Gymea Bay Property Insights - June 2024
15th June, 2024
Overview: Gymea Bay, NSW, is a 2.8 square kilometer suburb with 9 parks covering nearly 5% of its area. As of the 2016 census, it had a population of 6,897, showing a slight increase from 2011. The predominant age group is 10-19 years, and households are primarily couples with children, with most people working in professional occupations. The area is known for its high rate of homeownership, with 90.5% of homes being owner-occupied in 2016.
Housing Market Trends:
Houses:
Median Sales Price: $1,975,000
Properties Sold (Last 12 months): 97
Median Asking Rent: $950 per week
Average Tenure Period: 14.9 years
Days on Market: 42
Units:
Median Sales Price: $1,423,009
Properties Sold (Last 12 months): 19
Median Asking Rent: $660 per week
Average Tenure Period: 12.9 years
Days on Market: 53
Land:
Median Sales Price: $145,000
Properties Sold (Last 12 months): 1
Price Quartiles for Houses:
Upper Quartile: $2,250,000
Median: $1,975,000
Lower Quartile: $1,735,500
Price Quartiles for Units:
Upper Quartile: $1,650,000
Median: $1,423,009
Lower Quartile: $1,285,000
Sales and Value Trends:
The median house value as of May 2024 is $2.01 million, showing a 10% increase from the previous year.
The median unit value as of May 2024 is $1.28 million, reflecting a 3.1% increase from the previous year.
Household Structure:
Couples with Children: 60.3%
Childless Couples: 30%
Single Parents: 9.5%
Population Age Distribution:
10-19 years: 16.6% (largest age group)
40-49 years: 16.6%
0-9 years: 13.3%
50-59 years: 13.8%
Household Income:
$182K+ per year: 28.1%
$130-182K per year: 16.7%
$78-130K per year: 18.6%
Rental Yields:
Houses: 3.0%
Units: 3.2%
Notable Changes:
House Market: The number of houses sold increased significantly, with 97 properties sold in the past 12 months.
Unit Market: The median value saw moderate growth, maintaining stability with slight increases in rent prices.