
Apr-2017
Apr-2018
Apr-2019
Source: ABS
Approvals by District 12 months to May 2018
vs 12 months to May 2019
Source: CoreLogic
Weekly Auction Clearance Rates (Sydney)
Source: CoreLogic Source: ABS
Greater Net Lot Sales by Sydney Growth Area, Quarterly
Sydney
Apartment Market Snapshot
Current Twelve Month
Change
Total Apartment Completions 25,136 -
(Year to Date)
43,000 15%
Total Apartment Yield Under Construction
(June 2019)
61,682 -1%
Total Apartment Yields Approved
(June 2019)
Median Sale Price of New Units $725,000 -3%
(Apr 2019)
Vacancy Rate (Residential) 3.4% 2.7%
(June 2019) (June 2018)
Source: NSW DPIE
$540 -2%
Median Asking Rent (Residential)
(Apr 2019) Growth Area Completions by Suburb (12 Months
4% -
to March 2018 vs 12 Months to March 2019)
Median Rental Yield
(Apr 2019)
Source: CoreLogic
Median Days on Market, Selected LGAs (12 months to Jan 2019)
Source: CoreLogic Source: NSW DPIE
Developer Insight
“At a macro level, the monetary policy stimulus of reduced interest rates and
the quantitative easing of mortgage serviceability criteria, which added to the
fiscal benefits of a re-elected federal Liberal government and their commitment
to a national First Home Buyer’s Scheme from 2020 has had a combined effect
to revive market confidence. Subsequently, the general slide in market values
has plateaued since the federal election. We are watching auction clearance
rates, which have been robust over June and July, and whether they can be
sustained in a lifting auction volume environment. Where this occurs, we
could see a stronger and more efficient housing recovery. We do however cite
caution with the soft conditions present in the wider economy and the limited
appetite for a credit rebound by regulators over the short-medium term. With
net migration remaining high, and with affordability now firmly on the agenda,
it is vital that the NSW Government and the industry enhance their collective
engagement to ignite policy and delivery. ”
Cameron Johnson – General Manager, Sun Property
Greater Sydney (Detached)
LGA 3 Month % Change in Median Sales Price
(Whole of Market, as at 30/04/2019)
% %
1 14
15 1. Ryde
16 13 12
2 2. Canada Bay
3. Strathfield
3 4 11 4. Burwood
5 8 10 5. Inner West
9 6. Georges River
7 7. Bayside
6 8. Sydney
9. Randwick
10. Waverly
11. Woolhara
12. Mosman
13. North Sydney
14. Willoughby
15. Lane Cove
16. Hunters Hill
Source: CoreLogic
Spotlight on South District: LGA Market Update
Median days
12 month change
Median sales price # of listings last 12 on market for Median rental yield
in total listings (12 Average hold period
last 12 months months properties sold in (12 months)
months)
last 12 months
Canterbury-Bank- $905,000 2,822 -9.4% 47 3.4% 12.5
stown $555,000 1,800 -14.1% 51 4.0% 8.7
$1,250,000 1,254 -2.9% 47 2.7% 11.5
Georges River
$685,500 937 -18.5% 47 3.8% 9.6
$1,125,000 2,322 -0.5% 45 3.4% 11.2
Sutherland Shire
$740,000 1,666 1.0% 47 3.5% 8.3
Source: CoreLogic
Greater Sydney (Multi Unit)
3 Month % Change in Median Sales Price
(Whole of Market, as at 30/04/2019)
% 0% %
1 14
15
16 13 12 1. Ryde
2 2. Canada Bay
3. Strathfield
3 4 11
5 8 4. Burwood
10
5. Inner West
9 6. Georges River
7 7. Bayside
6 8. Sydney
9. Randwick
10. Waverly
11. Woolhara
12. Mosman
13. North Sydney
14. Willoughby
15. Lane Cove
16. Hunters Hill
Source: CoreLogic
Spotlight on North District: LGA Market Update
Median sales 12 month change Median days on
# of listings last Median rental yield Average hold
price last 12 in total listings (12 market for properties
12 months (12 months) period
months months) sold in last 12 months
$1,206,250 1,486 -6.0% 46 3.0% 14.1
Hornsby
$670,000 678 -9.1% 54 3.9% 8.9
$2,515,000 140 2.2% 49 2.3% 11.4
Hunters Hill
$1,285,000 68 -23.1% 58 2.2% 8.5
$2,020,000 1,420 -9.3% 48 2.8% 10.5
Ku-ring-gai
$938,000 800 4.3% 55 3.5% 7.6
$2,175,000 286 0.7% 40 2.3% 10.5
Lane Cove
$760,000 461 0.4% 43 3.9% 8.3
$3,887,500 259 -8.3% 36 2.2% 11.6
Mosman
$1,072,500 270 -25.9% 38 3.0% 9.8
$2,398,000 254 -18.9% 50 2.4% 10.6
North Sydney
$1,052,000 1,165 -12.5% 37 3.2% 10.1
$1,700,000 2,570 -3.8% 45 3.0% 11.2
Northern Beaches
$853,750 2,072 -5.0% 40 3.8% 8.7
$1,501,000 920 1.8% 47 2.4% 11.1
Ryde
$730,000 1,173 4.5% 47 3.6% 9.2
$2,300,000 602 0.3% 50 2.4% 10.6
Willoughby
$960,050 563 -9.6% 42 3.4% 9.5
Source: CoreLogic
Central Approvals (Central Coast, Monthly)
Coast
• The Central Coast continues to retain a significant
pricing discount to the Greater Sydney market with
the April 2019 median price for new houses sitting
at $648k (40% lower than Sydney) and new units at
$585k (24% lower than Sydney). While price growth
has stabilised through the downturn, we are yet to see
significant value contractions.
• Approvals in the Central Coast have remained weak Source: ABS
across 12 months to April 2019, recording a 21%
reduction in the quantum of approvals from the Completions (Central Coast, Monthly)
preceding 12 months.
• The practical completion of several apartment projects
has seen a spike in dwelling completions over the last
six months with a total of 931 completions in the six
months to April 2019, which was 90% more than the
preceding six months.
• The 3 month change (to April 2019) in median sales
pricing (whole of market) reveals a mixed picture
across the Central Coast with over half the region’s
suburbs recording positive house price growth, as
compared to Greater Sydney where less than 8% of
suburbs recorded growth.
Median New House and Unit Price
(Central Coast, Monthly) Source: NSW
Vacancy Rates (Central Coast, Monthly)
Source: CoreLogic
Developer Insight Source: REINSW
“Central Coast residential development prices have remained stable throughout the Sydney market downturn.
However, the volume of sales has declined. This is due to a combination of general market caution and a lack of
new projects entering the market. Some developers are putting projects on hold or looking for alternative funding
sources to counter the restrictive lending conditions still being imposed by the banks.
Projects that were marketed two years ago are now being delivered, and astute investors are enjoying steady
rental take up, yielding around 4.4%. Agents are reporting a stable vacancy rate of 1.9%. Many developers
are experiencing strong settlement statistics as most valuers are recognising quality in an emerging Gosford
apartment market.
The perceived pre-election negative gearing change and post Royal Commission bank lending criteria changes
has seen a sustained period without investor interest. Some developers have changed their product to focus
more on the owner occupier, offering more bespoke options and larger apartments to provide an alternative for
downsizers in a market known for attracting retirees. The further lowering of interest rates, coupled with an easing
of bank lending criteria, should see a return of the investor and first home buyer as the Central Coast market still
represents great value for coastal living in comparison to neighbouring Sydney.”
Richard Ellis – CEO, Central RealCentral Coast 3 Month Change in Median Sales Price
(Whole of Market, as at 30/04/2019)
15%
% 24%
0%
6
8
1. Avoca Beach
5 2. Copacabana
3 4 7 3. East Gosford
4. Erina
1 5. Gosford
2 6. Hamlyn Terrace
7. Terrigal
8. Wyong
Source: CoreLogic
Central Coast Update as at 30/04/2019
Median days on market
Median sales price # of listings last 12 12 month change in total Median rental yield (12 Average hold
for properties sold in last
last 12 months months listings (12 months) months) period
12 months
$1,010,000 93 -5.0% 56 2.7% 7.1
Avoca Beach
$800,000 25 -13.3% 26 3.1% 8.5
$890,000 78 -3.6% 60 3.2% 10.0
Copacabana
$749,700 58 -9.4% 31 3.3% 7.8
East Gosford
$550,000 75 -13.6% 43 4.2% 9.2
$852,500 61 -27.1% 40 3.4% 9.2
Erina
$530,000 32 20.0% 4.2% 5.3
Gosford
$430,000 212 19.5% 47 4.7% 7.7
$610,000 224 1.8% 57 4.3% 7.1
Hamlyn Terrace
$904,000 235 11.6% 47 3.5% 9.3
Terrigal
$700,000 138 23.3% 50 3.8% 7.4
$498,750 105 13.8% 43 4.2% 9.5
Wyong
$385,000 21 15.8% 111 4.7% 8.1
Source: CoreLogicLower Approvals (Lower Hunter, Monthly)
Hunter
• New residential product pricing continues to contract
across the Lower Hunter with house prices falling by
5% in Newcastle and Lake Macquarie (to $545k) since
peaking in February 2018. Unit prices have also fallen
by 5% over the 12 months to finish at $490k at May
2019.
• Dwelling approvals continue to reduce in volume with
a 15% reduction in approvals in the 12 months to May
2019 as compared to the preceding 12 month period.
Multi-unit approvals in particular have dried up –
reducing by 27% as compared to the volume recorded
the year prior.
• The Lower Hunter’s vacancy rate was just 1.7% for June Source: ABS
2019 for which was well below Sydney’s (3.4%) and the
Illawarra’s (2.3%) rates, which reflects the strong on- Approvals by LGA May 2018 vs May 2019
going demand profile for rental accommodation.
• The Newcastle LGA has the shortest median days
on market (for properties sold in the last 12 months)
across the Lower Hunter for detached dwellings (31
days) with Port Stephens (46 days) the longest. Units
are also selling faster in Newcastle than the other
Lower Hunter LGAs (36 days) with the exception of
Lake Macquarie that recorded the same median days
on market.
Median New House and Unit Price
(Hunter, Monthly)
Source: NSW DPIE, ABS
Weekly Rents (Newcastle LGAs, Apr 2019)
Source: CoreLogic
12 Month Change
Residential Vacancy Rate (Hunter, Monthly) Median Asking Rent
in Asking Rent
Rental Yield
$375 7.1% 5.0%
Cessnock
$290 0.0% 5.4%
$430 2.4% 3.9%
Lake Macquarie
$370 2.8% 4.3%
$420 5.0% 4.6%
Maitland
$320 6.7% 5.0%
$450 3.4% 3.8%
Newcastle
$410 2.5% 4.2%
$440 4.8% 4.0%
Port Stephens
$350 2.9% 4.4%
Source: CoreLogic
Source: REINSWLower Hunter
Local Government Area (LGA) 3 Month Change in Median Sales Price
(Whole of Market, as at 30/04/2019)
↑ 0.0%
↓ 1.5% ↑ 1.1%
↓ 0.4%
↑ 0.0%
↓ 1.9%
0.0% ↓ 0.8%
0.0% 0.0%
Source: CoreLogic
LGA Market Update as at 30/04/2019
Median days on market
Median sales price # of listings last 12 month change in total Median rental Average hold
for properties sold in last
last 12 months 12 months listings (12 months) yield (12 months) period
12 months
$390,000 1,288 -4.8% 44 5.0% 9.1
Cessnock
$279,000 123 4.9% 61 5.4% 8.6
$580,000 3,838 -1.2% 43 3.9% 10.7
Lake Macquarie
$445,000 581 2.0% 41 4.3% 7.8
$470,000 1,672 -8.7% 43 4.6% 7.8
Maitland
$335,000 119 -14.3% 55 5.0% 7.0
$620,000 2,773 3.7% 38 3.8% 10.1
Newcastle
$510,000 910 3.3% 42 4.2% 7.9
$568,750 1,586 4.4% 52 4.0% 10.3
Port Stephens
$415,000 397 -13.7% 60 4.4% 9.3
Source: CoreLogic
Developer Insight
“The market in general over the past 2 months has seen an increase in both enquiry and sales. Mostly
thanks to the Coalition’s election win, two interest rate cuts, APRA relaxing lending criteria and income
tax cuts. There is more certainty in the market. We have seen more first home buyers enter the market
again thanks to buyer incentives such as the new 5 per cent deposit scheme. The Hunter is proving
a stable and reliable investment for young families and couples and with the Lake Macquarie Region
showing exceptional value over the last 2 years with a growth rate of 13.89% (*source Real Estate
Investar) compared to Sydney where the value of homes have fallen more than 15%.
However, the delivery of market and government planning expectations for future economic and
population growth has been made very difficult in recent times, due to increased expectations for
developer funded infrastructure works, combined with increased local and state contributions and
difficulty in procuring financing for such works. Urban release areas in particular will continue to
struggle without government assistance and contributions being directed to the associated enabling
infrastructure with nexus to unlocking this housing supply.”
Keith Johnson - Managing Director, JPGIllawarra Approvals (Illawarra, Quarterly)
• The median sale price of new houses across the
Illawarra dropped 4.3% over the six months to
April 2019 to $689k. This represents a 32% pricing
discount to the Greater Sydney market which has
narrowed from twelve months earlier from when the
differential was 37%.
• New unit median pricing declined 1.4% over
the six months to April 2019 to $599,500, which
represented a 21% discount on Greater Sydney new
unit pricing.
• Sales volumes remain low across the region, with
house sales down 20% and unit sales down 16% for
the Wollongong LGA for the 12 months to April 2019.
With house sales volumes down 22% and units down
6.4% for the Shoalhaven LGA. Source: NSW DPIE, ABS
• Approvals for new dwellings across the region
have held up better than other RDMI reporting
geographies, assisted by strong multi-unit approvals Approvals by LGA, 12 Months to May 2018
pipeline in the Shellharbour LGA. vs 12 Months to May 2019
Median New House and Unit Price
(Illawarra, Monthly)
Source: CoreLogic
Residential Vacancy Rate (Illawarra, Monthly) Source: NSW DPIE
Weekly Rents (Illawarra LGAs, Apr 2019)
12 Month Change
Median Asking Rent Rental Yield
in Asking Rent
$580 0.0% 3.4%
Kiama
$470 4.4% 3.9%
$500 0.0% 4.1%
Shellharbour
$410 0.0% 4.2%
$400 3.9% 3.8%
Shoalhaven
$325 -1.5% 4.0%
$500 -3.8% 3.6%
Wollongong
$400 0.0% 3.6%
Source: REINSW
Source: CoreLogicIllawarra
Local Government Area (LGA) 3 Month Change in Median Sales Price
(Whole of Market, as at 30/04/2019)
Wollongong
Kiama
↓ 3.3%
↓ 4.1% ↓ 3.0%
↑ 2.4%
Shellharbour
↓ 1.8%
Shoalhaven
↓ 1.5%
↓ 1.8%
↓ 2.3%
Source: CoreLogic
LGA Market Update as at 30/04/2019
Median days on market
Median sales price # of listings last 12 month change in total Median rental Average hold
for properties sold in last
last 12 months 12 months listings (12 months) yield (12 months) period
12 months
$882,250 401 11.4% 49 3.4% 11.0
Kiama
$627,500 115 11.4% 51 3.9% 7.5
$638,250 1,155 0.8% 57 4.1% 9.6
Shellharbour
$512,000 261 6.7% 67 4.2% 8.4
$550,000 2,988 -1.0% 83 3.8% 9.0
Shoalhaven
$425,000 274 24.6% 97 4.0% 7.7
$725,000 2,439 -6.8% 53 3.6% 10.3
Wollongong
$572,500 1,172 7.7% 54 3.6% 8.0
Source: CoreLogic
Developer Insight
“Against the backdrop of a qualified tough market in Sydney, the Illawarra region’s property
market has held up well. Sales momentum has slowed but median prices for apartments and
housing have remained relatively stable, buoyed by the federal election result and consecutive
interest rate cuts. More recently, we’ve seen specific pockets and projects outperform. A new
record price for land in the Shell Cove project in Shellharbour was recorded in July, while
land, housing and apartment pre-sales are secured for settlements over the next two years.
High quality product near well considered amenity including open space, retail and transport
connections remains in strong demand, with purchasers continuing to invest in pockets where
lifestyle opportunities are matched with housing choice.”
Simone Dyer – Development Director, Frasers Property AustraliaACT & Approvals (New, ACT, by Dwelling Type) 12
Months to May 2018 vs 12 Months to May 2019
Queanbeyan
• The median house price in the ACT (whole of market)
has increased by 0.8% to $660k in the three months
to May 2019, while unit prices remained flat at
$427k.
• Sales volumes have fallen slightly over the last 3
months, with house sales down 3.4% and unit sales
down 4.2%.
• Approvals in the ACT & Queanbeyan have picked,
increasing by 11% in the 12 months to June 2019 as
compared to the previous 12 month period. Both
multi-unit (+12%) and detached house approvals
(+8%) helped drive this result.
• The well stocked multi-unit pipeline saw a three year
high of dwelling completions in Q1-19 – driven by the
practical completion of several significant apartment
projects.
Source: ABS
Weekly Auction Clearance Rates (ACT)
Approvals (New, Queanbeyan, by Dwelling Type)
12 Months to May 2018
vs 12 Months to May 2019)
Source: ABS
Completions (ACT, Quarterly)
Source: Domain
Approvals (ACT, Monthly)
Source: ABS
Source: ABSACT & Queanbeyan
3 Month Change in Median Sales Price (Houses), as at 30/04/2019
15%
% 29%%
0%
Queanbeyan Urban
(NSW)
LGA Market Update as at 31/01/2019 Source: CoreLogic
Median days on market
Median sales price # of listings last 12 month change in total Median rental Average hold
for properties sold in last
last 12 months 12 months listings (12 months) yield (12 months) period (years)
12 months
$660,000 5,530 -6.7% 36 4.5% 10.8
ACT
$427,500 3,390 5.0% 50 5.6% 8.7
$635,000 911 -1.1% 54 4.6% 8.3
Queanbeyan
$341,000 454 -10.5% 56 5.0% 8.3
Developer Insight
Source: CoreLogic
“Canberra has managed to avoid most of the downturn felt along the east coast, with all
indicators showing life across the entire ACT property market. There are a few reasons why
Canberra has maintained strength, particularly for investors. The first, is Australia’s lowest
rental vacancy rates, which in some suburbs sit below 1%. We are seeing people line-up down
the street for quality apartment inspections. Secondly, short supply brings high yield. We have
a rental crisis in Canberra – there simply isn’t enough quality stock to satisfy the market, which
makes it more expensive than anywhere else in Australia to rent. Investors love Canberra
because of these two critical indicators. We don’t foresee any negative impacts manifesting in
the ACT market while yield remains high and vacancy remains low.”
Nick Georgalis – Founder and Managing Director, GeoconNational Property Clock
Adapted from Herron Todd White, Month in Review July
2019
Canberra HOUSES
Hobart Central Coast
Gold Coast
Adelaide
Launceston Newcastle
Cairns Illawarra
Townsville Southern Highlands
Sydney
Brisbane
Perth
Melbourne
Bathurst
Hobart
Sunshine Coast
Central Coast
Geelong
Coffs Harbour UNITS
Canberra Newcastle
Launceston
Perth Gold Coast
Dubbo
Illawarra
Adelaide
Southern Highlands
Cairns
Sydney
Townsville
Source: Herron Todd White,
Brisbane
Month in Review, July 2019
Ipswich
MelbourneABOUT UDIA
THE URBAN DEVELOPMENT INSTITUTE OF AUSTRALIA (UDIA)
IS THE PEAK BODY REPRESENTING THE URBAN DEVELOPMENT
INDUSTRY IN AUSTRALIA.
Officially established in 1963, UDIA NSW has grown to become the leading industry body representing the interest of
the NSW property development sector.
UDIA NSW aims to secure the viability and sustainability of the urban development industry for the benefit of our
members and the communities they create by advocating for more liveable, affordable and connected cities.
We represent the leading participants in the industry and have more than 500 member companies across the entire
spectrum of the industry including developers, institutional investors, third party logistics providers, financiers,
builders, suppliers, architects, engineers, lawyers, town planners, academics and state and local government bodies.
A quarter of these members are based in regional NSW.
UDIA NSW members are represented by an elected council of 13 leading industry practitioners who are responsible
for the strategic direction of the Institute. UDIA NSW also has an extensive committee and regional chapter structure
that involves more than 300 of the development industry’s key stakeholders in policy formulation.
KEY CONTACTS
STEVE MANN ELLIOTT HALE ANTHONY
CEO GENERAL MANAGER NICOLAOU
POLICY, GENERAL MANAGER
MEDIA AND SALES AND
GOVERNMENT MARKETING
smann@udiansw.com.au RELATIONS
KYLIE PRINCE TOBY ADAMS
GENERAL MANAGER GENERAL MANAGER
OPERATIONS STRATEGY AND
RESEARCH
UDIA NSW OFFICE
UDIA NEW SOUTH WALES
RDMI EDITOR 02 9262 1214
ANGUS MANN LEVEL 5, 56 CLARENCE ST.
RESEARCH OFFICER SYDNEY, NSW 2000
Please direct enquiries to: www.udiansw.com.au
amann@udiansw.com.au
udia@udiansw.com.auImage: The Grange at Marsden Park
by Winten Property Group
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