Menai Property Insights - Aug 2024

Menai, NSW 2234: A Snapshot of the Property Market

Nestled in southern Sydney, Menai offers a family-friendly suburban lifestyle. The suburb, spanning approximately 13.6 square kilometers with 24 parks covering 17.8% of the area, is a popular destination for families and professionals. The current population of just over 10,000 reflects a slight decline since 2011. Menai is dominated by couples with children, with 80% of the homes being owner-occupied.

Housing Market Trends

The Menai housing market remains robust, with median house prices continuing to climb. As of July 2024, the median value of a house in Menai stands at $1.59 million, marking a 7.4% increase from the previous year. Over the past 12 months, 86 houses were sold, with the median asking rent for houses at $850 per week. Houses tend to stay on the market for an average of 19 days, reflecting strong buyer interest.

The price range for houses in Menai is broad, with the lower quartile at $1.36 million and the upper quartile at $1.67 million. This indicates that the suburb caters to both mid-range and high-end buyers. The suburb also boasts a rental yield of 3.3%, making it attractive to investors as well.

Unit Market Trends

Units in Menai have also seen positive growth, with the median price reaching $1.05 million in July 2024, up by 7.4% over the year. Units sell even faster than houses, with an average of 13 days on the market. The median asking rent for units is $750 per week, yielding a 3.9% return for investors.

Land Market

The land market in Menai is relatively small, with only 4 properties sold in the past 12 months. The median price for land stands at $970,000, although the small sample size makes it difficult to establish clear trends. Nonetheless, Menai's appeal for new development remains strong.

Demographics and Lifestyle

The predominant age group in Menai is between 50 and 59 years, and households are largely comprised of couples with children. The area offers a balance of outdoor activities, with its numerous parks, and convenient access to professional job opportunities.

Menai continues to be a highly desirable suburb for both buyers and investors, supported by its strong growth in property values, solid rental yields, and a family-oriented community.