Cronulla Property Insights - May 2024

5th May, 2024

🔹 Robust Property Market: Over the past year, Cronulla has seen a dynamic property market. House values have notably increased, with the median house value now standing at $3,141,424. Despite a slight dip, the market shows resilience and growth, marked by a 3.5% increase in median house values year-on-year.

🔹 Rising Rental Demand: Rental rates in Cronulla have surged, with houses now fetching an average of $1300 per week. This indicates a robust rental market, attractive to investors looking for solid returns. Units are also seeing healthy demand, with median rents at $620 per week.

🔹 Active Sales Environment: The suburb has witnessed 74 houses and 354 units sold over the past year. This active sales environment is complemented by a median of 66 days on market for houses and just 30 days for units, showcasing a quicker turnover for units.

🔹 Investment Opportunities: With an average tenure of 18.3 years for houses and 12.3 years for units, many long-term residents are potentially looking to sell, offering opportunities for new entrants to the market.

🔹 Demographics Insight: Predominantly, the population of Cronulla skews towards professionals and childless couples. The most common household income brackets range between $78K-$130K. This demographic profile helps inform potential investors about the socio-economic status of residents and the type of properties that might be in demand.

🔹 Market Accessibility: Despite the high property values, the volume of sales indicates an accessible market. Properties are still entering the market regularly, with 76 new house listings and 230 new unit listings in the past year.