Woolooware Property Insights - Aug 2024
Woolooware, NSW, is a suburban area covering approximately 2.4 square kilometres, featuring six parks that constitute nearly 23.4% of the total area. The population has seen a decline from 4,209 people in 2011 to 3,943 in 2016, with the predominant age group being 40-49 years. Households are mainly couples with children, typically repaying mortgages of $1800 - $2399 per month. Most residents work in professional occupations. Home ownership has increased slightly from 75.1% in 2011 to 76.9% in 2016, and the current median sales price for houses stands at $2,400,000.
The housing market in Woolooware shows that over the past 12 months, 47 properties have been sold with an average tenure period of 13.5 years. The median asking rent for houses is $1300 per week. There have been 30 new sale listings and properties remain on the market for an average of 93 days. The median house prices range from $1,970,740 in the lower quartile to $2,800,000 in the upper quartile.
House Sales (12 months): 47 properties
Median Asking Rent (houses): $1300 per week
Days on Market (houses): 93 days
For units, 86 properties have been sold over the past year, with an average tenure period of 8.8 years. The median asking rent for units is $715 per week. There have been 53 new sale listings, and units typically spend 36 days on the market. The median unit prices range from $756,250 in the lower quartile to $1,323,750 in the upper quartile.
Unit Sales (12 months): 86 properties
Median Asking Rent (units): $715 per week
Days on Market (units): 36 days
The land market in Woolooware has seen minimal activity with only one property sold in the last 12 months. No new sale listings or days on market data are available for land.
As of June 2024, the recent median value for houses in Woolooware is $2,470,745, while for units it is $991,008. Over the past year, house sales amounted to $115.12 million, and unit sales totaled $92.74 million. The change in median value for houses has increased by 5.4%, while units have seen a 2.8% increase.
Recent Median Value (houses): $2,470,745
Recent Median Value (units): $991,008
Rental statistics indicate that the median rent for houses is $1300 per week, reflecting a 13.0% increase in the rental rate, with a rental yield of 2.7%. Units have a median rent of $715 per week, showing a 17.2% increase in the rental rate and a rental yield of 3.7%.
Rental Yield (houses): 2.7%
Rental Yield (units): 3.7%
The household structure in Woolooware consists of 32.5% childless couples, 51.2% couples with children, 14.5% single parents, and 1.4% other household types. The population age distribution is fairly balanced, with the largest groups being 40-49 years (14.2%) and 50-59 years (13.9%). Income levels vary, with 19.1% of households earning between $78,000 and $130,000 annually, and 19% earning over $182,000.
Overall, Woolooware presents a dynamic property market with a stable population, strong homeownership rates, and significant rental yields, making it an attractive area for both homebuyers and investors. For a more detailed analysis, refer to the full report.