Waverley might not be the most well-known of our beachside suburbs, but its capital growth performance in the local market is consistently outshining that seen nearby.
Here’s what I want buyers and sellers to know about how Waverley real estate is performing.
Stunning growth for Waverley units
According to CoreLogic’s Best of the Best Report 2017, Waverley came in at number nine on the list of Sydney suburbs showing the greatest five-year change in unit values, making it the best market for capital growth anywhere in Sydney’s east, with 105.9% growth since 2012.
Why Waverley is the next investor hotspot
This sharp capital growth increase is excellent news for investors looking to buy into Sydney’s eastern beaches, especially in light of the fact that 40.6% of Waverley residents are occupied by renters according to 2016 census data. The latest CoreLogic figures show median weekly unit rents of $650 and gross rental yields of 4.25%. Rental prices for houses are significantly higher at a median of $1,295 per week, but gross rental yields are slightly lower at 2.82%.
What’s next for Waverley?
While both house and unit prices in Waverley moved down slightly in the second quarter of 2018, both are still showing impressive average annual growth that I predict will keep values strong throughout the spring sale season. Over the past year, house prices have increased 6.75% to remain above the $2.25 million mark, while unit prices are up 7.93% over the year to $795,000.
Waverley’s neighbours reflect the upward trend
Waverley’s strong performance in the unit market mirrors activity seen in neighbouring markets. CoreLogic’s Best of the Best Report 2017 puts Tamarama sixth in the national top 10 list of suburbs by median value, with median prices now at $4,254,666. Tamarama also has almost the highest median advertised weekly rents for units anywhere in Sydney, second only to The Rocks, at $920.
Looking at rental costs for houses near Waverley, neighbouring Clovelly is also a very strong contender with median rental prices at $1,750, making this suburb the fourth most expensive in the country after Bellevue Hill, Northbridge and Vaucluse.
Connecting with Waverley buyers
Reaching the right buyer for a Waverley property requires local market expertise. Using detailed knowledge of the market and what your property is truly worth, your agent should be able to market your home so it performs well above the median prices reported here. If you’re planning to sell your property in Waverley and want expert advice, contact me today.