Liverpool Market Update 2nd Half 2024
In Q3 2024,Liverpool* recorded amedian house price of $1,105,000,and a median unit price of $540,000.This represents annual (Q3 2023 – Q3 2024) median price growth of 13.0% for houses and aminor price softening of -4.4% for units. Comparing Q3 2023 –Q3 2024,total houses salesdeclined by-9.4% (to 615 salesin Q3 2024)but increased by 15.9% for units (to 387 salesin Q3 2024).The house market in Liverpool* is undersupplied, which created a buffer against higher interest rates – hence price growth. Now is an ideal time for house owners to capitalise on their investment. The higher house price has led to an increasein unit sales, however not enough to spur a price growth. This createsan opportunity for first home buyers.
HOUSE SALES YEAR HALF YEAR CHANGE FROM LAST HOUSE MEDIAN PRICE
HOUSE RENTAL PRICE
PRICE
Liverpool is set tosee approximately $9.0Bofnewprojectscommencingin constructionin2024
MEDIAN PRICE Q3 2024
AVERAGE DAYS ON MARKET Q3 2024
44 $1.1M $540K
MEDIAN PRICE Q3 2024
AVERAGE DAYS ON MARKET Q3 2024
These projectswill stimulate economic growthandcreatenew jobopportunitiesin Liverpool.This will havea spill-overimpact on the real estatemarket,in the form of higherdemandfor housing.
A main commercial project in 2024is Western Sydney Aerotropolis ($8.0B).
The largest mixed-use development over 2024is the Elizabeth Street Mixed Use Development ($125.9M). The development is set toadd 193 apartments tothe Liverpool* area.
The incoming supply of ready-to-go residential developments in 2024will assist in answering current demand. This canlead to a more sustainable price growth, especially for units.
AVERAGE VENDOR DISCOUNT*
Average vendor discount reflects the average percentage difference between the first list price and final sold price. A lower percentage difference (closer to 0.0%) suggests that buyers are willing to purchase close to the first asking price of a property.
In the past 12months to Q3 2024average vendor discounts have tightened toa lesser discount for houses and units, of -1.0% and -3.3% respectively. Property market conditions in Liverpool* continue tofavour buyers, where vendors are willing to accept below the first list price. That said in the past 6 months there is a trend towards a tighter discount, which suggests a shift towards a seller’s market. Thus the time toaccess a discount is limited, buyers must act fast.
The suburb of Liverpool has historically tracked on par with the wider Liverpool Local Government Area (LGA) in both house and unit median prices. This has continued in 2024# with the suburb tracking slightly higher prices, forhouses and units, than that of the wider LGA.
The dominant proportion of homes sold in Liverpool* in 2024# were in the more affordable price point of less than $949,999(31.7%). In contrast most of the units sold were in the middle-price bracket $500,000and $599,999(26.0%). Despite price growth in Liverpool*, there is still affordably priced stock available, which is good news for buyers. Owners can be confident in their investment, as 29.3%of houses and 22.7% of units sold were in the premium market.
MARKET COMPARISON
The market comparison graph provides a comparative trend for the median price of houses and units over the past 5 years. The main LGA profiled was chosen based on their proximity to the main suburb analysed, which is Liverpool.
PRICE BREAKDOWN 2024#
than $399,999
$400,000 to $499,999
$500,000 to $599,999
$600,000 to $699,999 $700,000 and above
House rental yields in Liverpool ¥ was 3.4% in September 2024,slightly higher than the Liverpool LGA (3.2%) and Sydney Metro (2.8%). This was paired with a 7.1%increase in median house price in the past 12 months to Q3 2024,at $750per week. The number of houses rented grew by 60.4% in the past 12months, to 1525rentals in Q32024. The same pattern, of higher rent and higher properties rented, can be seen in the unit rental market. This is good news for investors.
2-bedroom houses have provided investors with +6.4%rental growth annually, achieving a median rent of $500per week.
Liverpool¥ recorded a vacancy rate of 1.1% in September 2024,slightly above Liverpool LGA’s 0.8%average, but below Sydney Metro’s 1.6%average. Vacancy rates in Liverpool¥ increased slightly in the past 12months, due to investors re-entering the market. However, a 1.1% vacancy rate is well below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, which suggests quicker occupancy of rental homes in Liverpool¥ . This creates an attractive and sustainable investment environment for investors, even with a higher entry price in Q3 2024.
RENTAL GROWTH 2024€ RENTAL VACANCY RATES 2024
PROJECT DEVELOPMENTS 2024 ₳
LIVERPOOL
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REFERENCES
* Liverpool sales market data and key indicators encapsulates aggregate property market conditions within the suburbs of Liverpool LGA
** Estimated values are based on construction value provided by the relevant data authority and does not reflect commercial and/or re-sale value.
# 2024 encapsulates sales transactions for Q1 - Q3 (01/01/2024– 30/09/2024)only, other years encapsulates sales transactions for the full year (i.e 01/01 to 31/12 of the relevant year).
€ Annual rental growth is a comparison between Q3 2023 (01/07/2023 – 30/09/2023) and Q3 2024 (01/07/2024 – 30/09/2024) house median rent figures.
¥ Liverpool rental market data encapsulates aggregate property conditions within the postcode of 2170.
§ Rental yields shown are as reported as of September 2024.
₳ Project development map showcases a sample of upcoming projects only, due to accuracy of addresses provided by the data provider for geocoding purposes.
£ Projects refers to the top developments within the Liverpool LGA.
µ Estimated value is the value of construction costs provided by relevant data authority, it does not reflect the project’s sale/commercial value.
ψ Commencement date quoted for each project is an approximate only, as provided by the relevant data authority, PRD does not hold any liability to the exact date.
Source: APM Pricefinder, Cordell Connect database, SQM Research, Esri ArcGIS.
Disclaimer: PRD does not give any warranty in relation to the accuracy of the information contained in this report. If you intend to rely upon the information contained herein, you must take note that the information, figures and projections have been provided by various sources and have not been verified by us. We have no belief one way or the other in relation to the accuracy of such information, figures and projections. PRD will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that you rely upon that is contained in the material.
Prepared by PRD Research. © All medians and volumes are calculated by PRD Research. Use with written permission only. All other responsibilities disclaimed. © Copyright PRD 2024.
